Medical
Discoveries/Global Clean Energy Holdings, and Corporativo LODEMO S.A DE CV,
sign
a 20-year Jatropha development agreement in Mexico
Company
Expects to Recognize Revenue from First Commercial Sales From Mexican Jatropha
Project in 2008
LOS
ANGELES--(BUSINESS WIRE)--Medical Discoveries, Inc., dba Global Clean Energy
Holdings (Pink Sheets: MLSC)
or
"MDI/Global" announced today that as a follow-on to its recent acquisition
of
Global Clean Energy Holdings LLC (www.GCEHoldings.com)
it has
signed a development agreement with Corporativo LODEMO S.A DE CV(LODEMO), a
well
known Mexican Corporation, to develop and operate a number of large commercial
scale Jatropha farms throughout Mexico. The first farm is in development and
is
expected to generate revenue for MDI/Global from commercial off-take sales
during 2008.
Corporativo
LODEMO S.A DE CV is a privately held, family owned company operating in Mexico,
with substantial land holdings, significant experience in diesel distribution
and sales, liquids transportation, logistics, land development and agriculture.
The exact amount of Jatropha developed in Mexico by MDI/Global under its
services agreement with LODEMO will depend on a number of factors, including
the
success of its initial plantations and available funding. .
Under
the
agreement, LODEMO will be responsible for land, farm and labor management The
rights to the farm land will be held by MDI/Global or by an MDI/Global Mexican
subsidiary. Under the direction of MDI/Global, with the support of its plant
and
soil scientists, LODEMO will be responsible for the overall day-to-day
operations of the Jatropha project in Mexico, including the planting of the
Jatropha fields, the hiring of the required employees, the cultivation and
harvesting of the Jatropha, the transportation of the Jatropha seeds, Jatropha
oil and biomass. The Agreement also contemplates the construction and operation
of a seed oil extraction facility and the construction of jointly owned
biodiesel refining capacity in Mexico.
“This
agreement represents our first large scale commercial development of jatropha,”
said Richard Palmer, MDI's President and Chief Operating Officer. “We are very
excited about our plans with LODEMO and look forward to a long relationship.
This partnership will help the local economy with good paying jobs as well
as
improve the global environment by producing non-food based (Jatropha) biodiesel
feedstock oil and high quality biomass. The biomass can be used as a feedstock
for cellulostic ethanol, green power generation or biomass to synthetic fuel
production.”
On
September 17, 2007 Medical Discoveries announced that it had acquired all of
the
assets of Global Clean Energy Holdings LLC, and has terminated its prior drug
development operations. The LODEMO project in Mexico is one of a number of
projects that MDI/Global had under development and that MDI/Global intends
to
pursue. The company intends to change its name and ticker symbol to reflect
its
new focus on the bio-diesel alternative energy market. The company also intends
to relist on the Over-the-Counter Bulletin Board.
About
Medical Discoveries, Inc.
Medical
Discoveries, Inc. is now an emerging renewable energy company focused on the
production of feedstock used for the production of alternative-energy fuels.
The
company intends to divest itself of its remaining legacy biopharmaceutical
assets, and intends to change its name and ticker symbol to reflect its new
focus on the bio-diesel alternative energy market. The company also intends
to
re-list its shares of common stock on the Over-the-Counter Bulletin Board.
Caution
Regarding Forward-Looking Statements
Any
statements in this press release about Medical Discoveries' expectations,
beliefs, plans, objectives, assumptions or future events or performance are
not
historical facts and are forward-looking statements for purposes of the Private
Securities Litigation Reform Act of 1995 (the "Act"). These statements are
often, but not always, made through the use of words or phrases such as
"believe," "will," "expect," "anticipate," "estimate," "intend," "plan,"
"forecast," "could," and "would”. Examples of such forward looking statements
include statements regarding the timing, design, scope, and anticipated results
of its efforts to plant, harvest, and commercialize feedstock oil from Jatropha
curcas in Mexico. Medical Discoveries bases these forward-looking statements
on
current expectations about future events. They involve known and unknown risks,
uncertainties and assumptions that may cause actual results, levels of activity,
performance or achievements to differ materially from those expressed or implied
by any forward-looking statement. Some of the risks, uncertainties and
assumptions that could cause actual results to differ materially from estimates
or projections in the forward-looking statement include, but are not limited
to,
the risk that we might not be able to raise sufficient funds to develop the
Jatropha plantations in Mexico, that we may face delays or other difficulties
in
acquiring and cultivating Jatropha farm lands in Mexico, that we may not be
able
to successfully commercialize Jatropha oil as expected, that the market for
our
Jatropha products will not grow as expected, and the risk that the Mexican
Jatropha project will not achieve expectations because of the risks normally
associated with creating a new business in a new market. For additional
information about risks and uncertainties Medical Discoveries faces, see
documents Medical Discoveries files with the SEC, including Medical Discoveries
report on Form 8-K filed September 17, 2007 concerning the acquisition of the
alternative-energy feedstock assets from Global Clean Energy Holdings LLC.
Medical Discoveries claims the protection of the safe harbor for forward-looking
statements under the Act, and assumes no obligation and expressly disclaims
any
duty to update any forward-looking statement to reflect events or circumstances
after the date of this news release or to reflect the occurrence of subsequent
events.
Contact:
CEOcast,
Inc. for Medical Discoveries
Investor
Contact:
Andrew
Hellman, 212-732-4300
adhellman@ceocast.com