The Beard Company Announces That It Has Arranged the Financing of Its Initial Fertilizer Manufacturing Facility in China
February 14 2005 - 3:10PM
PR Newswire (US)
The Beard Company Announces That It Has Arranged the Financing of
Its Initial Fertilizer Manufacturing Facility in China OKLAHOMA
CITY, Feb. 14 /PRNewswire-FirstCall/ -- The Beard Company
(OTC:BRCO) (BULLETIN BOARD: BRCO) today reported that a private
investor has agreed to finance the cost of the Company's initial
fertilizer manufacturing facility in the Peoples' Republic of
China. Beard Environmental Engineering, L.L.C. ("BEE"), a
wholly-owned subsidiary of the Company, and the investor will form
a limited liability company (the "LLC") that will own the Chinese
operating company that will control and manage the day-to-day
operations of the facility. The investor and BEE will each make a
small cash contribution to and have 50% ownership and equity in the
LLC. The investor has also agreed to loan funds to the LLC over the
next six months that the Company believes will be sufficient to
fund the capital costs and pre-operating costs of the facility. The
lender can look only to available funds of the LLC for repayment,
and the Company will not be liable for repayment of the loan. The
initial plant will be located in close proximity to Beijing and
will produce a revolutionary new, environmentally friendly, Organic
Chemical Compound Fertilizer (OCCF). The new fertilizer will
contain microbiological elements, use up to 62% less chemicals and
yet provide superior performance as compared to chemical
fertilizers presently used in China. The plant is targeted to
initially produce about 32,000 metric tons per year of OCCF with
revenues of more than US$5,000,000 annually. The facility is sized
to permit doubling of production capacity to meet market demand. It
is anticipated that production will commence in time for the fall
planting. Herb Mee, Jr., President of the Company, stated: "This is
a major step forward for the Company. It is contemplated that this
initial plant will be the first of many such plants to be built in
China, and that the China Segment will become one of the two
principal revenue producing segments of the Company." The Beard
Company's common stock is traded on the OTC Bulletin Board under
the symbol: BRCO. Its operations consist principally of coal
reclamation activities, carbon dioxide (CO2) gas production, the
construction of fertilizer plants in China, and its e-commerce
activities aimed at developing business opportunities to leverage
starpay(TM)'s intellectual property portfolio of Internet payment
methods and security technologies. Statements regarding future
operations, including the timing of those activities, and costs,
production and revenues, are "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act. The
statements involve risks that could significantly impact The Beard
Company. These risks include, but are not limited to, adverse
general economic conditions, unexpected costs or delays, risks
inherent in foreign operations, unforeseen technological problems
or other unexpected events, as well as other risks discussed in
detail in The Beard Company's filings with the Securities and
Exchange Commission. We assume no duty to update or revise our
forward-looking statements. FOR FURTHER INFORMATION CONTACT: Herb
Mee, Jr., President (405) 842-2333 Fax: (405) 842-9901 DATASOURCE:
The Beard Company CONTACT: Herb Mee, Jr., President of The Beard
Company, +1-405-842-2333, or fax, +1-405-842-9901, or
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