IDAHO FALLS, Idaho, Feb. 3, 2005 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) (OTCBB:IESV), a renewable energy company, announces that the Industrial Development Corporation of Gooding County, Idaho has approved an Inducement Resolution for a maximum of $20 million bonds issuance for the company's biogas facilities. Industrial Development Corporations have the authority to issue bonds for projects that provide significant benefits to surrounding communities.
ITR will utilize the bond authority and low interest rates to finance facilities located within Gooding, Lincoln, Twin Falls and Jerome Counties. Those new facilities will be additional anaerobic digester plants designed for the production of methane gas, as well as a collection pipeline and gas conditioning equipment. ITR has just completed the first Methane production plant near Rupert, Idaho and will start on the second plant in spring near Wendell, Idaho.
The four Idaho counties covered by the industrial revenue bond are home to over 300,000 head of dairy cattle. The financing, if fully utilized, would allow ITR to place approximately 100,000 head of cattle into the production of Methane gas, a significant step in its overall business plan.
Dr. Dennis Keiser, ITR Chairman, noted that "this type of tax exempt, below commercial interest rate financing, allows ITR an exceptional opportunity to expand and execute our business model and concurrently build our balance sheet and increase our revenue stream at a much faster rate than we would be capable of utilizing traditional financing."
Gooding County is authorized by the provisions of law contained in Title 50, chapter 27 of the Idaho code to issue and have sold tax-exempt bonds that will generate economic benefits to the issuing counties that comprise the Industrial Development Corporation.
About Intrepid Technology: We are a leader in Methane to Market technology and production and an application innovator of Biogas products and services designed to assist in worldwide energy independence and reduce pollution from renewable agriculture feedstock and industrial and agriculture waste materials.
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