NORCROSS, GA--(Marketwired - Dec 1, 2015) - VEGA BIOFUELS, INC. (OTC PINK: VGPR) announced today that it has entered into a Joint Venture Agreement to manufacture green-energy products from industrial hemp.
The Joint Venture company includes Vega Biofuels and Portland, OR based, The NOW Corporation (NWPN). The Joint Venture will operate under the name Vega NOW, Inc. and will operate from The NOW Corporation's property in Colorado.
The two companies will be working together to test industrial hemp as a feed stock to produce various green energy products using torrefaction technology owned by Vega. The Now Corporation's recent acquisition of Field Of Greens owning 650 acres in Colorado prepares it for the growing of hemp and development and commercialization of new innovative technology, products, services, and systems for the alternative energy sector. Vega will provide one torrefaction machine to the JV. The machine will be delivered to The Now Corporation's property in Colorado. In addition to marketing the torrefied products to Vega's clients, a portion of the products will be utilized by the JV at the Colorado site to enhance the growing of industrial hemp.
The JV will produce and market two primary products; Bio-Coal and Biochar. Bio-Coal has a high energy density of up to 13,000 BTUs/Lb and is considered a renewable energy fuel that meets the Renewable Portfolio Standards and Renewable Energy Credits (RECs) in the United States. Bio-Coal can replace traditional coal in existing coal-fired power plants around the world. Biochar is used as a soil enhancement for the agricultural industry to increase the amount of yield from each plant.
"This is a great opportunity for our Company," stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc. "We are very happy to be working with The Now Corporation team. We look forward to delivering the machine to Colorado to start production. They have been moving aggressively in Colorado and this Agreement will allow us to utilize 100% of the multi-use hemp plant. The JV will also market products made from hemp to the ever expanding medical cannabis industry in the United States. We will have further announcements concerning the JV as we move forward."
In order to help finance the JV, Vega Biofuels is conducting a Private Placement of its common shares.
"We are excited to partner with Vega Biofuels," explained Brian Sims, President of The Now Corporation. "Our Company's primary focus is to farm and harvest industrial hemp in Colorado for its multitude of uses, including the Vega products. It is our Company's desire to be more green energy efficient and for our country to be less dependent on foreign oil and fossil fuels."
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
(December 1, 2015 - 9:24 AM EST)
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