CHICAGO — Yesterday, in cooperation and agreement with International Bio Fuels Corp., Consolidated Biofuels, Inc., a Chicago-based alternative fuels company (Pink Sheets:CSBF), announced through its CEO, Daniel L. Honeycutt, that on November 28, 2006, IBF, on behalf of the IBF/CSBF joint venture partnership, contracted with Chicot County, Arkansas to build and operate a unique combination biodiesel production and soybean oil crush facility located at the Port of Yellow Bend in Arkansas.
The planned production facility, when fully operational in 2008, will have a designed capacity of 150 million gallons of biodiesel and 70 million bushels of soybean oil crush annually. The facility will be located on 65 acres of optioned acreage immediately within the Port of Yellow Bend’s facilities. The Port of Yellow Bend is strategically located on the Mississippi River, in the heart of the Soybean Belt in the Mississippi Valley Corridor, just east of McGehee, Arkansas.
The proposed project’s low-risk and unique funding methodology will initially utilize an Act 9 Public Bond issuance in the amount of $78 million dollars that was approved to be facilitated within a blended public/private funding arrangement. The initial and any subsequent bond issuances will be processed and overseen by an already- retained regional professional financial services management group headquartered in Little Rock.
The project’s well-situated feedstock sourcing entity is confident that the current and future agricultural and animal feedlot production within the 100 mile radius around Yellow Bend will be sufficient to supply the project’s crush oil requirement and also to regionally utilize all of the crush mill’s meal production for use as a premium animal feed source.
Honeycutt also stated that, “I am more than impressed by the leadership and strong vision demonstrated by the public and private sectors in Chicot County and at the State Capitol. Both Consolidated and IBF are looking forward to becoming fully engaged as good corporate citizens of Arkansas and Chicot County.”
Mr. Marty Johnson, President of International Biofuels (www.ibfco.com) stated, “This facility represents many months of very intense work and planning to build what will become, when it is fully operational, the largest combination feedstock and biodiesel production facility of its kind in the world.”