SOURCE: Global Clean Energy, Inc.
HOUSTON, TX--(Marketwire - Oct 10, 2012) - Global Clean Energy, Inc. (PINKSHEETS: GCEI) has initiated its first round of funding negotiations with three lenders. The effort is being led by Earl Azimov, President/CEO; the objective is to do a combination of asset based lending and a line of credit. The total funding objective is twenty million dollars over the next eighteen months. "The reception to the business plan and cash flows for the company has had excellent response," stated Azimov. The company is attempting to finance its ongoing operations without diluting its stock. The funding will provide the necessary capital to complete the acquisition of Houston Industrial Materials and begin the work on construction of the company's gasification unit.
The grants division of GCEI has filed applications for grants totaling $8.7 million to seek demonstration projects on its Jatropha and landfill system in the southern United States. The company is in the final process of applying for grants for the utilization of its vortex pumping system to bring methane hydrates safely to containment.
The company is preparing presentations for specific universities to form strategic alliances which will involve research in the renewable energy applications in the company's business plan.
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.