U.S. BioTec aims to acquire Biofuels of Tennessee

By | April 25, 2007
U.S. BioTec Inc.-a publicly traded company dedicated to the production of profitable, biodegradable, nontoxic and noncarcinogenic products for agriculture-announced plans to enter the biodiesel industry through the acquisition of Biofuels of Tennessee. U.S. BioTec had investigated the possibility of buying a petroleum refinery, but due diligence management and consultants agreed a biofuel company would be a better fit. Biofuels of Tennessee has confirmed the deal to purchase its 10 MMgy production facility and U.S. BioTec's intention to increase production to 14 MMgy.

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