PASO ROBLES, CA – September 29, 2018 – Greenbelt Resources Corporation (OTC: GRCO) (Greenbelt or the Company) and Biofuels & Energy (B&E) have announced the execution of a contract for engineering services on the SLV Biopro Project located in San Luis Valley, Colorado announced earlier this year. Greenbelt will provide engineering consulting services to B&E during the development phase of this project, which intends to utilize various food wastes and surplus, including potato industry processing waste and off-spec grains.
The total SLV Biopro Project budget is estimated at $8.0 to $9.0 million, depending on final location and production capacity, of which about $7.2 million is allocated to Greenbelt’s system. This project is the first of three similar projects on B&E’s four year time horizon and therefore potentially represents in excess of $20.0 million in additional sales for Greenbelt.
“We are confident that Greenbelt’s technology provides us with a significant, unique value added investment return to the project,” said Richard Mason of B&E, adding “The model of utilizing local regional wastes and low value surplus materials as feedstocks to produce a wide range of bioproducts has been proven. As demonstrated by the Greenbelt system in Australia, we feel the market potential for deploying Greenbelt’s ECOsystem model is potentially limitless worldwide.”
Extensive feasibility analysis conducted by B&E indicates that the SLV region produces a significant variety of wastes which qualify as feedstocks, in quantities well beyond that needed for the project. B&E is currently securing both feedstock and off take agreements for the project.
“The B&E vision addresses a variety of niches in the SLV region. Deploying Greenbelt technology for their SLV Biopro Project to address a local waste/surplus issue and also creating valuable bioproducts via a sustainable model is ideal for the local economy,” says Darren Eng, CEO of Greenbelt. “Once established in Monte Vista, we look forward to working with B&E to replicate the model and become a leading regional source of bioethanol and biobased protein.”
Greenbelt has pioneered this local community scale model, which uses a variety of organic feedstocks and converts these into valuable bioproducts such as bioethanol and biobased protein products. The Company is currently raising funds for two projects focused on producing bioethanol for use in the cannabis industry as extraction solvent, using winery and brewery wastes as feedstocks: PRECO and the California BioEthanol Project.
Greenbelt recently announced a profitable second quarter, primarily the result of a project for the Andrew J. Young Foundation, cultivating duckweed as a feedstock to produce bioethanol and biobased protein concentrate.
About Greenbelt Resources
Greenbelt Resources Corporation™ is an award-winning provider of automated, modular, small scale sustainable energy production systems, products and processes that enable local cost-effective processing and disposal of food, beverage and cellulosic waste to be converted into commercially viable saleable consumer products such as bio ethanol, protein concentrate and fertilizer. Operating in several business segments, Greenbelt provides value added solutions to the cannabis, food, beverage and agricultural industries. For more information visit www.greenbeltresources.com.
Forward-Looking Statements & Safe Harbor
This document includes certain statements, predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the supply and demand for biofuels, our ability to remain technologically competitive and other economic, competitive and technological factors involving the Company’s operations, markets, services, products and prices.