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Calvert City

By wmadministrator

Four Rivers BioEnergy Inc., a developmental-stage integrated bioenergy company headquartered in Calvert City, has purchased the assets of Kreido Biofuels Inc. Kreido is a California company that has developed a complete modular biodiesel production system, the STT®, designed to improve production efficiency and flexibility while using less equipment and infrastructure. Kreido is selling the specified assets for $2.8 million in cash as well as the assumption by Four Rivers of $260,000 of Kreido purchase orders and contracts, 1.2 million in Four Rivers shares of common stock, and warrants to purchase up to 200,000 Four Rivers shares of common stock. Four Rivers intends to pursue commercialization of the STT® technology in the construction of a biodiesel plant on its existing site in Kentucky and in other applications.