NEW YORK -- Veridium Corporation today announced its plans to sell high-grade corn oil to Mean Green BioFuels Corporation for refining into biodiesel fuel.

Earlier this month, Veridium and Mean Green announced their execution of a joint-venture agreement. Veridium was assigned the exclusive worldwide rights to what was then Mean Green's patent-pending Corn Oil Extraction System(TM). In return, Veridium agreed to provide Mean Green with right of first refusal rights to its various biodiesel feedstocks, including the high-grade corn oil that Veridium extracts from an ethanol by-product called distillers dried grain using the Corn Oil Extraction System.

Veridium and Mean Green are both portfolio companies of GreenShift Corporation, a publicly traded business development company.

Kevin Kreisler, GreenShift's chairman and CEO, said that "a vital aspect of GreenShift's investment philosophy is to have our various portfolio companies work together to assist each other in their respective development plans. In this case, we have Veridium out selling its proprietary Corn Oil Extraction Systems(TM) with a sales model that is profitable for Veridium today but that also secures a large volume of biodiesel feedstock at favorable prices.

"Simultaneously, we have Mean Green out building their biodiesel production capacity with the expectation that Veridium will own enough biodiesel feedstock to allow Mean Green to commence operations at its first biodiesel facility later this year at greater than break-even rates of production."

Biodiesel is a clean-burning alternative fuel that contains no petroleum. It can be blended at any level with petroleum diesel to create a biodiesel blend; it can be used in diesel engines with little or no modifications; and it is simple to use, biodegradable, nontoxic, and essentially free of sulfur and aromatics.

Mean Green intends to finance, build and operate several biodiesel production facilities in the U.S., where it will leverage its proprietary oil recovery technologies to reduce America's dependence on foreign oil by producing high-quality biodiesel fuels.

Mean Green plans to produce biodiesel out of the following sources: soy bean oil; animal fats procured from rendering operations; corn oil extracted from ethanol facilities; and animal fats derived from dissolved air flotation wastewater sludges. Mean Green BioFuels Corporation is 50-percent owned by GreenShift Corporation.

Veridium Corporation is a publicly traded industrial waste recycling company and holds the rights to more than a dozen proprietary universal processing, water purification, emissions control and waste recycling technologies.
Veridium's business model is based on the engineering and marketing of green innovations and processes that enhance manufacturing efficiencies, improve resource utilization and minimize waste. Veridium is about 65-percent owned by GreenShift Corporation.

SOURCE: Veridium Corporation via Business Wire.