Press Release |
GreenShift Receives Grant for Algae Bioreactor Technology
* Reuters is not responsible for the content in this press release.
CULBERTSON, Mont.--(Business Wire)-- GreenShift Corporation (OTC Bulletin Board: GERS) today announced that it has received a grant award of $375,000 to further the development of GreenShift`s patented and patent-pending algae bioreactor. The funding is provided through the Montana Board of Research and Commercialization, a unit of the Montana Department of Commerce. The objective of the grant award is to demonstrate the production of algae from an industrial source of carbon dioxide in Montana using GreenShift`s patented and patent-pending bioreactor technology. GreenShift is to provide matching funds of $125,000. David Winsness, GreenShift`s Chief Technology Officer, said that "We are excited to have this opportunity as the grant funding provided by the state of Montana further demonstrates Montana`s commitment to the development of alternative raw materials for fuels, chemicals and specialty products. While GreenShift`s approach is distinct from other algae offerings, significant additional development work is required to realize commercial viability. We are glad to have earned Montana`s support and we look forward to making a valuable contribution in this emerging field." GreenShift`s CO2 Bioreactor GreenShift's patented and patent-pending bioreactor technology uses thermophillic cyanobacteria to consume carbon dioxide emissions. The organisms use the available carbon dioxide in the emissions and water to grow and give off oxygen and water vapor. The organisms also absorb nitrogen oxide and sulfur dioxide and can be harvested for extraction and conversion into value added carbon neutral products once they grow to maturity. GreenShift`s pilot bioreactor is designed as a mobile demonstration platform to quantify existing benchtop testing results and to refine the design parameters for commercial-scale deployments of the technology at targeted locations. GreenShift plans to co-locate bioreactors at corn ethanol production plants and other fermentation processes where concentrated supplies of carbon dioxide are naturally emitted and are relatively easy to capture and control. GreenShift plans to leverage its existing corn oil extraction platform and presence in the U.S. ethanol industry to reduce capital and go-to-market costs as it brings its bioreactor technologies to market. Additional information including a process demonstration is available online at http://www.greenshift.com/product_desc.php?mode=3 About GreenShift Corporation GreenShift Corporation (OTC Bulletin Board: GERS) develops and commercializes clean technologies that facilitate the efficient use of natural resources. GreenShift`s revenue model is based on the use of its proprietary technologies to become a leading producer of biomass-derived products, and to do so at reduced cost and risk by extracting and refining raw materials that other producers cannot access or process. GreenShift currently owns and operates six production facilities - four corn oil extraction facilities based on GreenShift`s patent-pending corn oil extraction technologies, one biodiesel production facility, and one vegetable oilseed crushing facility. Additional information is available online at www.greenshift.com. Safe Harbor Statement This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. GreenShift Corporation Ed Carroll, 212-994-5374 Chief Financial Officer Fax: 646-572-6336 firstname.lastname@example.org www.greenshift.com Copyright Business Wire 2009