Canada's CORE BioFuel signs investment banking agreement with Stern Brothers & Co. for project debt financing, financial advisory services to pursue biomass gasoline synthesis plants in Canada, U.S.
September 20, 2010
– CORE BioFuel Inc., a Canadian biofuel company that is commercializing an advanced biomass to gasoline production process, today announced that it had signed an exclusive investment banking and financial advisory service agreement with Stern Brothers & Company (www.sternbrothers.com). Stern will provide investment banking services and arrange project debt financing for the construction of a series of Zero Fossil Input (“ZFI”) Gasoline Synthesis plants to be built in Canada and the United States.
Mr. James Dack, Vice President with Stern Brothers commented “We are thrilled to be working with CORE BioFuel. Their projects in Canada and the United States will build on our firm’s past success in biofuel finance, accessing capital markets to help bring carbon neutral alternatives to consumers while scaling new and proven technology. CORE’s approach to ZFI Gasoline Synthesis will provide benefits to many stakeholders, from feedstock providers to customers at the pump. The Stern Brothers’ Alternative Energy Group looks for certain qualities in its clients, a strong management team, a compelling technology, and a thoughtful approach to growth. CORE embodies all three and Stern Brothers is proud to be retained as their investment bank.”
Mr. George Stanko, President and Chief Executive Officer of CORE BioFuel, commented “We are extremely pleased to have engaged Stern Brothers as our investment banking advisor. We are confident that the strength of Stern Brothers in the capital markets specific to biofuel ventures will allow CORE to raise the debt and equity capital required to build our first commercial scale wood-to-gasoline production facility. We are particularly enthusiastic about Stern Brothers’ efforts with the loan guarantee programs offered by the US Department of Agriculture and the US Department of Energy. This agreement represents another strategic step towards completion of our commercialization plans.”
Mr. Don Sigler, CORE’s Chief Financial Officer based in Whitefish, Montana stated “Stern Brothers is a key link in our progress to developing wood-to-gasoline production facilities in British Columbia and northwest Montana. This relationship provides us with the financial tools necessary to reach our goals and will result in creating a tremendous positive economic impact in these forestry-related local economies where jobs have become scarce. We are very happy to have such a strong, reputable financial advisor and investment banker as Stern Brothers on our team.”
About Stern Brothers & Company
Stern Brothers & Co. has a national practice in renewable energy finance representing public and private company developers and operators seeking non-recourse project financing in the ethanol, biodiesel, coal gasification, methane gas, biomass, solar, wind, and waste-to-energy sectors. Stern Brothers & Co., member SIPC, is an independent woman-owned introducing broker-dealer that specializes in providing its clients with money saving financial solutions and long-term value by completing complex transactions on schedule. Since its founding in 1917, Stern Brothers & Co. has been assisting private and public decision makers finance major capital projects with timely, well-designed and low-cost tax-exempt and taxable bond issues. Stern Brothers & Co. has offices in St. Louis, Kansas City, Chicago, Dallas, Denver, Detroit, Seattle, Boston, Los Angeles, Reno, Sonoma and Tampa. For more information, please visit www.sternbrothers.com.
About CORE BioFuel Inc.
CORE BioFuel is commercializing the patent-pending MKS Gasoline Synthesis ProcessTM. This process is a ground-breaking development that addresses the biofuel challenge. The technology is industrially proven and the process is a scalable, efficient, and cost effective approach to producing carbon neutral, high octane gasoline from biomass. The ZFI GasolineTM produced by the MKS ProcessTM will be a 92 octane, carbon neutral alternative to conventional gasoline produced from petroleum sources. www.corebiofuel.com