Human BioSystems
Human BioSystems: Signing of a preliminary agreement
Human BioSystems / Contract Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- HBS and its partner Environmental BioMass Energy ('EBE') announce the signing of a preliminary agreement that could lead to the funding of up to six renewable power generation plants for a total financial commitment approaching $500 million Palo Alto, California, USA – May 14, 2008 - (Frankfurt Stock Exchange: WKN A0F5DG)-Human Biosystems ('HBS'), a Silicon Valley-based biotech and bio-energy company announced in a previous press release that it has partnered with the principals of Dairy Development Group ('DDG') to form Environmental BioMass Energy ('EBE'). EBE will specialize in the conversion of waste biomass, such as cow manure, to renewable electrical energy using proprietary technology. Project implementation is being initiated in California. Len Chapman, CEO of EBE said 'The financing commitment is with an experienced Canadian capital firm acting via Excelsior Capital. It is in the form of a sale-leaseback structure. Mezzanine capital will be necessary to complete certain conditions prior to closing the sale-leaseback. A six plant commitment is included in the negotiated structure that will be designed to deliver more than 300 megawatts of power each year from bio-waste sources.' Mr. Chapman has been a Senior Executive with numerous Fortune 500 companies over the past 25 years including Monsanto, Specialty Foods Corporation, Safeway, and Kraft Foods. His current responsibilities entail provision of oversight for the design, construction and operation of sophisticated waste processing facilities. Other EBE management personnel have extensive leadership experience in business management and corporate integration, agribusiness, product development and market implementation. According to EBE, California’s Renewables Portfolio Standard (RPS) is one of the most ambitious renewable energy standards in the country. It requires electric corporations to increase procurement from eligible renewable energy resources by at least 1% of their retail sales annually until they reach the 20% benchmark by 2010. California is even considering a higher goal of 33% by 2020. Since it is unlikely that most power companies will be able to satisfy these ambitious governmental requirements in the short term, EBE will be well-positioned to take advantage of such stringent mandates. Mr. Chapman went on to say that 'California is particularly well suited for EBE’s business plan because of the enormous size of its dairy industry. It is estimated that one out of every five dairy cows is raised in California. However, despite exceptional economic and agricultural growth, California’s dairy practices have a detrimental effect on environmental sustainability and public health. The novel approach EBE has outlined will generate green energy and will beneficially impact both the dairy industry and the health problems associated with the large number of cows and manure. EBE’s proprietary technology is designed to convert multiple sources of waste biomass thus providing unique solutions that address two pressing issues, the biological hazards of toxic waste material and the provision of a continuous supply of clean energy. It is hoped that this will establish EBE as a leader in the field of power production from biomass waste streams.' Human BioSystems Investor Relations Environmental BioMassEnergy Inc Harry Masuda Yes International Len Chapman (650) 323-0943 (800) 631-8127 559-687-1962 Certain statements contained herein are 'forward-looking'' statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the inability of HBS or EBE to raise funding for the proposed joint venture projects, failure to consummate the purchase of real property on which the park will be built, failure to obtain regulatory approvals for the construction of the energy park and plant, failure to obtain the required financing and to construct the energy park and plant, failure of the energy park and plant to meet standards, the inability to find raw material for the production of energy or to sell the energy on acceptable terms, the risks involved in pursuing a business unrelated to HBS’ prior business, and other factors discussed in filings made by the Company with the Securities and Exchange Commission. 15.05.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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