ABG to become green power producer

Australian Biodiesel Group Ltd. (ABG) will soon become a power producer, in addition to its core business of manufacturing biodiesel, following its strategic alliance with U.S.-based investor, White Mountain Group LLC (WMG) which was announced in November 2008. The strategic alliance with WMG was in the form of an investment of A$16 million (US$10.37 million) in ABG and the transfer of a patented and commercially proven biodiesel technology to ABG by WMG. The process called SolverdiTM, controlled by WMG, will produce renewable fuels from waste sources through a catalytic technology that does not involve any additional reactants or other potentially hazardous substances normally used in the manufacture of biodiesel. In return for this exclusive technology use, ABG will issue WMG with 10.6% of its current issued capital. Dennis Danzik, WMG managing partner, will be appointed chief executive officer (CEO) of ABG, and John Hoffman, ABG board executive director, will be appointed chief operating officer (COO). (February 11/12, 2009)