SCOTTSDALE, AZ, Aug 05 (MARKET WIRE) --
PetroSun, Inc. (PINKSHEETS: PSUD) announced today that the company has
notified Science Applications International Corporation (SAIC) that it is
withdrawing as a team member as it relates to the Defense Advanced
Research Projects Agency (DARPA) BAA08-07 Biofuels-Cellulosic and Algae
Feedstocks program.
"Although it was an honor to be selected as a team member with such an
elite group of companies, PetroSun has chosen to go down a separate path
in order to expedite the potential of algae being processed into a
commercial jet fuel," stated Gordon LeBlanc, Jr., CEO of PetroSun, Inc.
"The DARPA program has been stalled due to a protest that was filed on
May 29th by a firm that was excluded from the DARPA decision. Our
withdrawal was prompted by the uncertainty of the award process, combined
with an opportunity to initiate a project with a renewable fuel refiner
and a commercial jet fuel end-user. PetroSun's corporate position
acknowledges a true sense of urgency to prove that algae-to-biofuels can
become an immediate part of the solution for our nation's energy
independence."
About PetroSun
PetroSun's operations include oil and gas exploration, development,
production, oilfield tubular sales and algae-to-algal oil alternative
biofuel production. The oil and gas division is focused on the exploration
of the Holbrook Basin of Arizona, the San Juan Basin of New Mexico,
Australian based prospects and the development of oil and gas reserves in
Louisiana. PetroSun Oilfield, a wholly owned subsidiary, is engaged in the
importing of tubing and casing from China for marketing and distribution
within the US market. The alternative fuels division has entered the
commercial stage of its algae-to-biofuels production technology. The
Company plans to establish algae farms and algal oil extraction plants in
Louisiana, Texas, Arizona, Mexico and Central America during 2008. The
algal oil product will be marketed as feedstock to existing biodiesel
refiners and planned company owned refineries. PetroSun is headquartered
in Scottsdale, Arizona with field offices in Shreveport, Louisiana and Rio
Hondo, Texas. For more information about PetroSun visit the company's
website at www.petrosuninc.com.
Except historical matter contained herein, matters discussed in this news
release are forward-looking statements and are made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect assumptions and involve risks and
uncertainties, which may affect the Company's business and prospects and
cause actual results to differ materially from these forward-looking
statements.
Contact:
Investor Relations
Osprey Partners
732-292-0982
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