NEW YORK, Dec. 15, 2011 (GLOBE NEWSWIRE) -- Terralene Fuels Corporation (OTCBB:GSPT), formerly Golden Spirit Enterprises Ltd. announces that the Company will now operate and market its alternative fuel proprietary formulation with a corporate name that better reflects the business of the Company.
Terralene Fuels Corporation has an alternative fuel that is a patented formulation which can replace gasoline as a stand alone fuel or fuel additive. Terralene's fuel composition is 55% fossil fuel based and 45% renewable biofuel based.
The Company's CUSIP Number has changed from 38119N 10 7 to 88104B 10 5 and the name change did not involve any change in the issued or authorized capital of the Company. The trading symbol remains as "GSPT" and the Company is currently updating its corporate website to reflect the name change and other related information.
Further on the matter of alternative fuels, recently there has been an outcry regarding government subsidies for alternative fuels to be stopped and that if alternative energy ideas are to make economic sense, the free market should and would support them. Critics pointed out that ethanol and oil industries should not need subsidies that have proven to be costly to taxpayers, harm the environment and increase the cost of food we consume. Republican Congressman Mike Pompeo of Kansas estimates that the US government will save up to $90 billion dollars over a ten year period by eliminating such subsidies. It is time for conventional and alternative fuel sources to show their worth without government subsidies. These factors present a timely opportunity for Terralene Fuels to enter the marketplace.
About Terralene Fuels
Terralene® is a patented, proprietary, alternative fuel formulation which reduces greenhouse gases and other environmentally damaging emissions which are prevalent in existing gasoline combustion engines. Although the formulation is somewhat based on fossil fuels and other non food chain agricultural components, it is designed as a Green and Clean Alternative Renewable Fuel. The internationally known law firm of Gowling Lafleur Henderson LLP is retained to manage the Terralene Patents and Trade Marks.
Visit our site: www.terralenefuels.com
|/s/ Jaclyn Cruz|
|Jaclyn Cruz, President|
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Terralene's filings with the Securities & Exchange Commission.