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The Board of Directors of Kreido Biofuels, Inc. (OTCBB: KRBF), a
renewable energy company, announced today that it has named interim
Chief Executive Officer and Board member G.A. Ben Binninger to the
post of Chief Executive Officer. Mr. Binninger was appointed interim
CEO in July 2007 and has served on the Board of the company and its
predecessor, Kreido Laboratories, since 2004.
Betsy Wood Knapp, Kreido's Chair of the Board, stated, "During the
course of Ben's involvement with Kreido, he has provided an
extraordinary range of experience in the fuels and chemicals
industries. His familiarity with Kreido's technology, business and
staff has enabled him to be immediately effective in carrying out the
company's mission. In the last five months, it became clear that Ben's
background and expertise make him uniquely qualified to continue to
lead the company."
Chief Executive Officer Ben Binninger said, "I strongly believe in
the company and its future. For this reason I have committed to serve
as Kreido's Chief Executive and dedicate myself to the goal of
creating a profitable, growing leader in biofuels. Since mid-summer
when I accepted the interim CEO position, we have achieved the
following noteworthy accomplishments:
-- Met ASTM standards for conversion in the STT(R) system with
animal fats, in addition to soy, palm, canola, jatropha and
castor oils, tested earlier.
-- Expanded our Camarillo facilities to manufacture reactors for
at least four plants annually from a single shift operation.
-- Manufactured and are assembling the four reactors required for
our Wilmington plant.
-- Ran the Foothill pilot plant and produced biodiesel that
significantly exceeded the conversions necessary to meet
industry specifications based on pork fat.
-- Substantially completed the first modular plant, which is
being readied for shipment to Wilmington.
-- Laid the ground work for rapid execution of licensing for
commercial plants and international facilities following the
start up of the Wilmington plant."
Previously, Mr. Binninger served as a director and advisor to
Kreido Laboratories, the predecessor company. He has hands-on
experience leading technologically sophisticated global process and
service businesses up to $1 billion with Atlantic Richfield Company
(ARCO), Rio Tinto Borax, Exxon and Hercules. Mr. Binninger has a B.E.
degree in Chemical Engineering from Manhattan College and a M.B.A.
from Harvard University.
About Kreido Biofuels
Kreido Biofuels, Inc. has invested $20 million to provide the
world renewable energy through its proprietary process intensification
technology - the STT(R) system. The Company is currently developing
biodiesel plants in the U.S. that will have an anticipated aggregate
nameplate capacity of 100 million gallons per year. Kreido's plants
are built around its STT 30G biodiesel production unit, a complete
pipe-to-pipe biodiesel production system that significantly improves
the efficiency, quality, and process control of biodiesel production.
Committed to building a sustainable future, Kreido Biofuels' plants
have a smaller footprint and offer feedstock flexibility. The Company
plans to license its biodiesel technology internationally and to
third-party biodiesel producers in the U.S. Kreido Biofuels is based
in Camarillo, California. STT is a registered USPTO trademark of
Kreido Biofuels, all rights reserved. For more information about
Kreido Biofuels, visit www.kreido.com.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements are based on management's good faith views and expectations
when made. Forward-looking statements are inherently subject to known
and unknown risks and uncertainties which, in the case of the company,
include raising adequate capital to continue operations, technology
and product development uncertainties, competition, cost and
availability of feedstock, and plant development and manufacturing
scale up. Actual results may differ, perhaps materially, from those
discussed in the forward-looking statements. The Company is not
obligated to update its forward-looking statements or comment on those
differences. Readers are encouraged to refer to the Company's Annual
Report on Form 10-KSB, and 10KSB/A and other recent public filings to
further ascertain the risks associated with the forward-looking
statements. Readers are urged not to place undue reliance upon such
statements.
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