NEW YORK -- GreenShift Corporation today announced its execution of a license agreement with United Ethanol, LLC for use of GreenShift's patented corn oil extraction technologies at United Ethanol's 50-million-gallon ethanol plant in Milton, Wis.

In addition, GreenShift and United Ethanol entered into a development services agreement pursuant to which GreenShift will provide equipment and services relating to the engineering, construction and ongoing operation of a patented corn oil extraction facility at United Ethanol's facility.

Dave Cramer, of United Ethanol, said: "United Ethanol's mission is to maximize returns for our investors, and extracting corn oil from DDG's will help us do that; cost effectively. The installation and the ongoing operation of the corn oil extractions system will also have a positive economic impact on our local community."

David Winsness, GreenShift's chief technology officer, said: "We are pleased and excited to have the opportunity to partner with United Ethanol, and we look forward to getting to work."

United Ethanol began operating on March 29, 2007, and is producing 50 million gallons of ethanol per year. On top of generating fuel that helps to reduce dependence on foreign oil and making the air cleaner, United Ethanol converts approximately 15 million bushels of corn per year, further supporting American farmers. In 2009, United Ethanol produced more than 110,000 tons of dry distiller's grain and more than 14,000 tons of wet distiller's grain, both highly valuable feed co-products for the livestock community.

SOURCE: GreenShift Corp