NORTH MIAMI BEACH, FL -- (Marketwire) -- 11/09/10 -- Alternative Fuels Americas, Inc. (PINKSHEETS: NSIHD) announced today that it has secured an option on an additional 200 hectares of land in Costa Rica. The Company now has access to more than 5,000 hectares (12,000 acres) of land, with a potential for more than 9.6 million gallons of biodiesel annually -- which is expected to generate over $22 million in annual revenue, based on current oil prices.
The land is located in the Guanacaste region and is part of the Company's efforts to secure sufficient land to meet its feedstock requirements.
'This agreement provides us with additional land for our agricultural program, which is aimed at delivering feedstock for large scale biodiesel production,' commented AFA CEO Craig Frank. 'Our land deals in Mexico and Costa Rica position us well even as we continue to expand our reach into other counties.' AFA is now in talks for land in Panama and Colombia.
About Alternative Fuels Americas (http://www.alternativefuelsamericas.com/about.html)
Alternative Fuels Americas (AFA) is a 'seed to pump' company developing above ground oil fields through the planting of high yield crops. The Company expects to engage in all phases of the biodiesel process -- planting, growing, and harvesting Jatropha, crushing and refining Jatropha seeds into biodiesel, and selling the biodiesel or green fuel oil into the local markets. For more information, visit http://www.alternativefuelsamericas.com
This press release includes statements that may constitute 'forward-looking' statements, usually containing the words 'believe,' 'estimate,' 'project,' 'expect' or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.