The Export-Import Bank of China Renews Letter of Intent to BlueFire Renewables for Fulton Project Due Diligence Continues to Reach a Financial Closing
IRVINE, Calif., (February 17, 2015) – BlueFire Renewables, Inc. (OTC: BFRE), a company focused on changing the world’s transportation fuel paradigm through the production of renewable fuels, announced that The Export Import Bank of China (China EXIM) has renewed the previously announced Letter of Intent to provide up to $270 million in debt financing for its bio-fuels project in Fulton, Mississippi.
“The renewed letter of intent provides an extension of time which allows for progress to continue to resolve all conditions precedent to financing the cellulosic ethanol facility in Mississippi,” stated Arnold Klann, CEO of BlueFire Renewables, Inc. “With a cross border transaction there is a significant amount of work needed but the important thing is that both the China EXIM Bank and BlueFire remain committed to seeing the financing completed.”
The due diligence process is moving forward and the extension allows for more time to complete all required elements for the project. The companies will continue to work together to complete the standard due diligence procedures of the China EXIM bank and meet all credit criteria to complete the financing as soon as possible.
Once completed, China Three Gorges Corporation and its U.S. subcontractors will begin construction of the Fulton Project.
The Fulton, MS project will allow BlueFire to utilize green and wood wastes available in the region as feedstock for the ethanol plant that is designed to produce approximately 19-million gallons of ethanol per year.
About BlueFire Renewables, Inc.
BlueFire Renewables, Inc. was established to deploy the Arkenol patented and proven Concentrated Acid Hydrolysis Technology Process for the profitable conversion of cellulosic waste materials (“Green Waste”) to renewable fuel sources. BlueFire has demonstrated production of Biofuels from urban trash (post-sorted MSW), rice and wheat straws, wood waste and other agricultural residues.
BlueFire’s biorefineries will be located near markets with high demand for ethanol and will use locally available biomass. This should dramatically reduce delivery costs and increase biofuel supplies, while providing a unique waste processing technology to help America’s cities better manage the increasing problem of overflowing landfills. For more information, please visit www.BFREINC.com.
About The Export-Import Bank of China
The Export-Import Bank of China is one of three institutional banks in China chartered to implement the state policies in industry, foreign trade, diplomacy, the economy, and provide policy financial support so as to promote the export of Chinese products and services. It was established in 1994 and has a focus to promote foreign trade and investment as well as development assistance through concessional funding and other types of financing. Its main areas of business are energy, infrastructure, telecom, mining, and industrial sectors.
Statements about BlueFire Renewables expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. BlueFire’s actual results could differ materially from expected results.
This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). BlueFire Renewables, Inc. claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,“ “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: our successful development and deployment of ethanol production facility or facilities, impact of the company’s expansion plan, new business development success, future financial results, the effect of economic conditions and other uncertainties. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the expectations contained in any such forward-looking statements. These risks and other factors are detailed in the Company’s regular filings with the U.S. Securities and Exchange Commission. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. Forward-looking statements speak only as to the date they are made and BlueFire Renewables, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.