In Florida, Alliance BioEnergy Plus Inc. announced that the U.S. Bankruptcy Court for the Southern District of Florida has approved its Chapter 11 Disclosure Statement. A hearing is set for September 12 to confirm the Chapter 11 Plan, and Alliance has already placed in an escrow account all of the funds necessary to pay its creditors all payments required to confirm the Plan. The Plan will not impair any creditor class; the management team is proud to have kept all shareholders’ equity and warrants whole.
Alliance has developed a new and improved technology system that converts any cellulosic material – grasses, wood, paper, farm waste, yard waste, forestry products, nut shells, and the cellulosic portion of municipal solid waste – into biofuels quicker, more consistently, and more energy efficient than the first generation process. We call the new system the CTS 2.0 process, where CTS stands for Cellulose-to-Sugar. (The sugar is then converted into ethanol via a standard process, and then the ethanol into other biofuels). CTS 2.0 is an environmentally friendly process that recycles water and catalysts used in the process, uses no toxic chemicals, produces 100% renewable fuel, and has a near zero carbon footprint.
Category: Producer News