GSPI and ABF Acquire 100% Ownership of the Bakersfield Biodiesel Plant
BAKERSFIELD, Calif., January 21, 2004 (BUSINESS WIRE) -- Green Star Products, Inc. (OTC:GSPI) is pleased to announce today that American Biofuels (ABF), a biodiesel production company that is 35% owned by GSPI, has acquired 100% ownership of the Bakersfield Biodiesel Plant (before acquisition, GSPI stockholders owned 17.5% of the Bakersfield Plant and after acquisition they own a full 35% of the plant).
In January 2003, ABF signed a 50/50 Joint Venture contract with Hondo Chemical, Inc. to build and operate one of the largest biodiesel production facilities in the United States on the Hondo Chemical Site. The Hondo site has extensive infrastructure including multiple rail car sidings, industrial building, utilities and other amenities on the 35-acre industrial property.
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GSPI is an environmentally friendly company dedicated to creating innovative cost-effective products to improve the quality of life and clean up the environment. GSPI is involved in the production of renewable clean-burning biodiesel and other products including lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. . ..>
http://www.thesoydailyclub.com/BiodieselBiobased/gspiabf01232004.asp