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Greenbelt Resources and Master Recycling Center Announce Agreement to Jointly Develop and Construct Ethanol Production Capabilities at Master's Pomona Facility
MINNEAPOLIS, Nov 20, 2007 -- Greenbelt Resources (Pink Sheets:GRCO), the leading innovator in the development of practical and economical alternative energy technologies, today announced that it has signed a Memorandum of Understanding (MOU) with Master Recycling Center, Inc. of Pomona, California. According to the MOU, MRC and Greenbelt Resources Corporation's subsidiary, Diversified Ethanol Corporation (DEC) will jointly develop and construct an ethanol plant at MRC's Pomona beverage destruction facility in 2008. The construction of the plant and buildings housing the plant will be started as soon as permitting is received. The size and production capacity of the plant will be determined at a later date. Terms of the sale include cash and an equity stake for Diversified Ethanol.
"We are greatly pleased with this new strategic relationship between our companies and Master Recycling," commented Robert Johnson, GRC & DE's President and CEO. "The application of this technology to convert consumer and industrial waste into valuable energy in the form of ethanol reveals precisely the future of alternative energy."
Diversified Ethanol designs and sells modular ethanol plants employing the award winning "Butterfield Closed Cycle System™". This technology, proprietary to Diversified Ethanol greatly enhances plant efficiency and eliminates much of the waste associated with traditional ethanol production.
Bill Nazaroff, MRC's President added," We're excited about our strategic relationship with DEC and moving forward with ethanol production capability as we continue to find ways to utilize alternative energy as a central business strategy. The ability to produce this energy while improving the environment by eliminating waste is a win-win for MRC and the City of Pomona".
Master Recycling provides a portfolio of recycling services with primary focus on full-goods (beverage) destruction, recycling of commodities and the processing, conversion and/or disposal of liquid waste products.
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This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements. These forward-looking statements involve certain risks & uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history & history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.