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September 18, 2007 – Vol. 12 No.26 Medical Discoveries, Inc. (MDI) to Acquire Global Clean Energy Holdings, a Developer of Biodiesel Feedstock Jatropha Oil. The company will develop low-cost feedstock for the production of high-quality biodiesel in the United States. The purchase includes certain proprietary rights, intellectual property and other rights relating to both the cultivation and production of feedstock oil from the Jatropha plant, and the commercialization of the oil for the production of biodiesel. Medical Discoveries has terminated its drug development business, has entered the renewable fuel business and will change its name to reflect its new focus. In addition to growing and selling Jatropha oil and other biomass byproducts, the company intends to sell the carbon sequestration credits generated by the plant’s ability to convert large volumes of carbon dioxide to oxygen through photosynthesis. According to MDI, the per barrel cost of Jatropha oil is significantly lower than the current cost of crude oil. It uses a fraction of the resources, and is considerably less expensive to produce than soybean, rapeseed or corn oil, the primary crops presently used for the production of biofuels. The oil extracted from Jatropha curcas seeds, a native non-edible plant indigenous to many tropical and subtropical regions of the world, including Mexico, the Caribbean and Central America, is used for the production of high quality biodiesel – an important renewable fuel quickly gaining commercial acceptance worldwide. The Jatropha plant requires less water and fertilizer than conventional crops, and can be grown on desert and other lands not suitable for the production of food crops. “The ability to produce low cost oil from a non-edible plant, which does not compete with land or other resources used for food crops, provides MDI an enormous opportunity in the biofuels feedstock business without the side effect of driving up food prices,” said Richard Palmer, MDI’s newly appointed President and Chief Operating Officer. (9/18/07)
Links: Global Clean Energy Holdings LLC http://www.gceholdings.com
Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: Yes
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