IDAHO FALLS, Idaho, May 11, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) (OTCBB:IESV), a renewable energy company, has purchased the outstanding shares in the Magic Valley Energy Coalition LLC (MVEC). The transaction was an all-stock transaction and MVEC will become a wholly owned subsidiary of ITR.
The purchase of MVEC will allow ITR, through the new subsidiary, to secure federal grants, loan guarantees and other available assistance from governmental agencies available only to rural business entities. The USDA's Rural Development program provides considerable funding for projects that are very much aligned with ITR's alternate fuel and environmental enhancement projects currently underway and projects that will soon start.
The coalition was formed in 2001 by a group of Idaho business and agriculture leaders who desired to promote economic development in their region. This group has worked over the past three years to develop an ethanol and bio-diesel production capability in the Magic Valley area in south central Idaho. The Coalition completed a comprehensive feasibility study for ethanol production, and has been working towards implementation and funding of that project. The members of the group have worked with the local government entities and stakeholders to promote the establishment of large-scale ethanol production in their community. ITR believes that the synergies between MVEC and the work ITR has recently commenced in securing funding for an Ethanol production facility were best served by combining efforts.
ITR continues, with this purchase and the recent WOBF acquisition, to become a fully vertically integrated producer, distributor and innovator of multiple types of renewable energy products and services.
About Intrepid Technology: We are a premier technology application innovator of Biogas, bio-diesel and Ethanol products and services designed to assist in worldwide energy independence and reduce pollution (Green Energy). All of these are from renewable agriculture feedstock and industrial and agriculture waste materials.
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