IDAHO FALLS, Idaho, July 7, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) (OTCBB:IESV) a renewable energy company in a joint news release with their new strategic partner Applied LNG Technologies (ALT) of Amarillo Texas, provides further information on their business alliance announced yesterday.
Dr. Dennis Keiser, ITR's chairman, stated, "Our first methane gas refinery will be operational in late August or early September of this year. Our challenge has been to provide an outlet for the newly available gas while simultaneously ramping up our ability to begin development on additional refinery facilities. Our association with ALT and the other Kelley companies brings tremendous flexibility to our business plan that we did not previously possess. Not only does ALT bring its reputation and financial capabilities but they also provide leadership and vision that is unsurpassed in the energy industry. On a day when oil prices are again rising to levels that threaten our national economy this partnership will provide an affordable and highly reliable source of new energy that is not only environmentally friendly, but also domestic to the United States."
The latter part of this year will have ITR providing ALT with a large, consistent, renewable production source of natural gas. ALT will then provide access to all three major alternative fuel markets: transportation, municipal heating, and industrial/agricultural heating and process fuel. Keiser goes on to say, "This association will complete the critical link in our technology becoming a viable force in the energy market. ITR-ALT recognize that the days of cheap, petroleum-based energy are long forgotten as demand has caught up with and surpassed production capacity and supply. Our technology coupled with ALT's expertise helps ensure that the United States will maintain an uninterrupted supply of renewable energy even as future world fuel demands exert pressure on an already taxed system."
The Magic Valley region of southern Idaho is uniquely suited to this project because of its exceptionally dense concentration of dairy cattle. There are enough cattle within a 15 mile radius of the project site to produce an estimated 1.6 Billion cubic feet of methane annually, which would convert to approximately 15 million gallons of LNG. This is enough fuel to displace approximately 10 million gallons of imported petroleum fuel with cleaner, domestically produced gas. ITR expects to have four anaerobic digesters in operation by the end of 2005 and double that number by 2006.
About ALT: ALT, a member of the Kelley Family of Companies, is the largest LNG wholesaler in the western United States and Mexico. Since its inception in 1995 ALT has grown to become a major force in the natural gas industry by specializing in turnkey natural gas fuel solutions for transportation, municipal and industrial applications.
About Intrepid Technology: ITR is a premier technology application innovator of biogas, bio-diesel and ethanol products and services designed to assist in worldwide energy independence and reduce pollution; thus manufacturing "green energy" from renewable agriculture feedstock and industrial and agriculture waste materials.
Statements released by Intrepid Technologies and Resources that are not purely historical are forward looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995 Investors are cautioned that forward-looking statements involve risk and uncertainties. The company does not undertake any responsibility to update the forward-looking statements contained in this release.