LONDON, July 10, 2007 (PRIME NEWSWIRE) -- Malibu Minerals, Inc. ("Malibu", the "Company") (OTCBB:MLBU) today announced that the Company, through its wholly owned subsidiary Flex Fuels Energy Limited ("Flex Fuels"), plans to build a flagship vertically integrated BioEnergy facility in the UK.
Flex Fuels was acquired by Malibu on May 29, 2007. Malibu intends to initially invest a total of around $10,000,000 (approximately E7,500,000) to develop the first phase of the Flex Fuels' BioEnergy business. This forms the first step in the planned expansion of Malibu's business into the growing and highly incentivised European BioEnergy and BioFuel sector. Considerable additional future investment is also planned, including a large biodiesel refinery and offshore farming of renewable energy crops.
Flex Fuels' first phase of development is centered on the development of an oil seed Crush Plant to be located on a seaport site in the southwest UK. The Crush Plant is expected to go into production in 2008. At full capacity, it will be able to process 750 tonnes of Oil Seed Rape ("OSR") per day, initially sourced from the UK into Rape oil and energy crop co-product.
OSR is the primary feedstock for biodiesel production in Europe. OSR produces an excellent and proven biodiesel product which meets and exceeds the European Norm quality standards sought by fuel distributors to ensure that their blended product is suitable for end users.
Flex Fuels, with a strong alternative energy team drawn from the UK renewables, energy crop farming and fuel distribution sectors, expects that the UK BioEnergy facility will be a flagship operation for both the Company and the UK renewables sector.
To reflect the Company's diversification into the alternative energy sector and its new focus on Flex Fuels Energy Limited, the Company intends to change its name to Flex Fuels Energy, Inc. This name change is expected to become effective in early July.
Gordon Ewart, CEO of Malibu, commented: "I am delighted that our Company's investment in Flex Fuels can bring to the UK the first step in the creation of a truly integrated BioEnergy business. We are focused on developing quality projects to establish a sustainable energy supply chain that supports the UK's aim to move to a renewable, low carbon economy."
About Malibu Minerals, Inc.
Malibu Minerals is a diversified company developing its wholly owned alternative energy business, Flex Fuels Energy Limited, and its mining exploration activities in British Columbia, Canada.
About Flex Fuels Energy Limited
Flex Fuels is focussed on delivering a vertically integrated BioEnergy operation in the UK building a "Farm to Fuel" value chain. Its ethical, environmentally friendly business is designed from the ground up to deliver real value to shareholders. Its products aim to reduce carbon emissions and contribute positively and meaningfully to the fight against Climate Change. Flex Fuels actively seeks to improve the environment in every stage of its business.
To find out more about Flex Fuels visit the Flex Fuels' website at www.flexfuelsenergy.com.
Forward-Looking Statements
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from acquisitions or actions in development are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. Since the information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. Malibu Minerals, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.