GreenShift Corporation (OTC Bulletin Board: GSHF - News) today announced its proprietary new waste treatment technology for livestock and poultry processing facilities. Their process takes the sludge from these facilities and puts it through a process developed by Greenshift Industrial Design Corporation (GDIC) that effectively reduces the volume of DAF sludge by 80% while recovering the majority of the animal fats contained in the sludge. This fat can be cost-effectively converted into biodiesel fuel.
GIDC estimates that the benefit for an average sized meat processing facility is about $400,000 per year. Mean Green BioFuels gets a fixed supply of refined fat for processing in its planned new biodiesel facilities. Additionally, they plan to eventually add Ovation Product's new water purification technology to these systems to help meat processing facilities reuse as much water as possible. In addition to the revenues generated by GIDC and MGBC another Greenshift portfolio company, INSEQ Corporation gets manufacturing revenues which are estimated at about $500,000 per system.
GIDC intends to install its DAF processing systems at qualified processing facilities for no up front cost in return for fixed annuities equal to a discount to their current gross disposal costs and GIDC's agreement to purchase the refined fats extracted from the DAF sludge. GIDC will then sell these fats to Mean Green BioFuels Corporation (MGBC), another GreenShift portfolio company, for conversion into biodiesel.
About 100 million pigs, 35 million cattle, 1.6 billion turkeys, and 8 billion chickens are slaughtered and processed each year in the United States. There are more than 500 livestock and poultry processing facilities in the industry.
The USDA requires facilities that process these meats to use large volumes of clean water to continuously rinse the meats as they are cut and packaged. The derivative large volumes of water contain extremely high levels of protein and fat. These nutrients are removed from the wastewater using conventional but highly efficient wastewater processing methods. This results in a cleaned wastewater and a concentrated sludge, which is called Dissolved Air Flotation ("DAF") sludge. The poultry industry alone generates in excess of 2.5 billion pounds or more than 63,000 tanker loads per year of DAF sludge. The conventional practice among the is to transport and dispose of the DAF sludge through land application.
GreenShift Corporation owns 100% of GIDC, 70% of INSEQ (OTC Bulletin Board: INSQ - News), 49% of Mean Green BioFuels, and about 12% of Ovation Products Corporation.
This technology seems to be quite innovative, although a little complex-a lot of steps. It seems to me that Greenshift has a lot of balls in the air, and a lot of interrelated companies which need coordination. Since each of these companies are independent, each must have their own G&A, etc. and needs to make a profit which might add to the costs of their operation. It almost sounds like some sort of pyramid scheme. I hope not, I probably don't understand business development corporations. They have a lot of breaking edge technologies that deserve a chance at the marketplace. Greenshift is making a small profit, which is somewhat surprising at this early stage of operation, maybe that stems from their type of organization. It doesn't mean that the portfolio companies are profitable. I presume that Greenshift is protected from any liability that the portfolio companies could have. According to their latest financial statement:
GreenShift Corporation is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding.
Resource: GreenShift Technology Converts Agricultural Waste into Biofuels, Press release, December 1, 2005
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