WEST PALM BEACH, FL / ACCESSWIRE / July 17, 2018 / Alliance BioEnergy Plus, Inc. (OTCQB: ALLM), The Board of Directors of ALLM, recognizing the need to refocus the direction and operations of the company, is in the process of implementing a series of changes which will allow the company to concentrate more efficiently on its core competency, the production of sugars from cellulosic feedstock. These sugars can be used to produce cellulosic bio-ethanol and other bio-fuels, which qualify for D3 RINs under the EPA Renewable Fuel Standard, this is a government incentive for which cellulosic biofuels qualify, at this moment the RIN credit for cellulosic bio-ethanol is around $2.30 per gallon. The CTS process provides a cost effective solution to transform traditional corn ethanol plants to highly profitable entities with the ability to produce both standard and cellulosic ethanol.
As key steps toward accomplishing this transition, the board has accepted the resignation of the CEO and Chairman of the board, Daniel de Liege, and has further eliminated other key management personnel thereby streamlining the operations and leading to a significant reduction in overhead cost. Concurrently, the company has added two new members to the board, Gerry David, elected as Chairman of the Board and Dr. Anthony Santelli as a Director.
The newly configured board has appointed Ben Slager as CEO to lead the company forward. The new management and board have consulted with EK Labs, our wholly owned subsidiary, to determine the state of the current technology and the most rapid path forward to commercialization. CTS technology has been tested on nearly 100 different cellulosic materials and achieves clear conversion into sugar in every case. However, the variable compositions of different cellulosic feedstocks allow the process to work at higher efficiencies with some cellulosic materials than others. EK Labs continues to optimize biomass conversion parameters for optimal sugar production.
Ben, along with Director of Research and Technology, Dr. Peter Cohen, has filed patents on a new application of the technology, CTS 2.0, which offers significant improvements in operational efficiency and production capacity. Additional information on the new CTS 2.0 will be released in the coming months as final development and engineering will be completed.
"We are excited for the future of ALLM, states Gerry David Chairman ALLM. This transition provides a focused strategy, strong operational leadership, reduces overhead and provides for the best opportunity for success," David said.
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward looking statements contained in this estimate, except as may be required by law.
Contact:
Ben Slager
[email protected]
SOURCE: Alliance Bioenergy Plus, Inc.