SAINT THOMAS, Barbados and NEW YORK, Sept. 16, 2008 (GLOBE NEWSWIRE) -- Representatives of Amelot Oil, a wholly owned subsidiary of Amelot Holdings, Inc. (Pink Sheets:AMHD), met with members of the Barbados Investment and Development Corporation, or BIDC, the industrial development agency of the Barbados Government last week in Bridgetown, Barbados to discuss the future of Amelot's biofuel production in the country.
The BIDC requested to see proof of concept and the feasibility of Amelot's operations in Barbados. After last month's successful launch of Amelot's Barbados refining facility, management was given the opportunity to meet with top officials to present their business proposal. Plans presented to the BIDC included possible tax concessions on the importation of necessary equipment into the island; financial and non-financial incentives; and technical and engineering support from the BIDC and Barbadian Government. Amelot's proposal also included project expansion throughout Barbados. The company will need bigger facilities in order to efficiently keep up with demand as operations expand. The BIDC has indicated their intent to work with the Ministry of Agriculture to locate larger facilities suitable for Amelot's expanding refining facilities on the island.
"We are very pleased to be working with the Government of Barbados to achieve our mutual goal of greater energy independence for this small nation," stated Amelot CEO, Aziz Hirji. "The BIDC has indicated their eagerness to work with Amelot Oil Barbados to expand our operations on the island, and to be of assistance in any way possible. We are grateful for our growing relationship with the people and government of Barbados, and we look forward to building stronger bonds with the community."
ABOUT AMELOT HOLDINGS, INC.
Amelot Holdings, Inc. (http://www.amelotholdings.com), a publicly traded company, is a diversified holding company that has identified Bio-diesel as a $20 billion emerging market. Amelot plans to have a significant market share in growing low cost feedstocks to supply the growing demand for biodiesel, to reduce energy dependency of fossil fuels, to help reduce the US dependency on foreign oil supplies and reduce the impact of energy on our environment.
The Amelot Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2149
ABOUT THE BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION (BIDC)
The Barbados Investment and Development Corporation (BIDC) is the industrial development agency of the Barbados Government. It has special responsibility for promoting and facilitating the establishment and expansion of business enterprises in Barbados, and for promoting the export of Barbados' goods and services.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements.