OPP, Ala. and SANTA ROSA BEACH, Fla., Jan. 24, 2007 (PRIME NEWSWIRE) -- Perihelion Global (Pink Sheets:PHGI) today announced that in the annual State of the Union address, President George W. Bush proposed a mandatory alternative fuels standard to require 35 Billion gallons of renewable and alternative fuels in annual production by 2017 specifically including BioDiesel. President Bush stated, "For too long our nation has been dependent on foreign oil. And this dependence leaves us more vulnerable to hostile regimes, and to terrorists -- who could cause huge disruptions of oil shipments, raise the price of oil and do great harm to our economy." Adds President Bush, "It is in our vital interest to diversify America's energy supply." "We need to press on with battery research for plug-in and hybrid vehicles, and expand the use of clean diesel vehicles and biodiesel fuel." The proposed fuels standard was part of a larger agenda of asking Congress to help in pursuing 'A Great Goal,' by reducing gasoline usage in the United Stated by 20 percent within the next ten years.
In the Majority Democratic response, Senator Jim Webb (D) stated: "Further, this is the seventh time the President has mentioned energy independence in his state of the union message, but for the first time this exchange is taking place in a Congress led by the Democratic Party. We are looking for affirmative solutions that will strengthen our nation by freeing us from our dependence on foreign oil, and spurring a wave of entrepreneurial growth in the form of alternate energy programs. We look forward to working with the President and his party to bring about these changes."
Perihelion Global will break ground on its $40,000,000 BioFuel refinery in Opp, Alabama on Monday, January 29, 2007. The public is invited to attend. The BioFuel Refinery will be the third largest in North America overall, and the largest refiner of fuels derived primarily from peanut stock. The company projects BioFuel production capacity at approximately 40 Million gallons annually from the Opp, Alabama facility; which would provide the United States slightly more than one-tenth of one percent of the proposed mandatory fuel standard from Perihelion alone.
In 2006, an estimated 200 million to 250 million gallons of BioDiesel were produced nationally, according to the National Biodiesel Board. Although industry sources have cited BioDiesel growth, it is unlikely there will be enough production online significantly before 2017 to meet the proposed mandatory fuel standard. This greatly benefits Perihelion Global, as the company expects to sell its first gallon of BioDiesel in the first quarter of 2008. This could create a market of intense demand and limited supply, whereby Perihelion would conceivably be operating at maximum capacity for the next ten years and pre-sell every gallon the refinery produces. In such a scenario, the company would anticipate revenues no less than US$400,000,000.00 across the proceeding ten years.
The President's comments will only further accelerate what the company believes will be an inevitable and complete adoption of BioFuels to ensure national and economic security as well as a cleaner environment, as has been outlined in numerous interviews by Perihelion Global Chairman, Chief Executive Officer & President, John H. Beebe. Perihelion Global believes it is strategically positioned to capitalize on the reality and promise of renewable and alternative fuels.
"Perihelion Global is successfully proceeding forward with our Opp BioFuel Refinery and other strategic projects which we believe will play a key role for future United States economic and environmental health and national security," states Perihelion Global Chairman, Chief Executive Officer and President John H. Beebe.
About Perihelion Global:
Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace. Website: www.perihelion.com
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