Methes Energies Receives Second Payment of $200,000 CND$
LAS VEGAS, NV / ACCESSWIRE / APRIL 27, 2015 / Methes Energies International Ltd. (NASDAQ: MEIL), announced today that it has received a second payment of $200,000 Canadian Dollars (CDN$) from Drain Bros for the sale of a Denami 600 biodiesel processor and a PP-MEC pre-treatment system to be installed in Havelock, Ontario, Canada as disclosed via press release on March 30th, 2015.
This second, of five, progress payment was triggered by the fact that all the equipment from Methes' Mississauga facility has now been shipped to the client. As expected, the process took approximately 3 weeks. Over the next several weeks Methes' team, working with Drain Bros, will reinstall the equipment and the PP-MEC pre-treatment system. A third payment of $300,000 (CDN$) will be due once the installation is completed. The company expects to take approximately 6 weeks to complete this next phase of the project.
John Loewen, COO of Methes said, "The team did a great job at taking the equipment down. All went as expected including the move to Havelock, which is about 3 hours from Mississauga. Our team will now get busy at reinstalling the Denami 600 and PP-MEC pre-treatment system. It is our goal to complete this task as soon as possible and start producing biodiesel using corn oil."
About Methes Energies International Ltd.
Methes Energies International Ltd. is a renewable energy company that offers a variety of products and services to biodiesel fuel producers. Methes also offers biodiesel processors that are unique, truly compact, fully automated state-of-the-art and continuous flow that can run on a wide variety of feedstocks. Methes markets and sells biodiesel fuel produced at its 13 MGY facility in Sombra, Ontario, to customers in the U.S. and Canada, as well as providing multiple biodiesel fuel solutions to its clientele. Among its services are selling commodities to its network of biodiesel producers, selling their biodiesel production and providing clients with proprietary software to operate and control their processors. Methes also remotely monitors the quality and characteristics of its clients' production, upgrades and repairs their processors and advises clients on adjusting their processes to use varying feedstock to improve the quality of their biodiesel. For more information, please visit www.methes.com.
This press release contains forward-looking statements regarding future events and financial performance. In some cases, you can identify these statements by words such as "may," "might," "will," "should," "except," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," or "continue," the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. There are or may be important factors that could cause our actual results to materially differ from our historical results or from any future results expressed or implied by such forward looking statements. These factors include, but are not limited to, those discussed under the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended November 30, 2014, filed on March 11, 2015, which is available at the U.S. Securities and Exchange Commission website at www.sec.gov. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Methes Energies International Ltd.
Michel G. Laporte, Chairman and CEO
SOURCE: Methes Energies International Ltd.