Integrated Biodiesel Industries, Ltd (IBI), a biodiesel producer with plants in Argentina announced today a follow-on investment in South Cone Agriculture, Plc SCA), an Irish developer of agro-industrial feedstocks with activities in South America and Africa.
IBI had initially purchased 10% of SCA common stock as one of the seed capital investors and retained an option to acquire additional 40% for US$ 800,000, valuing the company at US$ 2 million in a pre-operating stage.
Within that context, IBI invested further to reach a 25% equity stake in view of the good prospects for SCA’s short term results.
IBI’s Chairman Marcelo Lopes is confident the company will deliver on its promises: “SCA’s quick development has been impressively above expectations”, he says
South Cone’s Chairman Ian Cavanaugh said that IBI’s further investment is evidence that “SCA is in the right track to fulfill its shareholders’ expectations”. “In six months we secured a place among the world’s largest individual castor growers” he adds. “Our shareholders will see much more through the end of 2009”.
About Integrated Biodiesel Industries, Ltd
Integrated Biodiesel Industries, Ltd (IBI) is a biodiesel company with activities in Brazil and Argentina. The company is focused on downstream operations (production and distribution) and developing an international base of end consumers such as truck fleet operators, railway companies and oil-fueled power plants in the USA, its primary market. IBI developed a proprietary biodiesel production process and also manufactures chemicals related to biodiesel byproducts or feedstocks.
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