CITY OF INDUSTRY, CA--(Marketwired - Apr 27, 2016) - Earth Gen-BioFuel (
George Shen, Chairman, commented, "Castor beans, a key ingredient in over 700 manufactured products and used for blending clean biofuel, are an agricultural crop already in short supply and in high demand. We believe that 2016 may be the operational breakout point in EarthGen's corporate development. Our staff in Laos continues to refine castor bean growing methods and expanding the Company's knowledge of the area and local operating requirements. Both are keys to our ability to expand operations."
Import demand for countries processing Castor Beans continues to be very strong. To capitalize on this trend, Earth Gen plans to upgrade the close to 600 acres of castor beans already planted and expand operation to new locations that are well suited for additional Castor Bean cultivation. The next 12 months will see the continuing development of our labor force and we will complete the training of additional agricultural supervisors who will be utilized to oversee future expansion. Based on obtaining additional working capital we are planning on having over 4,000 acres planted in the Northern part of Laos over the next two years. It is estimated that 4,000 acres are capable of producing 8,500 tons of castor beans annually that could produce annual sales of approximately $4,500,000 based on today's world market prices.
Castor Bean cultivation has attracted attention as a "renewable energy crop" with high value due to its high oil content in comparison to other edible oil seed crops. EarthGen's business model is meeting this growing demand without competing against potentially more valuable crops. We are building Castor Bean farms in areas of poor soil conditions where such cultivation does not replace the production of food crops and at the same time we provide much needed employment to hundreds of people. Our farming operations are expected to have a major economic impact in EarthGen's areas of operation.
Earth Gen has also begun to explore additional sustainable crop opportunities for commercialization that utilize our operating experience in Southeast Asia and the talent and experience of our staff.
About Earth Gen-BioFuel
Earth Gen-Biofuel Inc., a U.S. based international agribusiness company is cultivating Castor Bean farms in Southeast Asia. Castor Beans are a renewable resource as a non-food agricultural product used in manufacturing clean transportation fuel, and utilized in over 700 manufacturing processes. EarthGen's goal is to become one of the world's largest growers of Castor Beans. Our first operation includes 600-acres of Castor Bean farms in Laos, with a full-scale harvest scheduled for year-end 2016. The Company plans to expand operations to 4,000 acres over the next two-years, which is expected to make Earth Gen one the largest operators in the area. Worldwide demand continues to grow, due to high demand for manufactured products using Castor Bean oil and the crops value as a renewable "energy crop".
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with smaller reporting companies, including without limitation, other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.