Thursday, January 3, 2008

Imperium Backs Off IPO

See Imperium's Press Release here.

My thoughts... Imperium just took itself private before it even went public.

The decision was made a few weeks ago not to go public. Martin Tobias said "Then why am I here if I'm not going to cash out in under 18 months?" Tobias exits, the team retools for a new cash flow and growth business model, and the rest is for the business papers to speculate.

See news below from Fox Business News online:

SEATTLE, Jan 03, 2008 (BUSINESS WIRE) -- Imperium Renewables, Inc., a leading producer of environmentally friendly biodiesel fuel, today announced that it is delaying its plans for an initial public offering. It has withdrawn its registration statement on Form S-1 as filed with the Securities and Exchange Commission.

John Plaza, Imperium's founder, president and interim CEO, said, "Given the current market conditions, our Board has determined that it is not the right time to pursue a public offering. We look forward to building on our success in 2007, during which we constructed and opened the nation's largest biodiesel plant."

In addition to operating its biodiesel plant in Grays Harbor, Washington, Imperium is focused on identifying and commercializing next-generation feedstocks and fuels at its research and development lab located at the original Seattle Biodiesel facility. Imperium is committed to continuing to innovate the renewable fuels industry, demonstrated by its proprietary biodiesel production processes that have been implemented at Grays Harbor, to its new work in alternative feedstocks.

Biodiesel is a clean-burning alternative fuel made from oils derived from farm crops, and can be used in any conventional diesel engine. It can be used in pure form (100 percent biodiesel) or in a "blended" form, in which it replaces a percentage of petroleum diesel. A U.S. Department of Energy study determined that biodiesel reduces carbon dioxide emissions by more than 50 percent compared to petroleum diesel. Imperium's high-quality fuel meets or exceeds ASTM D-6751 specifications.

About Imperium Renewables Imperium Renewables is a leader in the renewable energy industry. Headquartered in Seattle, Washington, Imperium Renewables currently operates a 100 million gallon per year nameplate capacity production facility in Grays Harbor, Washington, and is the largest producer of biodiesel on the West Coast.

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