WILMINGTON, Del. and SANTA ROSA BEACH, Fla., Oct. 23, 2007 (PRIME NEWSWIRE) -- Perihelion Global (Pink Sheets:PHGI), a development company with interests in natural resources, alternative energies, and advanced communications, today provided various corporate updates regarding the construction of the company's Opp, Alabama biodiesel refinery.
The company is pleased to announce that it has reached an agreement with J&B Bartholomew, Inc. of Opp, Alabama to acquire several large storage tanks for its Opp Biofuel refinery site. Two tanks are now on-site with several additional storage tanks to be delivered within the next two weeks.
The first shipment of refinery equipment has now arrived in Opp via two truckloads and a large flatbed trailer. Further loads of equipment are currently being loaded on 3 large semis (two of which are oversized loads) to depart the western U.S. starting today and tomorrow. The additional equipment is expected to arrive on site in Opp within the next week. As previously announced, the company has contracted H.D. Edgar Trucking Co., Inc, of Opp, Alabama for transportation services and permitting required to transport the oversize refinery equipment across the country.
The company also wishes to announce that it has contracted with Sunbelt Rentals, Inc. of Andalusia, Alabama to provide additional industrial equipment used on-site. The company has contracted with the Mobile Attic, Inc. of Elba, Alabama to provide on-site storage for a portion of the delivered refinery equipment until the first building is completed. The company has previously announced an agreement with Capital Construction, Inc. of Montgomery, Alabama to construct the building.
The pouring of the concrete foundation by Stor-All Buildings, Inc. of Opp, Alabama that was originally scheduled to begin today has been delayed due to the weather. The company still anticipates work to begin pouring the foundation this week, weather permitting.
The company would also like to notify shareholders that due to the recent decline in the company's common stock price, it has become necessary to issue additional common shares to finalize various projects. The company expects to therefore issue additional common shares so that all remaining authorized common shares will be issued. This would result in Perihelion having 155,000,000 common shares issued and outstanding, with 155,000,000 common shares authorized.
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: Technology, Energy and Communications.
Website: http://www.perihelionglobal.com
Caution Regarding Forward-Looking Statements
This press release contains historical information as well as forward-looking statements that are based upon our estimates and anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," "will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as forward-looking statements as are sections of this news release clearly identified as giving our outlook on future business.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:
-- General economic conditions, either nationally or in our market
area, that are worse than expected;
-- regulatory and legislative actions or decisions that adversely
affect our business plans or operations;
-- price competition;
-- inflation and changes in the securities markets that adversely
affect the fair value of our operations; and
-- changes in our organization, compensation and benefit plans.
We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.