LOS ANGELES-Sept. 16, 2004 – MEMS USA, Inc. (OTCBB:MEMS), is a developer and manufacturer of advanced engineered products and services for the oil, natural gas and power generation industries. Its core technologies are acousto-electronic sensors, fluid metering and blending systems and eco-friendly, reusable particle removal fluid purification systems. It is pleased to announce today that it has agreed upon terms with Accelon Energy Systems upon which to form a joint venture to engineer, design, procure, build, own, operate and maintain a biomass-to-ethanol processing plant in Canada. The preliminary budget for this plant is $150,000,000 with a projected production capacity of approximately 160,000 gallons of synthesized ethanol per day. MEMS USA is to act as the general contractor of the project to the joint venture.
Under the proposed terms of the joint venture Accelon Energy Systems’ responsibilities will include:
- Business Plan for ethanol procurement, distribution, sales, use and storage in Canada.
- Sourcing of biomass raw materials.
- Government relations including financial incentives, ethanol and blended product sales contracts, regulatory affairs and ethanol import/export deals.
- Biomass-to-ethanol plant site procurement.
- Operation of the first biomass-to-ethanol plant.
- Financial arrangements for all of the above.
MEMS USA, Inc.’s responsibilities would include:
- Engineering and business assessment of biomass-to-ethanol process technologies.
- Selection of the optimal process, equipment and operating procedures for the biomass-to-ethanol plant.
- Funding of engineering, design, procurement, construction and commissioning of the first biomass-to-ethanol plant.
- Plant operations analysis and process/equipment design improvements.
Safe Harbor Disclosure: The statements made in this press release contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve a number of risks and uncertainties. Actual events or results may differ from the company’s expectations. In addition to the matters described in this press release, risk factors listed from time to time in the company’s reports and filings with the Securities and Exchange Commission may affect the results achieved by the Company.
MEMS USA, Inc.
Source: Business Wire vom 2004-09-16.