HOUSTON, TX -- (MARKET WIRE) -- 03/16/07 -- Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV) today announced plans to construct a bio-diesel plant in Belize, with
an eventual capacity of 50 million gallons per year (GPY). This follows
approval from the Government of Belize for Blue Diamond to purchase 180
acres of land, forming part of the Old Lynam College in the Stann Creek
District, which will serve as a headquarters for the company's bio-fuels,
goat and research and development operations.
"The Government of Belize welcomes the strong interest shown by Blue
Diamond Ventures, Inc. in investing in Belize and, in doing so,
contributing to economic growth and development of our country," said
Joseph Waight, senior advisor in the Ministry of Finance. "The production
of bio-fuels will be a key factor in our national goal of reducing our
country's dependence on imported fossil fuels. We look forward to having
Blue Diamond Ventures, Inc. working in Belize, and we wish them all success
in the future."
"This represents an important milestone for the company," said Blue
Diamond's Chief Executive Officer John Quincey Moaning. "We look forward to
working with the Government of Belize as we work to bring sustainable
economic development to the country and increase shareholder value. There
have been challenges along the way, but they have been overcome. I thank
those involved who have worked patiently and determinedly to make today's
agreement possible."
The breakthrough for Blue Diamond Ventures follows months of high-level
talks led by Ambassador Philip Priestley, former British High Commissioner
in Belize, who joined Blue Diamond Ventures last year, bringing with him 35
years' experience in trade, investment and bilateral relations promotion.
Welcoming today's announcement, Mr. Priestley commented he was glad the
negotiations had been brought to a successful and mutually satisfactory
conclusion.
"I am absolutely delighted to have been able to combine my career
experience and skills and affection for Belize to help realize this
agreement," acknowledged Mr. Priestley. "Bio-fuels will play an
increasingly important part in meeting countries' energy needs in the years
ahead, and this project would put Belize at the forefront of developments
in this area."
Mr. Priestley noted he would remain fully committed to and engaged with the
project and would oversee its economic development aspects.
Meanwhile, Blue Diamond has entered into serious discussions within the
U.S. to construct a 50 million gallon bio-diesel plant and research
facility, with a strong emphasis placed on creation of jobs, bio
technological skill development and the promotion of entrepreneurship and
agribusiness.
Blue Diamond also plans to work closely with the United States Department
of Energy to advance the development of high-yielding biomass feedstock for
bio-fuel production and promote research into state of the art bio-fuel
processing technologies (2nd generation and higher, including enzymatic
treatment of biomass to produce cellulosic
bio-diesel and ethanol).
The implementation of the bio-fuels plant in Belize will start with the
immediate set-up of a bio-diesel pilot plant at Lynam with an output
capacity of 200,000 to 500,000 (GPY) and construction of a 2.5 million
(GPY) Commercial Demonstration Facility later this year.
About Blue Diamond Ventures, Inc.: Blue Diamond Ventures, Inc.
(www.bluediamondventures.com) is an agriculture, biofuels and commercial
development company with operations in Belize and the U.S.
DISCLOSURES:
"Safe Harbor" statement under the Private Securities Litigation Reform Act
of 1995: This press release contains forward-looking statements that are
subject to risk and uncertainties, including, but not limited to, the
impact of competitive products, product demand, market acceptance risks,
fluctuations in operating results, political risk and other risks detailed
from time to time in Blue Diamond Ventures, Inc.'s filings with the
Securities and Exchange Commission. These risks could cause Blue Diamond
Ventures, Inc.'s actual results to differ materially from those expressed
in any forward-looking statements made by, or on behalf of, Blue Diamond
Ventures, Inc.
Contact:
Blue Diamond Ventures, Inc.
713-493-2587 johnmoaning@bluediamondventures.com
About Aaron Reed Aaron Reed is an assistant professor specializing in software architecture and design and .NET development at Neumont University in Salt Lake City, UT. He has worked professionally in the industry for over 12 years as a lead architect/designer, development manager, and VP of development. When he isn't spending time reading up on the latest in software development, Aaron loves spending time with his beautiful wife and three children.
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