This agreement signals yet another segment of the green energy world Hydrogenetics, Inc. will contend in
Miami, FL (Vocus) January 5, 2009
Emerging green energy holding company HydroGenetics, Inc. (PINKSHEETS: HYGN) announced today the execution of a Binding Letter of Intent to acquire Buffalo Biodiesel, Inc. Headquartered in Northern New York, Buffalo Biodiesel, Inc. is a leading producer, collector and renderer of yellow grease and its ultimate fuel property, biodiesel. Under the terms of the LOI, Buffalo Biodiesel, Inc. will become a wholly owned subsidiary of HydroGenetics, Inc. "This agreement signals yet another segment of the green energy world Hydrogenetics, Inc. will contend in," says CEO Marc Walther. "Our emerging technologies, combined with the revenues generated by our new subsidiary provides us with the necessary cash flow to grow our biodiesel business short term while we are executing our long term financing strategy and the development and commercialization of green technologies in our pipeline."
Buffalo Biodiesel, Inc. is a unique biodiesel manufacturer because it does not rely solely on the collection of raw materials by 3rd party collection firms. Rather, Buffalo Biodiesel, Inc. collects, renders and processes biodiesel itself, creating a more profitable and controlled alternative energy business and a customer base that continues to expand." Shareholders in Hydrogenetics, Inc. should be thrilled with today's announcement, as it signals maturity as well as a broader role for our company in todays green energy world," says CEO Walther.
About Buffalo Biodiesel, Inc.
Buffalo Biodiesel, Inc., is an alternative energy company that sells biodiesel and processes yellow grease for the production of biodiesel to companies in the USA and abroad. Buffalo Biodiesel Inc. is also a member of the National Biodiesel Board and the Kenton Chamber of Commerce.
About HydroGenetics, Inc.
HydroGenetics, Inc. is an alternative energy company. The company's mission is to acquire and develop alternative and 'green' technology companies into revenue producing, profitable businesses, utilizing investment capital and other resources including management and strategic planning to increase shareholder value. HydroGenetics, Inc.'s wholly owned subsidiary, HydroAxis Technologies, Inc., is currently developing 'green hydrogen generating technology systems for any internal combustion engine,' which will significantly reduce gasoline consumption in existing and new vehicles.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Contact: Mark Balbirer, Investor Relations