IDAHO FALLS, Idaho, Jan. 20, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) a renewable energy company (OTCBB:IESV) announces completion of an agreement and the securing of funding to build its first operational anaerobic digester biogas facility at the 4000 head Whiteside Dairy near Rupert, Idaho.
The groundbreaking for this flagship digester is scheduled for March 30 2004. ITR will be employing a proprietary high-rate digestion technology that produces biogas with up to 80% methane content, which is nearly 33% greater than the industry standard. This commercial-scale digester facility will be used both as a production facility and as a platform to test and demonstrate a variety of methods to cost effectively utilize the gas produced on a commercial scale. Construction will be phased to allow for additional tanks and capacity to be added as the market for the gas expands and as ITR is able to optimize processing and packaging alternatives for the greatest economic returns. Annual revenues from the full Whiteside Dairy digester should reach $200,000. providing a substantial economic benefit to ITR and the Whiteside Dairy. The biogas industry in Idaho alone has the potential to exceed $10 million in annual revenue due to its robust dairy operations. ITR estimates that the western United States could generate $75 million in annual revenues through this process.
Under the terms of the agreement, Intrepid will lease the site from Whitesides Dairy in exchange for providing sufficient gas to the dairy to offset its current propane usage and Intrepid will own the facility and equipment. Probably the first operational commercial scale digester in the State of Idaho, it will provide other western dairymen and members of the surrounding communities a chance to see a high efficiency, economically viable, digester in operation.
The livestock and dairy industry in the United States continues to move in the direction of fewer and larger facilities. The resulting concentration of manure continues to increase and proper disposal is becoming more critical. Anaerobic digestion of the manure is the best solution to odor problems capturing up to 80% of the offensive gasses and converting them into usable energy. Anaerobic digestion also removes methane from uncontrolled release to the atmosphere, eliminating a greenhouse gas that is 21 times more detrimental than carbon dioxide.
The test-bed capability being built into this facility will provide significant opportunities to attract outside funding and provide a vehicle for "value-added" demonstrations of various processes and equipment that will increase the marketability of the biogas end products. This is a major milestone in the execution of the Company Biofuels Production Business Plan. In the words of Dr. Dennis Keiser, CEO: "this project will launch our potentially lucrative biogas arm of the biofuels business."
Certain statements contained herein constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein. Further, the Company assumes no obligation to update or otherwise publicly revise the forward-looking information disclosed herein to reflect circumstances existing after the date hereof.