WEST PALM BEACH, Fla., Aug. 05, 2015 (GLOBE NEWSWIRE) -- Alliance BioEnergy Plus, Inc. (OTCQB: ALLM) (the "Company") announced today that it entered into a non-exclusive development agreement with Renewable Resources Development of America, LLC (“RRDA”) for the construction and operation of up to 56 cellulose conversion plants both domestically and abroad utilizing the Company’s licensed, patented CTS technology.
RRDA is a Delaware limited liability company with a background in construction, finance, municipal solid waste recovery, plastics, metals and papers recycling. The company's background also extends to chemical extraction from or for manufacturing, and cellulose material conversion into sugars for the manufacturing of bio-fuels, bio-plastics and other products. They are also developing business facilities using cellulose conversion technology.
It is anticipated that the first CTS plant, under the agreement, will be located in central Georgia, breaking ground this fall and will process up to one thousand metric tons a day of agriculture and forestry waste. RRDA is in advanced negotiations with local municipalities and expects to be fully operational by the second quarter of 2016.
In addition, RRDA and the Company have entered into an agreement whereas RRDA will invest $4 million into the Company in exchange for a 10% ownership stake in the Company, 2 million warrants and a license to the first commercial plant to be built by RRDA in Vidalia, Georgia.
The Company will use the funds to complete engineering, automate its demonstration facility in Longwood, Florida and file additional patents to accentuate its current family of patents. RRDA and the Company will work together to complete the first commercial plant and develop additional plants under the agreement in the coming months.
Daniel de Liege, CEO of the Company, said, “We are extremely excited that the first commercial plant is being designed and will be up and running early next year.”
About ALLM :
Alliance BioEnergy +, Inc. (“ALLM”) (OTCQB: ALLM), is a publicly traded company focusing on “Green” energy and renewable technologies. ALLM’s subsidiaries focus on emerging technologies in the renewable energy, bio-fuels and new technologies sectors. ALLM owns a fifty percent interest in Carbolosic, LLC, and the exclusive rights to North America (including Canada, U.S. and Mexico) and Africa. Carbolosic holds the exclusive, worldwide license to the patented mechanical/chemical technology, “CTS™” developed by the University of Central Florida. The CTS technology is able to produce Sugars, Various Fine Chemicals, Plastics, Carbon Fibers and other valuable products from virtually any plant material, wood or paper by product, fruit casings or bio waste.
Information in this document 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 words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Alliance BioEnergy Plus, Inc actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Alliance Media Group Holdings, Inc 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.
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Source:Alliance BioEnergy Plus, Inc.