Imperial Petroleum says it's Indiana subsidiary e-biofuels sold 1.87 million gallons of biodiesel in September, posted revenues of about US$5.65M for the month -- a 339% rise versus the 2009 average monthly revenues
Graziela Medina Shepnick
EVANSVILLE, Indiana
,
October 1, 2010
(press release)
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Imperial Petroleum, Inc. (OTCBB: IPMN) announced that its wholly-owned subsidiary, e-biofuels, LLC, a Middletown, Indiana biodiesel producer, sold 1.87 million gallons of biodiesel in September 2010 resulting in revenues of approximately $5.65 million for the month. The revenues for September represent a 61% increase over July 2010 revenues and an increase of 339% compared to the average monthly revenues from the plant for calendar 2009.
“These are exciting times at our e-biofuels subsidiary and the management and staff have been working very hard since the acquisition by Imperial to ramp up sales volumes and revenues while holding down costs,” said Jeffrey T. Wilson, President of Imperial. “When we acquired e-biofuels in May 2010, our initial goal was to load the plant to its rated capacity at 15 million gallons per year which was accomplished in July and our second goal was to expand capacity to 25 million gallons per year which we came very close to accomplishing in September. Our contracted volumes from the plant will maintain production and sales at or near the September levels well into our current fiscal year. We have also been able to extend the current bank commitment for e-biofuels senior debt through December 2010 in order to provide time to complete a re-financing.”
Mr. Wilson went on to say, “We should complete our proto-type operation in the next 60 days to determine if there will be any issues in scaling up to convert the plant over to our more-efficient process technology and to add bio-jet fuel capabilities. We will also be running recovery tests later in October to remove metals and other harmful materials from bio-char produced as a result of the pyrolysis of auto shredder residue and assuming those tests are successful, we will be in a position to proceed with our planned installation of a pyrolysis circuit to convert waste and bio-mass to energy.”
Imperial is an energy company headquartered in Evansville, Indiana.
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