Feb. 10, 2011 (Canada NewsWire Group) --
TSX symbol: BX
TORONTO, Feb. 10 /CNW/ - BIOX Corporation (BIOX) (TSX: BX), a renewable energy company that designs, builds, owns and operates biodiesel production facilities, today commented on the implementation of the Renewable Fuel Standard for biodiesel, a 2 percent minimum blending requirement, for petroleum diesel announced earlier today by the federal Minster of the Environment, the Honourable Peter Kent, and the Minister of Agriculture and Agri-Food, the Honourable Gerry Ritz, at BIOX's Hamilton production facility.
"This announcement to proceed with mandated minimum blending volumes demonstrates the federal government's commitment to the renewable fuel industry in Canada. As the largest biodiesel producer in Canada, BIOX is already actively selling biodiesel in North America, specifically into the U.S. market which is under a similar minimum blending requirement," said Tim Haig, President and CEO of BIOX Corporation. "The implementation of the Renewable Fuel Standard in Canada will drive the need for new biodiesel supply in Canada and provides us with an accessible market right in our backyard."
The mandate requires an average volume of 2 percent renewable content in diesel fuel and heating oil. The diesel requirement follows similar regulations enacted by the Government of Canada in August 2010, which require an average of at least 5 percent renewable fuel content standard based on the volume of gasoline. Biodiesel qualifies as renewable content and can be used to comply with either the 2 percent diesel fuel / heating oil requirement or the 5 percent gasoline requirement.
BIOX Canada's production qualifies as renewable content under the program as it is registered under the Canadian Environmental Protection Act as a renewable fuel producer.
The blending volumes are averaged over a compliance period. The initial compliance period for gasoline started December 15, 2010 and runs until December 31, 2012. The proposed biodiesel compliance period starts July 1, 2011.
Certain statements in this press release constitute "forward-looking" statements that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, objectives or achievements of BIOX, or industry results, to be materially different from any future results, performance, objectives or achievements expressed or implied by such forward-looking statements. These statements reflect BIOX's current views regarding future events and operating performance are based on information currently available to BIOX, and speak only as of the date of this press release. These forward-looking statements involve a number of risks, uncertainties and assumptions and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Those assumptions and risks include, but are not limited to, the fact that BIOX's results of operations and business outlook are highly dependent on a mix of legislation and producer payment programs and tax credits, including inclusion of BIOX's second production plant in the ecoENERGY for Biofuels Program; and upon commodity prices, which are subject to significant volatility and uncertainty. Many factors could cause the actual results, performance or achievements of BIOX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including factors described in this press release and those discussed in BIOX's publicly available disclosure documents, as filed by BIOX on SEDAR (www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described in this press release as intended, planned, anticipated, believed, estimated or expected. Unless required by applicable securities law, BIOX does not intend and does not assume any obligation to update these forward-looking statements.
|BIOX Corporation |
Chief Financial Officer
Phone: (905) 337-4970
The Equicom Group Inc.
Phone: (416) 815-0700 ext. 238