REGINA, SASKATCHEWAN -- (Marketwire) -- 09/03/10 -- Aura Bio Corp. ('Aura') (OTCBB: AUBC) is pleased to announce that through its partnership with Tolao Energy ('Tolao'), Tolao is currently in negotiation with J.C. Neckermann GMBH & Co. of Germany for a proposed production purchase (off-take) agreement for its biodiesel product from its Cross River State project in Nigeria, West Africa.
The negotiation when finalized will allow Tolao to sell up to 31 million liters of biodiesel from its Cross River State plant generating approximately $9.3 million in revenue per year. This will constitute up to 80 percent of Tolao's total production capacity of 37.5 million liters from its first plant. It is expected that the production of biodiesel will start as early as the last quarter of 2011.
Under the terms of the agreement, Tolao will sell to J.C. Neckermann GMBH & Co. up to 80 percent of the production for a period of five years, which will begin once commercial operations commence in 2011. The remaining 20 percent of the production will be sold domestically in Nigeria.
'Aura is extremely pleased to be working with Tolao Energy on negotiating the terms and conditions of the off-take agreement with J.C. Neckermann,' said Harry Lappa, President and CEO of Aura. 'We feel privileged to be working with J.C. Neckermann and we believe that Germany's demand for cleaner and sustainable alternative fuel source is right in line with Aura's vision.'
Aura Bio Corp. is a company focusing on developing and investing in clean energy projects. Further information on Aura Bio Corp. is available at www.aurabiocorp.com.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Aura Bio Corp.'s filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. We seek safe harbor.
Aura Bio Corp.