Share prices for biodiesel producer and distributor Earth Biofuels (OTCBB: EBOF) skyrocketed more than 35 percent this morning after the company released a few tantalizing hints of its 2007 growth plan.”The biofuels industry and other alternative fuels are absolutely essential to our nation’s energy security and our ability to maintain economic independence,” Earth Biofuels CEO Dennis G. McLaughlin III said in a recent press release. “The goal of energy independence won’t be achieved through use of a single technology, which is why Earth Biofuels has created a diversified portfolio of alternative transportation fuels. With the hard work of our initial development largely completed, Earth Biofuels is poised to move into the next stage of commercial growth and sustained profitability.”
Some highlights of the company’s plan for 2007 include increased production of liquefied natural gas, continuous biodiesel production, expanded biodiesel availability in the company’s Illinois plant, expansion into ethanol through joint ventures and cellulosic technology, and the launch of a biofuels-based construction company.
Earth Biofuels Director Bill Luckett also weighed in on the company’s plans for 2007, supporting McLaughlin’s statement.
“In this emerging market, as we continue to refine our business objectives and validate our core business values, the board is pleased with Earth Biofuels’ process,” Luckett said. “The company’s board of directors has carefully reviewed our long-range strategic plan, which contains several actionable elements that will be addressed in 2007. We believe that successful execution of these elements will help define Earth Biofuels’ stature as a leading vertically integrated, diversified biofuels producer.”
Share prices for Earth Biofuels went from 11 cents to 13 cents by noon CDT.