GLEASON, Tenn. -- US BioTec Inc. has tendered an acquisition proposal to acquire Biofuel of Tennessee LLC, an existing biodiesel manufacturing operation.



The biodiesel operation is capable of processing bio-diesel or B-100 from soy oil, canola oil or animal fats.



"We were impressed with the sophistication of their fuel formulation technology, and the plant is equipped and set up with new cutting-edge equipment. The plant is a combination of German, English and American engineering," says Jimmy Joyner, CEO of USBO. "The plant is less than one year old and presently has an estimated annual biodiesel capacity of 10,000,000 gallons and we can economically expand this volume to approximately 14 million gallons.



"After several months of due diligence dedicated toward evaluating the aspects of acquiring the PHS Group, USBO management and consultants agreed the acquisition of a bio-fuel company was a better fit with the USBO's core products than acquiring a petroleum refinery with significant debt," he said.

US BioTec was established to profitably develop, manufacture, market and distribute bio-degradable, non-toxic and non-carcinogenic products to agriculture, the commercial turf industry, forestry, golf courses, professional landscapers, nurseries and mass market retail lawn and garden markets. USBO is exploring entry into the petrochemical/alternative fuels market through its newest subsidiary, US BioTec Energy Services Corp.



SOURCE: US BioTec, Inc. via Market Wire.