SPARKS, Nev., April 23, 2007 (PRIME NEWSWIRE) -- Tech Laboratories Inc. ("Tech Lab") (OTCBB:TLBT) today announced it has acquired Renewal Fuels, Inc., www.renewalfuels.com, owner of the FuelMeister(r) product division of Biodiesel Solutions Inc. ("FuelMeister(r)").
FuelMeister(r) is a widely sold brand of "Personal Biodiesel Processor," with over 2000 units sold worldwide and over 30 dealers nationwide. The FuelMeister(r) II can produce 80 gallons of biodiesel per day from waste vegetable oil collected from restaurant deep fat fryers. The manufacturing of the FuelMeister(r) II and all of its accessory products will continue in Sparks, Nevada.
Renewal Fuels was formed to expand the marketing and sales network of FuelMeister. "We were pleased to complete the acquisition of Renewal Fuels and its FuelMeister product division," stated John King, President and Chief Executive Officer of Tech Laboratories. "This family of products provides a unique solution for its customers, who can produce quality biodiesel from used cooking oil at their private location. With continued high fuel prices and ample supplies of used cooking oil, we are confident in our ability to continue the growth of the FuelMeister business."
Tech Lab's acquisition of Renewal Fuels was completed by the issuance of shares of its preferred stock convertible into shares of its common stock and a financing transaction with Cornell Capital Partners, LP ("Cornell"), in which Cornell has committed to provided $1.4 million to fund the acquisition and working capital, of which $1,000,000 has been funded to date.
Tech Lab's strategic investors include Crivello Group, LLC, www.crivello.com, and its members. "We have considerable experience in the alternative energy space and with John on a distinct investment in the alternative energy space. David Marks and I found John to be a talented executive. We are pleased to support John and his team," stated Frank P. Crivello, Managing Member, Crivello Group, LLC. "As well, we informally have and will continue to provide John with advisory support as he executes on Tech Lab's strategic opportunities."
"Tech Lab is the latest investment by our team into the alternative energy space. John King is well equipped to grow FuelMeister(r) and roll up strategic acquisition opportunities," said David Marks, a member of the Board of Directors, of Tech Laboratories, Inc.
In February, Biodiesel Solutions announced its plan to shift its focus to the "Community Scale" market with its new BiodieselMaster(r) product. Rudi Wiedemann, President and Chief Executive Officer, of Biodiesel Solutions stated, "The target markets for BiodieselMaster are much different than those for FuelMeister. For some time we sought a team that could energize and continue the success of the FuelMeister business. It is with confidence we pass the torch to John King and his team."
About Tech Laboratories, www.tech-laboratories.com:
Tech Laboratories, Inc. (OTCBB:TLBT) is dedicated to technologies which enable the production of high quality fuels from waste streams. The management of TLBT believes that developed and emerging technologies to produce fuels from waste will provide an important alternative to biofuel feedstocks which compete with uses for food. The company is currently seeking additional technologies and businesses to add to its portfolio of alternative energy businesses. For more information please visit the Tech Laboratories website at www.tech-laboratories.com.
About Renewal Fuels, www.renewalfuels.com:
Renewal Fuels, Inc. is a wholly-owned subsidiary of Tech Laboratories, Inc., and manufactures the FuelMeister(r) II in Sparks, NV. For more information please visit the Renewal Fuels website at www.renewalfuels.com. FuelMeister is a registered trademark of Renewal Fuels, Inc.
About Biodiesel Solutions
Biodiesel Solutions, Inc. is headquartered in Sparks, Nevada. For more information please visit the Biodiesel Solutions website at www.biodieselsolutions.com. Biodiesel Solutions, and BiodieselMaster are a registered trademarks of Biodiesel Solutions, Inc.