AMARILLO Texas, July 6, 2004 (PRIMEZONE) -- Applied LNG Technologies (ALT) announced today that it has established a strategic alliance with Intrepid Technologies & Resources (ITR) (OTCBB:IESV) located in Idaho Falls, Idaho. An ALT-ITR joint venture will pursue utilization of ITR's methane gas production technologies to produce Liquid Natural Gas (LNG) by way of anaerobic digestion. ALT would then distribute the LNG throughout the western United States to be used as a clean burning, domestic alternative fuel solution.
Due to its consistent heating quality and high purity, LNG is quickly becoming the alternative fuel of choice. It has proven to be more cost effective, cleaner, safer to handle, and applicable to most equipment. Thus methane fuel directly contributes to clear, safer and livable environments. These characteristics make it a viable fuel solution for any application that is currently utilizing traditional petroleum fuel sources.
While LNG production is not a new science, efficient production from a renewable, biomass source has not yet been proven as a viable solution. ITR is developing a commercial biogas field in southern Idaho to process bovine waste into methane gas utilizing a proprietary anaerobic digestion technology. This facility will be the first of its kind. The gas field will produce an estimated 1.6 billion cubic feet of biogas annually, which will convert into approximately 15 million gallons of LNG. This amount of fuel can power a 40,000-home community for a year or displace approximately 10,000,000 gallons of traditional imported petroleum fuel with cleaner, domestically produced LNG fuel.
The first facility is scheduled to come on line in late August to early September of 2004. This will be the first of many anaerobic digesters in southern Idaho and the western United States built, owned, and managed by the ALT-ITR joint venture.
Ken Kelley, ALT's CEO stated, "We are honored to team with Intrepid to offer innovative, renewable fuel solutions to our customers. This fuel opportunity will provide expanded sourcing options and availability to environmentally conscientious consumers who currently demand clean burning, domestic alternatives to diesel and propane."
ALT, a member of the Kelley Family of Companies and the premier producer and distributor of LNG products in the western United States and Mexico, brings technical, cryogenic and LNG production expertise to manufacture LNG from methane gas. Additionally, ALT's industry reputation for consistent natural gas solutions will ensure viable, well-established marketing and distribution outlets. This technological advance further strengthens the LNG industry by not only expanding fuel availability, but also by creating LNG fuel supply from what was previously considered waste.
Dr Dennis Keiser ITR chairman stated, "The association with ALT validates our company's direction and reinforces our belief that we can produce substantial quantities of commercial gas, gas that will now find a premium market."
About ALT: ALT is the largest LNG wholesaler in the western United States and Mexico. Since its inception in 1995 ALT has grown to become a major force in the natural gas industry by specializing in turnkey natural gas fuel solutions for transportation, municipal and industrial applications.
About Intrepid Technology: ITR is a premier technology application innovator of biogas, bio-diesel and ethanol products and services designed to assist in worldwide energy independence and reduce pollution; thus manufacturing "green energy" from renewable agriculture feedstock and industrial and agriculture waste materials.
Statements released by Intrepid Technologies and Resources that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
For additional on information on ITR contact, Steve Ellis (208-529-5337) sellis@intrepid21.com For additional information on ALT contact, Juanita Diaz 806- 359-3327 or visit us at www.altlngusa.com or info@altlngusa.com