Methes Energies Closes a Total of $1,500,000 Working Capital Facility
LAS VEGAS, NV -- (Marketwired) -- 08/16/13 -- Methes Energies
International Ltd. (NASDAQ: MEIL), a renewable energy company that
offers an array of products and services to biodiesel fuel producers,
announced that its wholly-owned subsidiary, Methes Energies Canada
Inc., has closed on a total of $1,500,000 Working Capital Facility
for its Sombra, Ontario biodiesel manufacturing plant. The Facility
was obtained through a Toronto, Ontario lending firm.
The Facility provides for up to $750,000 of cash advances against the
company's accounts receivables and an additional $750,000 in cash
which can be used exclusively to purchase feedstock for the
production of biodiesel.
Nicholas Ng, President of Methes Energies said, "Closing this
transaction is a significant step forward for Methes as it provides
additional resources to purchase more feedstock and increase
production at our Sombra facility. We will now be able to operate the
Denami 3000 in Sombra 24/7. We recently hired and trained additional
employees and are now ready to process more feedstock into biodiesel.
The demand for biodiesel remains strong and we believe that it will
continue to do well for the rest of the year and beyond."
About Methes Energies International Ltd.
International Ltd. is a renewable energy company that offers a
variety of products and services to biodiesel fuel producers. Methes
also offers biodiesel processors that are unique, truly compact,
fully automated state-of-the-art and continuous flow that can run on
a wide variety of feedstocks. Methes markets and sells biodiesel fuel
produced at its showcase production facility in Mississauga, Ontario,
Canada and at its recently commissioned 13 MGY facility in Sombra,
Ontario, to customers in the U.S. and Canada, as well as providing
multiple biodiesel fuel solutions to its clientele. Among its
services are selling commodities to its network of biodiesel
producers, selling their biodiesel production and providing clients
with proprietary software to operate and control their processors.
Methes also remotely monitors the quality and characteristics of its
clients' production, upgrades and repairs their processors and
advises clients on adjusting the
ir processes to use varying feedstock
to improve the quality of their biodiesel. For more information,
please visit www.methes.com.
This press release contains forward-looking statements regarding
future events and financial performance. In some cases, you can
identify these statements by words such as "may," "might," "will,"
"should," "except," "plan," "intend," "anticipate," "believe,"
"estimate," "predict," "potential," or "continue," the negative of
these terms and other comparable terminology. These statements
involve a number of risks and uncertainties and are based on numerous
assumptions involving judgments with respect to future economic,
competitive and market conditions and future business decisions, all
of which are difficult or impossible to predict accurately and many
of which are beyond the Company's control. There are or may be
important factors that could cause our actual results to materially
differ from our historical results or from any future results
expressed or implied by such forward looking statements. These
factors include, but are not limited to, those discussed under the
section entitled "Risk Factors" in our Annual Report on Form 10-K for
the year ended November 30, 2012, filed on February 25, 2013, as
amended, which is available at the U.S. Securities and Exchange
Commission website at www.sec.gov. The forward-looking statements in
this press release are based upon management's reasonable belief as
of the date hereof. The Company undertakes no obligation to revise or
update publicly any forward-looking statements for any reason.
Methes Energies International Ltd.
Michel G. Laporte
Chairman and CEO
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