Methes Energies Successfully Extends Repayment of Mortgage for One Year
LAS VEGAS, NV / ACCESSWIRE / June 24, 2015 / Methes Energies International Ltd. (NASDAQ: MEIL), announced today that it has secured a one year extension from its lender of the mortgage loan on its Sombra Ontario facility with a balance of $1.35M Canadian Dollars (CDN$). The initial loan was finalized in July 2013 in the amount of $1.6M CDN$ and in August 2014 the Company paid $250,000 CDN$ to reduce the amount of the loan leaving a balance of $1.35M CDN$.
The Company will continue to make monthly interest payments until July 2016. The terms of the loan remain unchanged including the annual interest rate of 12%. The loan is secured by Methes Energies' Sombra, Ontario, real property and other assets.
Nicholas Ng, President of Methes Energies said, "We are pleased to have received from our lender a one year extension. I personally wish to thank them for their continuous support."
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.