Moving Towards Commercializing Its Transformative Cellulose to Ethanol Process
WEST PALM BEACH, FL, July 31, 2019 (GLOBE NEWSWIRE) -- Alliance BioEnergy Plus, Inc. (ALLMQ).
Alliance BioEnergy Plus Inc. (“Alliance”) is excited to announce that the U.S. Bankruptcy Court for the Southern District of Florida has approved its Chapter 11 Disclosure Statement. A hearing is set for September 12 to confirm the Chapter 11 Plan, and Alliance has already placed in an escrow account all of the funds necessary to pay its creditors all payments required to confirm the Plan. The Plan will not impair any creditor class; the management team is proud to have kept all shareholders’ equity and warrants whole.
Alliance has developed a new and improved technology system that converts any cellulosic material – grasses, wood, paper, farm waste, yard waste, forestry products, nut shells, and the cellulosic portion of municipal solid waste – into biofuels quicker, more consistently, and more energy efficient than the first generation process. We call the new system the CTS 2.0 process, where CTS stands for Cellulose-to-Sugar. (The sugar is then converted into ethanol via a standard process, and then the ethanol into other biofuels). CTS 2.0 is an environmentally friendly process that recycles water and catalysts used in the process, uses no toxic chemicals, produces 100% renewable fuel, and has a near zero carbon footprint.
“The significant commercial opportunity for the new CTS 2.0 technology made it worthwhile to restructure the Company, establish a much healthier balance sheet, and install a management team with proven track record in bringing technologies to market,” noted Ben Slager, Alliance’ CEO. “There is enough feedstock in the United States to replace close to half the fossil fuels presently used with renewable fuels. The potential market size for biofuels is upwards of $50 billion a year in the US alone.”
Management believes that Alliance, when our technology is commercialized, will be the lowest cost producer in the ethanol and biofuel space due to significantly lower feedstock cost and a very efficient conversion process. Additionally, the US EPA offers an incentive renewable credit (RIN) for each gallon of fuel produced from renewable sources.
“We are about to reemerge with a new and exciting technology serving a huge market. I am looking forward to commercializing the CTS 2.0 system, creating value for our shareholders, and providing the market with cost competitive products, while serving the environment at the same time,” says Ben Slager.
Information in this document may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward looking statements contained in this estimate, except as may be required by law.
Ben Slager, CEO
Anthony Santelli, COO
SOURCE: Alliance Bioenergy Plus, Inc. www.alliancebioe.com