DALLAS, Feb. 25, 2009 (GLOBE NEWSWIRE) -- Earth Biofuels, Inc. (Pink Sheets:EBOF) ("Earth Biofuels" or the "Company") today announced that it is moving forward with its plan to change its name to "Evolution Energy, Inc."
The name change has been planned as part of the company's strategy to pursue the development, production, and distribution of next generation clean and renewable forms of energy.
The Company is in the process of working with FINRA to effect the changes described in the Company's Schedule 14C filed with the Securities and Exchange Commission on November 3, 2008, and management expects its new ticker symbol to be issued within the next 20 to 30 days. Earth Biofuels will issue a press release announcing the ticker change as soon as it is effective.
"The renewable energy industry is poised to play a major role in leading the country out of its current economic condition by virtue of job creation, technological innovation, and moving the country towards energy independence. It has become clear that alternative fuels are absolutely essential to our nation's energy and national security, as well as our ability to maintain economic independence. This nation can no longer afford to make energy policy a subject that is not taken with the utmost of seriousness and urgency. It is our view that many of the economic problems faced by this country are the direct result of not producing adequate forms of energy from available domestic sources. We plan to play a part of solving this problem," said Dennis G. McLaughlin III, chairman and CEO of Earth Biofuels. "Our management spent much of the past twelve months negotiating a significant reduction of our corporate debt, and we are now ready to pursue the goals of the Company."
Management stated that the primary goals of the Company are as follows:
* Completion of a commercial scale cellulosic ethanol production
facility in the state of Washington.
* The securing of cellulosic and biodiesel projects in the Delta
region of Mississippi and Louisiana.
* The development of transportation fuel markets for higher blends
of ethanol.
* Modifications to the Company's biodiesel plant in Durant, Oklahoma
to allow the processing of animal fats and reclaimed cooking
grease.
* Establishment of at least two additional truck stops similar to
the Willie's Place Truck Stop near Hillsboro, Texas, in which the
Company is a 50% owner.
The Company plans to emphasize non-food feedstocks, the re-commissioning of existing facilities to reduce capital expense and lead times for production operations, and the utilization of geographic areas with resource and logistical advantages, such as the Mississippi and Louisiana Delta regions.
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.