NORTH MIAMI BEACH, FL -- (Marketwire) -- 11/29/10 -- Alternative Fuels Americas, Inc. (PINKSHEETS: NSIH) announced today that it will be acquiring Sustainable Agro Biotech, LLC, a Puerto Rico based company active in the research and development of algae for biofuels.
Sustainable Agro Biotech, LLC has been developing proprietary technologies to recycle carbon dioxide emission into microalgae varieties with robust growth and oil production capabilities and to achieve commercially feasible harvesting of microalgal products. The Company operates facilities in Gainesville, Florida and a 10 acre facility in Puerto Rico in partnership with University of Puerto Rico, Mayaguez. AFA will work with the Sustainable Agro Biotech team to further its research and develop a viable algae-to-biofuels capacity.
'This announcement, following last week's news that we have concluded agreements providing AFA with large tracts of land, demonstrates our commitment to the fulfillment of our business plan. We are extremely excited by this acquisition,' commented AFA CEO Craig Frank. 'We have had an interest in algae for quite some time and have been looking for a company that fit well with our comprehensive approach to biofuel. This acquisition opens up new opportunities for AFA, and broadens our operational possibilities, both in terms of geography and the types of feedstock we have at our disposal.'
'The opportunity this agreement provides to Sustainable Agro Biotech is meaningful in a number of ways,' remarked Arup Sen, President of Sustainable Agro Biotech, LLC. 'AFA will lend us support, encouragement, vision, and the larger infrastructure under which we can explore various methods of growing algae and extracting oil from algae. We are excited by the possibilities the combination of our talents and resources will allow.'
About Alternative Fuels Americas
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
About Sustainable Agro Biotech, LLC
Founded in 2007 in Puerto Rico, Sustainable AgroBiotech, LLC develops proprietary technologies related to collection and use of unique microalgae varieties, recycling of carbon dioxide emission into microalgae biomass as a source of fuel oil and environmentally safe, commercially feasible methods to harvest microalgal products.
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.