TSX symbol: BX
TORONTO, Jan. 18, 2017 /CNW/ - BIOX Corporation ("BIOX" or the "Company") (TSX: BX), a renewable energy company that owns and operates biodiesel production facilities, today announced that World Energy BIOX Biofuels LLC (WEBB), a 50/50 joint venture between World Energy and BIOX, has completed the commissioning of its 90 million U.S. gallon (USG) nameplate capacity biodiesel production facility in Houston, Texas. The facility started operating at full capacity in December 2016.
"The commissioning of the Houston facility significantly increases the product we produce, control and distribute. Strategically located at one of the largest liquid fuels terminals in the U.S., the facility has immediate, cost-efficient logistical access to supply the nation's largest customers," said Alan Rickard, Chief Executive Officer of BIOX. "The timing of commissioning is ideal as it coincides with the increase to the U.S. Renewable Volume Obligation for biomass-based diesel for 2017. Given its scale and its access to the key Gulf Coast and East Coast markets, we believe Houston's production will drive our bottom-line results significantly higher based on the existing pricing fundamentals in the U.S. biodiesel market"
The Houston facility operates two equal-sized production trains that combine to provide a nameplate capacity of 90 million USG, or 341 million litres. It uses crude degummed grade vegetable oils as its biodiesel feedstock. WEBB acquired the facility in June 2016 from Kinder Morgan. It is located within the Kinder Morgan Liquids terminal, a major diesel distribution hub in the southern U.S. market. This location provides WEBB's biodiesel facility with immediate access to a deep-water port, rail, truck and pipeline providing distribution to all major U.S. markets.
About BIOX Corporation
BIOX is a renewable energy company that, owns and operates 287.5 million litres of nameplate biodiesel production capacity at plants located in Houston, Texas and two facilities in southern Ontario. BIOX has an innovative, proprietary and patented production process that is capable of producing the highest quality, renewable, clean burning and biodegradable biodiesel fuel utilizing a variety of feedstocks - from pure seed oils to animal fats to recovered vegetable oils with no change to the production process. BIOX's high quality biodiesel fuel meets North American (ASTM D-6751) quality standards.
Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of BIOX, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. These statements reflect BIOX's current views regarding future events and operating performance, are based on information currently available to BIOX, and speak only as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Those assumptions and risks include, but are not limited to, the fact that BIOX's results of operations and business outlook are highly dependent on a mix of legislation and producer payment programs and tax credits and upon commodity prices, which are subject to significant volatility and uncertainty. Many factors could cause the actual results, performance or achievements of BIOX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including factors described in this press release and those discussed in BIOX's publicly available disclosure documents, as filed by BIOX on SEDAR (www.sedar.com) except as updated herein. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, BIOX does not intend and does not assume any obligation to update these forward-looking statements. To the extent any forward-looking statements herein constitute financial outlook, they were approved by management as of the date hereof and have been included to provide an understanding with respect to BIOX's financial performance and are subject to the same risks and assumptions referred to herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur and readers are cautioned that any financial outlook information contained in this news release should not be used for purposes other than for which it is disclosed herein.
SOURCE BIOX Corporation
For further information: Alan Rickard, CEO, BIOX Corporation, 905-521-8205 ext. 253, [email protected]