BRIDGETOWN, Barbados, April 24, 2008 – Native Sun NRG, the first company in Barbados to begin commercial production of biodiesel fuel, is being bought over by Amelot Holdings, Inc., a publicly traded company incorporated in the state of Wyoming and headquartered in New York, United States.
Native Sun NRG has been producing biodiesel for the last two years from vegetable oil recycled from hotels and restaurants on the island. It counts among its clients Barbadian companies Williams Equipment, Organic Growers Association and Acme Sales.
Amelot announced that it had come to an agreement, in principle, to purchase Native Sun NRG. The letter of Intent has been signed and a closing is planned as soon as the legal details are confirmed.
According to a statement by the US company, Amelot’s executives believe that a “modest investment” of equipment and training will increase Native Sun NRG’s production more than five-fold within the next 12 months and they project that initial acquisition costs, including capital investment, will be paid back within 18 months of operation.
Currently Native Sun NRG produces about 100 gallons of bio-diesel per week but its creator/managing directors Handel Callendar, has gone on record as stating that an investment of at least US$10,000 would allow him to expand his current one-man operation by hiring more staff, purchasing more equipment, and therefore boost his production capacity to 300 gallons per week.
Mr Callendar also said Barbados has the potential to produce a thousand times that amount given that an estimated 500 000 gallons of used oil is generated each year, which could be collected for recycling into about 400 000 gallons of biodiesel.
President of Amelot Aziz Hirji said his company was pleased with the opportunity it now had in Native Sun NRG.
“We feel this addition to our company will provide us and our shareholders with the necessary tools to be truly successful in the biodiesel industry,” he said.
Amelot is a diversified holding company that has identified Biodiesel as a US$20 billion emerging market. The company plans to have a significant market share in growing low cost feedstocks to supply the growing demand for biodiesel, to reduce energy dependency of fossil fuels, to help reduce the US dependency on foreign oil supplies and reduce the impact of energy on our environment.