DALLAS, Feb. 12, 2009 (GLOBE NEWSWIRE) -- Earth Biofuels, Inc. (Pink Sheets:EBOF) (the "Company") today announced it has acquired a 40% ownership stake in American Petrox, Inc. ("API"), based in Plano, Texas.
API is a fuel supply company specializing in the supply of gasoline and diesel fuel to the aviation industry. API has supplied aviation companies such as American Airlines, Delta Airlines, and Continental Airlines with fuel for ground equipment and vehicles at DFW International Airport.
API was formed in 1999 by Mr. David L. Perry, its President and Chief Executive Officer. Mr. Perry is a Vietnam Veteran and served eight years in the U.S. Air Force.
While serving in the U.S. Air Force, Mr. Perry was responsible for fuel procurement and a 485 mile pipeline distribution operation in Spain. He also served as project manager for "Project Greenleaf," the power generation operations for the U.S. Air Force in Vietnam; based on performance, Mr. Perry received the Air Force Commendation Medal. Mr. Perry received many Outstanding Organizational Medals and Awards. Based on his performance at Dyess Air Force Base, "time in grade" was waived for one of Mr. Perry's promotions. At Vandenberg Air Force Base, he was instrumental in the 4932 CAMS squadron received their first satisfactory ORI inspection from the Strategic Air Command.
Mr. Perry has previous experience in power generation technologies, including serving as President and CEO of Vega Power Resources, who worked closely with Cummins Power Generation, a wholly owned subsidiary of Cummins Engine Company. He has over 30 collective years experience in power generation and fuel supply businesses. Mr. Perry shall remain as President and CEO of American Petrox, Inc. and control its day to day operations.
Earth Biofuels CEO, Dennis McLaughlin, said, "David Perry is truly an American hero. In addition to the courage he demonstrated in his service to his country during the Vietnam War, he has continued to give back to his community and his country. I am truly honored to be associated with a man of his character and conviction."
API is minority-owned, and is a service connected disabled veteran-owned small business, as listed with the U.S. Central Contractor Registration ("CCR") and the U.S. Small Business Administration.
Earth Biofuels plans to leverage API's knowledge and relationships within the aviation community in order to pursue the sale of biofuels for use in aviation ground equipment, starting at DFW International Airport. Additionally, API will pursue biofuels supply contracts with the U.S. Defense Supply Center, which supplies fuel to all military bases and facilities. API will also leverage relationships it has within the power generation industry to pursue biodiesel fuel supply contracts for diesel-fueled power generators.
The "Procurement Program for Service-Disabled Veteran-Owned Small Business Concerns," as outlined in the Federal Acquisition Regulation ("FAR", 48 CFR Chapter 1), provides for set-aside and sole source procurement authority for service-disabled veteran-owned small business concerns. This rule pertains to procurement by U.S. agencies such as the Department of Defense, the General Services Administration, and the National Aeronautics and Space Administration.
About Earth Biofuels, Inc.
Earth Biofuels, Inc. endeavors to produce and distribute biodiesel fuel and cellulosic ethanol through wholesale and retail outlets. The Company's Web site is www.earthbiofuels.com.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. In connection with the "safe harbor" provisions of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, important factors that, among others, could cause or result in actual results and experience to differ materially from the Company's anticipated results, projections, or other expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.