Extreme Biodiesel advances negotiations for acquisition of Southern California Biofuels
Tuesday, Mar 26, 2013
CORONA, Calif., March 22, 2013 /PRNewswire/ -- Extreme Biodiesel (OTC Pink: BRKM) is pleased to announce that the Company continues to progress in its discussions with an existing client, a profitable 25 year old oil recycling company, Southern California (SoCal) Biofuels; to develop plans to acquire the Company in an effort to expand its corporate scope of operations. A Letter of Intent is expected shortly.
SoCal Biofuels is a profitable, well-established, Southern California based oil recycling company who has been in business for a quarter of a century. The Company specializes in the recycling of used cooking oil by processing and converting the collected used oil into biofuel. SoCal is licensed and certified with all required state and federal agencies.
SoCal is noted as one of the largest most respected companies in its territory; maintaining over 1000 accounts from Ventura County, to San Diego near the Mexican Border, and maintains a fleet of 35 trucks servicing numerous major restaurant chains including Disneyland, which facilitates 7 runs per week alone.
Extreme Biodiesel's website is being renovated to better represent current projects, and to reflect the Company's new potential acquisition candidates. The updated site is on track to go live within the range of a week.
"We are very pleased with the direction and progress of the negotiations with SoCal. The synergies of our Companies make this a very exciting venture. We anticipate that a Letter of Intent should be ready to announce very soon. We will be swift to announce further details as terms are established and solidified." stated Joe Spadafore, Corporate Secretary of Extreme Biodiesel.
These negotiations are consistent with the Company's strategic objectives of expanding its reach in the Biofuels industry. The Company being considered has developed a business model which is built on the successful conversion of used cooking oil. Biodiesel is produced from vegetable oils, yellow grease, and tallow. The production process converts oils and fats into chemicals called long-chain mono alkyl esters, or biodiesel.
About Extreme Biodiesel: Extreme Biodiesel is a Company dedicated to the production of ecologically friendly biodiesel energy products. The Company's state-of-the-art solutions are designed to provide a realistic means for dramatically reducing the United States' dependence on foreign oil. Extreme Biodiesel entered the industry in 2003 with the creation of biodiesel processors designed chiefly for individual end-users. Extreme Biodiesel is further expanding its scope by increasing biodiesel production and also creating a Co-Op for both individual members and fleet accounts throughout Southern California.
SOURCE Extreme Biodiesel