CHEYENNE, Wyo., April 18, 2008 (PRIME NEWSWIRE) -- Amelot Holdings, Inc. (Pink Sheets:AMHD) today announced that it has instructed its corporate attorney to commence legal collection activity against Fitzsimmons Systems, Inc., of Syracuse, New York.
Turning Mill Consultants, Inc., on behalf of Amelot, had previously entered into an agreement with Fitzsimmons to perform certain services, including the development, building, testing and installation of a biodiesel processing unit.
This unit was scheduled to be delivered and installed by September 1, 2007, and as of this date has not been received. Notification to Fitzsimmons has been made demanding immediate reimbursement of payments made to them in the amount of $312,500, plus interest and damages that may have been suffered by their failure to perform.
Amelot has since secured other interests in a biodiesel facility through their recently announced acquisition of Three Rivers Biofuel (TRB) of Burnsville, Mississippi. The acquisition of TRB will allow Amelot to construct a state-of-the-art Jatropha biodiesel plant capable of producing 100 million gallons per year when operating at full capacity. TRB has the rights to a 20 acre parcel where construction of Phase 1 will be a 5 million gallon processing facility. More information on this project will be announced in the upcoming weeks.
"We regret having to take these actions; however, Mr. Lowell Fitzsimmons has left us with no other options," stated Aziz Hirji. "Hopefully they will settle by the deadline given to them. If they do not, we will immediately proceed by taking action against them through the court system, and we will continue to offer updates to our shareholders on this matter as they develop."
About Amelot Holdings, Inc.:
Amelot Holdings, Inc. (http://www.amelotholdings.com), a publicly traded company, is a diversified holding company that has identified Biodiesel as a $20 billion emerging market. Amelot plans to have a significant market share in growing low cost feedstocks to supply the growing demand for biodiesel, to reduce energy dependency of fossil fuels, to help reduce the U.S. dependency on foreign oil supplies and reduce the impact of energy on our environment.
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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.