LONDON, Aug. 7, 2007 (PRIME NEWSWIRE) -- Flex Fuels Energy, Inc. ("Flex Fuels" or the "Company") (OTCBB:FXFL), today announced that it has completed a US$4,384,653.80 private offering of its common equity to certain private investors (the "Offering").
This Offering, together with the $14.9 million private offering at the time of the acquisition by the Company of the Flex Fuels Energy Limited alternative energy business on May 29, 2007, brings the gross funds raised during the last three months to over $19.1 million, reflecting private investor demand for the issue as Flex Fuels embarks upon its alternative fuels operations in Europe.
Flex Fuels' strategy is to develop a sustainable energy crop supply chain from 'Farm to Fuel'. Flex Fuels believes that this model is likely to receive additional legislative support under new legislation:
* The U.K. Government has indicated that the Renewable
Transport Fuel Obligation, due to come into effect in April
2008, shall provide support for road vehicle biofuels until
2020.
* There is also an intention by Government to legislate for
an increase in the incentives to promote the use of
purpose-grown energy crops to generate renewable electricity
from April 2009 onwards. Oil Seed Rape (OSR) meal (the
by-product which should make up around 60% by mass of Flex
Fuels' planned crush plant output, the balance being OSR oil
to be refined to biodiesel) is expected to qualify for these
proposed enhanced incentives.
Gordon Ewart, CEO of Flex Fuels, commented: "These additional funds will enable us to progress our strategy to pursue directly related opportunities that have the potential to considerably enhance the development of our vertically integrated bioenergy business."
About Flex Fuels Energy, Inc.
Flex Fuels is a diversified company developing its wholly owned alternative energy business, Flex Fuels Energy Limited, and mining exploration activities in British Columbia, Canada. Flex Fuels is focused on delivering a vertically integrated BioEnergy operation in the U.K, building a "Farm to Fuel" value chain. Its ethical, environmentally friendly business is designed from the ground up to deliver real value to shareholders. Its products aim to reduce carbon emissions and contribute positively to the fight against Climate Change. Flex Fuels actively seeks to improve the environment in every stage of its business.
To find out more about Flex Fuels Energy (OTCBB:FXFL), visit our website at www.flexfuelsenergy.com.
Forward-Looking Statements
The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from acquisitions or actions in development are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. Since the information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. Flex Fuels Energy, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.