EVANSVILLE, Ind.–(BUSINESS WIRE)– Imperial Petroleum, Inc. (OTCBB:IPMN.ob – News) announced that its wholly-owned subsidiary, e-biofuels, LLC, a Middletown, Indiana biodiesel producer, sold 1.98 million gallons of biodiesel in October 2010 resulting in revenues of approximately $6.3 million for the month. First quarter revenues from biodiesel sales represent approximately $16.7 million on 5.2 million gallons sold.
“It’s been very exciting to see the daily increases in activity at the e-biofuels plant translate into increased sales and revenues for the Company,” said Jeffrey T. Wilson, President of Imperial. “Sales in calendar 2009 averaged 7 million gallons and we are now on pace to maintain biodiesel sales at around an annual pace of 24 million gallons with revenues approaching $70 million per year. We’ve been able to use the increased cash flow to mitigate some of the past financial issues faced by e-biofuels and strengthen our financial position in the industry.”
Mr. Wilson went on to say, “Our proto-type tests are going very well on process enhancements and we hope to finish our financing initiatives in the short term to position the Company for even more explosive growth going forward.”
Imperial is an energy company headquartered in Evansville, Indiana.
This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Contact:
Imperial Petroleum, Inc.
Jeffrey T. Wilson, CEO
Phone 812-867-1433 Fax 812-867-1678
email: jtwilsonx1@aol.com
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