Global Energy (OTCBB:GEYI), an alternative energy innovator focusing on the processing of organic solid and energy waste into usable products, today announced that the Company has successfully finalized the first stage of its agricultural activities — castor farming in Ethiopia.
Global, in conjunction with its subsidiaries, Global NRG Pacific and Global Energy Ethiopia (“GEE”), is involved in a project to plant, harvest and produce non-edible oil for the biodiesel industry and a myriad of other uses.
GEE expects to commence seeding of castor in April, 2008 and harvest in August/September 2008. The expected yield of the harvest is 28,000 tons of seeds producing approximately 12,000 tons of castor oil. The current commodity price for castor ranges from $700.00U.S. to $1100.00 per ton.
During the past five months, GEE has developed an infrastructure for an agricultural cooperative, in the regions of Waletia and Goma Gofa, Ethiopia. This includes, but is not limited to, signed agreements with over 25,000 families, to farm castor on approximately 7,500 hectares of their land. GEE’s operations center is based in Sodo, Ethiopia, and includes a logistics center, computer center and a staff of Company trained agricultural supervisors.
The castor initiative is located in southern Ethiopia, approximately 320 km south of the capital of Addis Ababa and is comprised of land area totaling 220km by 110km.
GEE is concurrently conducting a research and development program to achieve new “species” of castor to improve future yields and intends to conduct studies in eight experimental sites simulating a variety of conditions. Additionally, the Company is training local personnel with twelve agronomists.
“Global’s work in Ethiopia represents another business model for the Company, one that is practical, provides a service to members of the local communities, and holds the potential to generate an ongoing significant revenue stream for the Company,” stated Asi Shalgi, CEO.
About Global Energy
Global Energy’s mission is to commercialize innovative technologies which produce energy from waste and renewable sources, while contributing to a vision of a cleaner environment. Global Energy intends to use the most efficient and environmentally friendly of all currently available alternative fuel technologies, each originally developed and patented by acclaimed scientists.
For further information please visit www.global-energy.net.
Forward-Looking Statements.
Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, that seeding of castor would commence in April 2008 and harvest in August/September 2008, that the expected yield of the harvest is 28,000 tons of seeds producing approximately 12,000 tones of castor oil, and that we will conduct studies in eight experimental sites to achieve a new “species” of castor to improve future yields; that we will commercialize innovative technologies which produce energy from waste and renewable sources; and that we will use the most efficient and environmentally friendly of all currently available alternative fuel technologies.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others: (i) the inherent uncertainties and speculative nature associated with biofuels and alternative fuel sources; (ii) potential environmental liabilities, weather, mechanical failures, safety concerns, labor problems and financing problems; (iii) changes in economic conditions, adverse exchange rates and financial markets; (iv) the risk that we are not able to execute our business plan, such as entering agreements with strategic partners, leasing land, obtaining loans, etc; (v) the inability to retain key employees; (vi) changes in energy prices and the high cost of alternative fuels; (vii) Global Energy’s inability to finance its operations or growth; (viii) the inability to obtain all necessary government, environmental and regulatory approvals; (ix) an increase in competition in the biofuel and alternative fuel market; (x) the possibility that our technology does not work as well as expected; and (xi) inability to access additional funds under the arranged convertible debenture which is subject to certain conditions to funding. Further, commodity prices for castor oil may decline, and our crops may not grow as expected. Investors should consider all of these risks and should also refer to the risk factors disclosed on the SEC filings of other start up alternative energy companies.