Going on News Today
Carbonics Announces Agreement with Great Plains Oil & Exploration
NEW YORK, Oct 30, 2009 (BUSINESS WIRE) -- Carbonics Capital Corporation (OTCBB: CICS) today announced the execution of an agreement with Great Plains Oil & Exploration, LLC ("Great Plains") to lease Carbonics' oilseed crush plant in Culbertson, Montana ("Culbertson"). Great Plains is leasing the facility in further development of their oilseed production program.
Culbertson was previously unable to renew its working capital line of credit during the second half of 2008 and was therefore unable to complete its purchase of delivered oilseed inventory. Culbertson later cooperated with the Montana Department of Agriculture and the North Dakota Public Service Commission to liquidate and pay for the delivered crop. After several months of difficult work, and the tremendous efforts of Montana and North Dakota regulatory officials, Carbonics reported that the liquidation was complete in early October 2009. Now, with this lease agreement, activity is occurring at the facility in an effort to resume and revive operations.
Culbertson consists of oilseed handling, storage and processing infrastructure, including mechanical crush and vegetable oil refining equipment. It has over two million gallons of crude vegetable oil storage, over one million bushels of oilseed storage, and over four thousand tons of meal storage. Additional infrastructure includes a rail siding, truck and rail scales, and major U.S. highway frontage.
Dr. Paul Miller, Carbonics' president and CEO stated, "Activity at Culbertson is very important right now. A completely shut facility is not an ideal situation and this lease keeps personnel on sight, augers conveying, and trucks rolling. We are delighted that Great Plains shares our belief in the value of Culbertson, the region and the opportunities for oilseed production and processing."
Sam Huttenbauer, CEO of Great Plains Oil stated, "We are delighted to be able to add the Culbertson facility to our growing list of camelina storage and processing facilities. This will provide an important central hub for our camelina growers in eastern Montana and western North Dakota."
About Great Plains Oil & Exploration, LLC
Great Plains Oil & Exploration, LLC (Great Plains -- The Camelina Company) is a renewable fuels company that pioneered the manufacturing and marketing of fuel and chemicals from Camelina. Great Plains has exclusive access to the majority of the world's Camelina germplasm and is the established leader in the field of Camelina agronomy and production. Great Plains has developed a grower base and production facilities from which it produces and supplies commercial quantities of biofuel as well as high-protein, omega 3-rich animal feed. More information can be found at CamelinaCompany.com.
About Carbonics Capital Corporation
Carbonics Capital Corporation (OTCBB: CICS) was founded to facilitate decarbonization in ways that cost-effectively capitalize on the evolving carbon markets.