OSTERVILLE, Mass., June 14, 2007 (PRIME NEWSWIRE) -- Amelot Holdings, Inc. (Pink Sheets:AMHD), a leading manufacturer of Renewable Fuels to reduce dependency of fossil fuels confirms its support of two new bills designed to promote the use of renewable fuels in Massachusetts.
Bill 1774, "An ACT Creating the Clean Home Heating Fuel Tax Credit," will provide a taxpayer a tax credit against the tax imposed by this article for bioheat, used for space heating or hot water production for residential purposes within this state. Such credit shall be $0.01 per percent of biodiesel per gallon of bioheat, not to exceed twenty cents per gallon, purchased by such Taxpayer. http://www.mass.gov/legis/bills/senate/185/st01/st01774.htm
Bill 1775, "An ACT Creating Biofuel Production Tax Credits," will provide any producer of biofuels as a credit against any tax liability imposed under this chapter, a credit for each gallon of biofuel produced at a biofuel plant, equal to fifteen cents per gallon after the production. http://www.mass.gov/legis/bills/senate/185/st01/st01775.htm
"These two bills present a great opportunity for Amelot in Massachusetts," says Allen Giles, President of Amelot Holdings, Inc. "This production credit, matched with the ten cent federal production credit, will help Amelot realize a much quicker return on capital equipment investment in MA. The Home Heating credit will help to establish and foster the use of bioheat throughout the region."
About Amelot Holdings, Inc.
Amelot Holdings, Inc. (http://www.amelotholdings.com), a publicly traded company, is a diversified holding company that has identified a projected $20 billion opportunity to manufacture renewable fuels to supply the growing demand and to reduce the dependency and environmental impact of fossil fuels.
The Amelot Holdings, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2149
About Biodiesel:
Biodiesel is biodegradable, nontoxic, and essentially free of sulfur and aromatics. It is less toxic than table salt and biodegrades as fast as sugar. Biodiesel reduces emissions of carbon monoxide (CO) by approximately 50% and carbon dioxide (CO2) by 78%. Biodiesel reduces the emission of particulates, small particles of solid combustion products, by as much as 65%. This reduces cancer risks by up to 94% according to testing sponsored by the Department of Energy.
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
Internet address is http://www.amelotholdings.com.