WINSTON-SALEM, N.C., April 26, 2010 (GLOBE NEWSWIRE) -- Plateau Mineral Development, Inc. (Pink Sheets:PMDP) announced today that the company has entered into a joint venture agreement to obtain funding to build the Converter. Parties to the joint venture include Plateau Mineral Development, Inc., Business Development Corporation, Inc., Environmental Solutions (EnSol), and Matthews Energy Investments, LLC.
The fully-operational converter is the size of a truck bed. Although the mobile unit will not be a full-sized production unit, it will, nonetheless, display its capabilities for various customers and will pay for itself in the process. The cost to fabricate and test a portable model is approximately $400,000. The oil generated from six months of operation is expected to provide $175,875 in revenue at $75.00/barrel. The solvent revenues are expected to be around $1.076 million at $20.00/gallon. The annual revenue from the one mobile unit is expected to be in excess of two ($2,000,000) million dollars.
The converter is a closed loop system that can process any organic material to usable energy. The first unit will be designed specifically to process tire chips. The tire chips will produce gas, carbon black and solvent. The type of feedstock will dictate the end product recovered. The best feedstock is truck tires, although the process can convert any hydro-carbon. The converter is capable of turning waste streams into oil, gas and other beneficial products such as fertilizer and carbon black. It can also create carbon credits that can be sold to the many firms needing them.
Robert Matthews of Plateau Mineral Development, Inc. states, "We expect the tire converter to be one of our most lucrative development projects, and therefore, we have placed it at the top of our priority list. We have reviewed many types of processes and have found that our modular design solves many problems relating to cost, size, maintenance, and down time. The joint venture will allow us to bring together the necessary funding to build a modular unit and to begin demonstrating the efficiency of the system."
About Plateau Mineral Development, Inc.: Plateau Mineral Development has been in existence for over five years.
Forward Looking Statements: This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the Company described above. The Company's actual results could differ materially from expected results.