Norcross, GA, September 11, 2013 VEGA BIOFUELS, INC. (OTCPink; VGPR) announced today that the Depository Trust Company (DTC) has removed the “chill” status from the Company’s stock and is now allowing Vega’s stock to once again be deposited with the DTC to enable normal electronic trading of the shares, effective immediately.
“This is wonderful news for our Company and for our shareholders,” said Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc. “Our attorney has been working very closely with DTC and was able to provide them with the necessary information and documentation to support our claim that there was no reason for the chill to be placed on our stock in the first place. The removal of the chill status enables all brokerage firms to immediately execute trades with our stock in the normal manner, thereby permitting a broader distribution of our stock within the investment community. Our shareholders will now find that it will be much easier for them to find brokerage firms who are willing and able to buy and sell shares of our Company. This matter has significantly hampered our ability to move forward in a timely manner with the projects we’ve been working on and I am extremely excited and optimistic about the direction we are now headed. I also want to thank our shareholders for their continued support during this time. We look forward to providing additional updates about our progress in the coming days.”
About Vega Biofuels, Inc.:
Vega Biofuels has created a clean-energy product known as Bio-Coal and will soon begin production that will convert timber waste into Bio-Coal using a special technology called torrefaction. Bio-Coal has a high energy density of up to 13,000 BTUs/Lb and is considered a renewable energy fuel that meets the Renewable Portfolio Standards and Renewable Energy Credits (RECs) in the United States.
Torrefaction is a partial carbonization process that takes place at temperatures between 475 - 575º in a low temperature environment which makes the physical and energetic properties of the biomass much more comparable to traditional coal. The biomass is then compressed into briquettes called Bio-Coal to be sold to the end user. Torrefaction has the added benefit of reducing or eliminating undesirable volatiles, such as nitrous oxides and sulfur dioxides and is considered carbon neutral to the environment. Existing coal-fired power plants do not need to retrofit their existing plants to accommodate the torrefied Bio-Coal.
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast,” “plan,” "project," "intend," "expect," "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
Vega Biofuels, Inc.
SOURCE Vega Biofuels, Inc.