Better BioDiesel, Inc. (OTCBB: BBDS), today announced that it will acquire GeoAlgae Technologies, Inc. (GAT), a vertically integrated "green" energy technology company with a focus on producing low cost, renewable feedstock from geologic resources.
According to a release, GAT’s business is focused on three areas: 1) utilization of cost effective energy resources from identified geothermal locations for production of supply feedstock to the bio-diesel industry, 2) establishment of strategic alliances and acquisition of facilities for the production of bio-fuels, and 3) acquisition of established, profitable oil distribution industry companies positioned to achieve earnings within the first year of their acquisition and expand their profitability over the duration of an aggressive, five-year-plan.
Former Senator and CEO of GAT, Kenneth Bennett, stated "We are very excited about the opportunity to become a part of Better Biodiesel’s evolving business plan and are looking forward to optimizing shareholder value with a combination of our next generation GeoAlgae feedstock technology and our near term revenue realization model, which is based on established companies in the fuel production and distribution sector. We project that these companies will provide Better Biodiesel with immediate and growing revenue. When combined with the feedstock component of the GAT, these established revenue streams should provide the foundations for a profitable and dynamic company."
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