SOURCE: Global Clean Energy, Inc.
HOUSTON, TX--(Marketwire - Oct 24, 2012) - Global Clean Energy, Inc. (PINKSHEETS: GCEI) has concluded its first round of funding. The Company has entered into an agreement with a private funding group who has committed to offer the Company a one million dollar operating line of credit. The line will be used on an as needed, draw down basis by the Company for operational development. The first funds will be used for the completion of engineering drawings for the company's proprietary hybrid gasification system, and for further feasibility studies on the Jatropha and switch grass projects.
Further negotiations are continuing with other lenders. Kenneth Adessky, CFO, stated, "This first tranche will jumpstart the ability of the Company to meet its objective to do a combination of asset based lending and debt financing, without the necessity of further dilution on the Company's stock." The total funding objective is twenty million dollars over the next eighteen months.
The grants division of GCEI is continuing work on its Jatropha and landfill system in the southern United States.
Global Clean Energy, Inc. is a waste-to-energy conversion solutions company, focusing on using available and developing technologies to convert waste into commercially viable energy, a process the company refers to as Reforming Environmental Salvage into Clean Usable Energy (R.E.S.C.U.E.).
Statements in this release may be regarded, in certain instances, as "forward-looking statements" pursuant to Section 27A of the Securities Act 1933 and Section 21B of the Securities Exchange Act 1934, respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties, which could cause actual results or events to differ materially from those currently anticipated, including, but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting GCEI and its business. There can be no assurance that such forward-looking statements will ever prove to be accurate and readers should not place undue reliance on any such forward-looking statements contained herein. GCEI will not republish revised forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.