Global
Clean Energy Holdings, Inc. Issues Letter to Shareholders
September
10, 2008.
LOS
ANGELES -- Global Clean Energy Holdings, Inc. (OTCBB: GCEH) announced today
that
it issued the following Letter to Shareholders:
Dear
Shareholder:
Having
been with Global Clean Energy Holdings, Inc. for one year, I wanted to take
this
opportunity to share with you news about our Company. As an executive in the
alternative energy industry for over 20 years, I have never seen such an
outstanding opportunity for the growth of a company and an industry. As a
renewable energy company focused on the production of Jatropha, a non-food
based
feedstock used for the production of biofuels, we are in the perfect space
at
the perfect time. Over this year we have seen volatile energy prices reach
an
all time high and oil reserves sink to an all time low. The debate over
converting food into fuel continues and our philosophy of using non-food based
sources for biofuels is supported by economists, environmentalists, and
politicians worldwide. The US political arena is ripe with ideas on solving
the
oil crisis, and both sides of the aisle agree that biofuels will be a key
component to long term success in reducing our dependence on foreign
oil.
This
has
been a busy and productive year for the Company. We have been hard at work
changing the focus of the Company and repositioning it for growth in the
alternative fuels space. The industry is very excited about our direction and
we
field calls almost daily requesting a supply of Jatropha oil into the market.
We
believe that this demand for our products provides an enormous opportunity
for
our growth.
Over
the
last year we have completed the acquisition of Global Clean Energy Holdings,
LLC, renamed the Company, added new executive and management staff, attracted
new investors, entered into key strategic partnerships both domestically and
internationally, added valuable members to our Board of Directors, continued
the
development of our plant research facility, acquired land for farming Jatropha,
and commenced commercial scale Jatropha planting in Mexico.
Today
we
are the owners of a 5,000 acre Jatropha energy farm in Mexico where we are
busy
preparing land and planting Jatropha almost every day. We have recently received
delivery of custom designed equipment which will allow us to expedite the land
preparation and planting process. We are targeting the end of this calendar
year
to have the 5,000 acres substantially planted. This keeps us on track to
commence generating revenue from our Jatropha production in FY 2009. We have
identified 45,000 additional acres for acquisition in Mexico suitable for energy
farm development. Pending the receipt of project financing, we hope to complete
this land acquisition by the end of the 4th
quarter
of this year and anticipate commencing the development of these new energy
farms
within the first quarter.
While
we
have made significant progress during this past year in developing our
alternative energy business, we have, unfortunately, not been able to sell
our
legacy biopharmaceutical assets. We continue to work on the sale of
biopharmaceutical assets and are having discussions with a number of companies
to buy our technology and patents. We hope to have news regarding these assets
for our shareholders shortly. As you may know, we had a signed agreement to
sell
these assets last year, but the buyer was unable to complete the purchase after
it’s financing fell through in the tight credit market. This is a very technical
asset and the sales process can be long. We appreciate your patience. We are
keenly aware of the importance of selling these assets so we can deploy the
resources in our ongoing business.
The
failure to close on the sale of our biopharmaceutical assets as scheduled has
negatively affected our financial condition and has slowed the expansion of
the
development of our additional Jatropha operations. In order to remedy this
situation, we have been working with an advisor specializing in oncology medical
patents to assist us with the sale of our legacy biopharmaceutical assets.
Additionally, we are working with financial advisors to raise additional
capital. Our strategy is to obtain project financing and alternative sources
of
funding that are the least dilutive to our shareholders, such as forward selling
off-take agreements for our products. We are in negotiations with a number
of
credit-worthy companies for long term forward off-take agreements.
Following
the test shipment of Crude Jatropha Oil earlier this year to Allegro Biodiesel
for conversion into biodiesel, we submitted the converted biodiesel for ASTM
testing and received very favorable results. The quality of our feedstock oil
is
very high, which proves we can readily make ASTM specification biodiesel from
Jatropha Oil. Since then, we have shipped more test quantities of Crude Jatropha
Oil to another US based biodiesel refiner, who also tested it with similar
results, validating our first tests.
We
are
very excited about the recent announcement by Air New Zealand that it is testing
jet fuels produced from Jatropha Oil feedstock. We have had discussions with
other refiners who have the capacity to convert our Jatropha Oil to jet fuel
for
the struggling airline market and we are having on-going discussions with
distributors of jet fuel to supply refined oil directly into this market..
These
efforts confirm our belief that we can develop our products and co-products
and
move them higher in the value chain, including Jatropha Oil, biomass and carbon
offset credits.
We
are
currently exploring a number of strategic acquisitions to expand our business,
diversify our geographic risks, and provide shorter term revenue.
This
is a
very exciting time for Global Clean Energy Holdings and the industry and we
wanted to thank you all for your support. We will keep you informed of our
progress as these on-going efforts progress.
Sincerely,
Richard
Palmer
President
and Chief Executive Officer
Global
Clean Energy Holdings, Inc.
About
Global Clean Energy Holdings, Inc.
Global
Clean Energy Holdings, Inc. is an emerging renewable energy company focused
on
the production of non-food based feedstocks used for the production of biofuels.
More information regarding Global Clean Energy Holdings, Inc. can be found
at
www.gceholdings.com.
Caution
Regarding Forward-Looking Statements
Any
statements in this press release about Global Clean Energy Holdings
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," “feel,” "will," "expect," "anticipate," "estimate,"
"intend," "plan," "forecast," "could," and "would.” Examples of such forward
looking statements include statements regarding the timing, , scope, and
anticipated results of its efforts to purchase additional land, plant, harvest,
and commercialize feedstock oil from Jatropha curcas, acquire other businesses,
sell its legacy biopharmaceutical assets, and consummate forward sales
contracts. For additional information about risks and uncertainties Global
Clean
Energy Holdings faces, see the documents that Global Clean Energy Holdings
has
filed with the SEC. Global Clean Energy Holdings 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 Global Clean Energy Holdings, Inc.
Gary
Nash, 212-732-4300