TSX symbol: BX
TORONTO and BOSTON, June 30,
2016 /PRNewswire/ - BIOX Corporation ("BIOX") (TSX: BX) and
World Energy, today announced the closing of the previously
announced acquisition of a 90 million U.S. gallon (USG) (341
million litre) biodiesel production facility in Houston, Texas. Through a 50/50 joint venture,
each company has contributed US$10
million to the World Energy BIOX Biofuels joint venture.
The facility, formerly known as Green Earth Fuels, is located
within the Kinder Morgan Liquids terminal on the Houston Ship
Channel and is the third largest biodiesel production facility in
North America. Plant commissioning
and start-up will ramp up over the third quarter of the year.
BIOX Board of Directors Changes
Following the establishment of the World Energy BIOX joint
venture, the Board of Directors of BIOX accepted the request of
Robert Beamish to retire from the
Board. To fill the vacancy created by Mr. Beamish's retirement, the
Board has appointed Gene Gebolys,
CEO of World Energy. In addition, the Board of Directors has
appointed Alan Rickard, the CEO of
BIOX, to the board of directors.
About World Energy
World Energy (www.worldenergy.net)
is an Advanced Biofuels supplier based in Boston with over 200 million gallons (600,000
metric tons) of production capacity in Pennsylvania, Georgia, Mississippi, and Texas and over 16 million gallons of biofuels
storage servicing major markets in North
America and beyond.
About BIOX Corporation
BIOX is a renewable energy
company that owns and operates approximately 450 million litres of
nameplate biodiesel production capacity at plants located in
southern Ontario and Houston, Texas. BIOX has an innovative,
proprietary and patented production process that is capable of
producing the highest quality, renewable, clean burning and
biodegradable biodiesel fuel utilizing a variety of feedstocks -
from pure seed oils to animal fats to recovered vegetable oils with
no change to the production process. BIOX's high quality biodiesel
fuel meets North American (ASTM D-6751) quality standards.
Forward-looking Statements
Certain statements in
this press release constitute "forward-looking" statements that
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance, objectives or
achievements of BIOX, or industry results, to be materially
different from any future results, performance, objectives or
achievements expressed or implied by such forward-looking
statements. Such statements relate to, among other things, the
timeline for the World Energy BIOX Biofuels facility commencing
production, the capacity of and anticipated upgrades to the
facility and timing thereof. These statements reflect BIOX's
current views regarding future events and operating performance,
are based on information currently available to BIOX, and speak
only as of the date of this press release. These forward-looking
statements involve a number of risks, uncertainties and assumptions
and should not be read as guarantees of future performance or
results, and will not necessarily be accurate indications of
whether or not such performance or results will be achieved. Those
assumptions and risks include, but are not limited to, the fact
that BIOX's results of operations and business outlook are highly
dependent on a mix of legislation and producer payment programs and
tax credits and upon commodity prices, which are subject to
significant volatility and uncertainty. Many factors could cause
the actual results, performance or achievements of BIOX to be
materially different from any future results, performance or
achievements that may be expressed or implied by such
forward-looking statements, including factors described in this
press release and those discussed in BIOX's publicly available
disclosure documents, as filed by BIOX on SEDAR (www.sedar.com)
except as updated herein. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying the
forward-looking statements prove incorrect, actual results may vary
materially from those described in this press release as intended,
planned, anticipated, believed, estimated or expected. Unless
required by applicable securities law, BIOX does not intend and
does not assume any obligation to update these forward-looking
statements. To the extent any forward-looking statements herein
constitute financial outlook, they were approved by management as
of the date hereof and have been included to provide an
understanding with respect to BIOX's financial performance and are
subject to the same risks and assumptions referred to herein. There
can be no assurance that the plans, intentions or expectations upon
which these forward-looking statements are based will occur and
readers are cautioned that any financial outlook information
contained in this news release should not be used for purposes
other than for which it is disclosed herein.
SOURCE BIOX Corporation