OSTERVILLE, Mass., April 25, 2007 (PRIME NEWSWIRE) -- Amelot Holdings, Inc. (Pink Sheets:AMHD) a leading manufacturer of Renewable Fuels to reduce dependency of fossil fuels today announced it has applied and is awaiting approval for the IRS 637 form to be able to apply for the U.S. Blenders Excise Tax Credit.
This blenders tax incentive, established originally as part of the American JOBS Creation Act of 2004, is scheduled to expire at the end of 2008. In March 2007, Senators Lincoln and Talent petitioned for the extension of bill S. 872 which will extend biodiesel tax incentive for biodiesel and Small Agri-Biodiesel Producers. If passed, this bill has several provisions to promote biodiesel's growth granting the extension of the federal excise "blender" tax credit to 2017. Congress' passage of this Bill is a crucial step forward in establishing biodiesel as a long-term component of the nation's energy supply.
The excise tax credit amounts to a penny per percentage point of biodiesel blended with petroleum diesel for "agri-biodiesel," and a half-penny per percentage for biodiesel made from other sources. It is taken at the blender lever with the intended effect of lowering the cost of biodiesel to consumers in taxable and tax exempt markets.
"We are very pleased by the support of the U.S. House and Senate in its issuance of a bill to extend the biodiesel tax credit," says Allen Giles, President of Amelot Holdings. "This imminent award to the Agri-biodiesel industry niche is a great testament of its present positive commitment to the environment and to the Agri-Biodiesel economy.
About Amelot Holdings
Amelot Holdings, Inc. (http://www.amelotholdings.com), a publicly traded company, is a diversified holding company that has identified a projected $20 billion opportunity to manufacture renewable fuels to supply the growing demand and to reduce the dependency and environmental impact of fossil fuels. Amelot Alternative Energy Group, a wholly-owned subsidiary of Amelot Holdings, Inc., is focused on the production of these renewable fuels, with an emphasis on biodiesel. Amelot Holdings, Inc. also owns the following alternate energy and renewable fuel companies: Amelot Commodities Group, and Amelot Alternative Energy, Inc.
The Amelot Holdings, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2149
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
Internet address is http://www.amelotholdings.com.