ENVIROTEK (PINKSHEETS: ENTK) recently announced the Company has acquired 51% controlling interest in Extreme Green Technologies Inc., a Nevada corporation with a California, DBA: "Extreme Biodiesel" presently licensed and located in Corona, California.
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ENVIROTEK Board of Directors publicized the acquisition of controlling Interest in "Extreme Green Technologies Inc." further enhances ENVIROTEK's portfolio of "All Green" Alternative Fuels and Energy Solutions for worldwide applications. Robert Thompson commented, "We are ecstatic at the opportunity to partner with such a leading State licensed Biodiesel and alternative fuel refining company here in California, whose Board of Directors have an almost identical vision as ours, towards an all 'Green' alternative fuel refining and distribution network. The opportunity to add Extreme Green Technologies' President Joe Spadafore to our Board of Directors is an unprecedented bonus. ENVIROTEK has committed to and already started funding the expansion of Extreme Biodiesel's Corona facility in order to increase the daily production capacity of Extreme Biodiesel." Extreme Biodiesel is currently believed to be one of 15 Nationwide Licensed Biodiesel refinery facilities with authorization to refine, produce and resell Biodiesel products. Of which Extreme Biodiesel is one of only four of the above stated licensed facilities in California. ENVIROTEK'S Robert Thompson further commented, "With added improvements to the refinery that are already in process along with the funding by ENVIROTEK, it is projected the plant will be fully operational with a daily production capacity of 4000 gallons by January 1st, 2010. With additional funding from ENVIROTEK the 12000 sq. ft. facility will have a daily production of 10,000 gallons of high grade Biodiesel per day and operating six days per week. The annual output at the current refinery by mid 2010 is projected to be in excess of 3,000,000 gallons per year which in the current economic climate would equate to over $9,000,000 in annual revenue.
The facility's current production capacity is 1200 gallons per day. The government currently offers a subsidy of $1.00/gallon to licensed facilities producing Biodiesel along with Green Credits valued at approximately $.033/gallon. This is in addition to the profit margin from the production to resale of the Biodiesel. The government subsidies are projected to continue through 2018 for licensed facilities." The $1.6M Extreme Green Technology acquisition partnership was acquired by ENVIROTEK by way of Cash, Preferred (Non-Tradable) shares, restricted shares and 5-year stock options. The initiative is to help change the way the world looks at the Environment, and provide solutions to "GO GREEN" ENVIROTEK is a rapidly growing company that will be introducing several innovative technology solutions to a growing crisis throughout the world. The goal is to improve the health, environment and economy of people around the world by supplying proprietary technology that can be used in both new and existing systems to convert them to GREEN and to create Alternative Energy Solutions.
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