BlueFire Ethanol Files 2009 Form 10-K; Company Posts First Ever Profit

IRVINE, Calif., March 31 /PRNewswire-FirstCall/ -- BlueFire Ethanol Fuels, Inc. (OTC Bulletin Board: BFRE), a company focused on changing the world's transportation fuel paradigm through the production of ethanol and other bio-fuels from non-food cellulosic wastes, has filed its Annual Report on Form 10-K for the fiscal year ended on December 31, 2009, with the US Securities and Exchange Commission (the "SEC"), posting 2009 revenue of $4,318,213 resulting in $0.04 profit per share.

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"Through BlueFire's continued progress on developing its two planned cellulosic ethanol plants, BlueFire was able to recoup development costs previously expensed dating back to 2007. Late in 2008, BlueFire sought guidance from the SEC on the correct treatment of these reimbursements. It was determined that these reimbursements should be treated as revenue, as the costs were expensed in prior periods and expenses related to the grant are not directly identifiable due to the composition of the reimbursements. These reimbursements along with sugar sales and consulting fees resulted in a $0.04 per share profit," said Arnold Klann, Chief Executive Officer of BlueFire Ethanol.

In 2009, BlueFire began to develop relationships with key industry partners such as Solazyme, Inc., a renewable oil production company and leading algal synthetic biology company. Solazyme has been testing sugars produced through BlueFire's patented process, for compatibility with its renewable oil process to produce the bio-oil cost effectively and at scale. "The relationship with Solazyme, and others we are developing, will provide BlueFire the opportunity to be a full service fuel supplier to the ethanol, bio-diesel, bio-jet, and other drop-in fuel markets," said Arnold Klann.

Currently, BlueFire Ethanol is focused on the development of two cellulosic ethanol facilities in Lancaster, CA and Fulton, MS. The fully-permitted and shovel-ready Lancaster, CA facility, BlueFire's first U.S. commercial plant, will use post-sorted cellulosic wastes diverted from Southern California's landfills to produce approximately 3.9 million gallons of fuel-grade ethanol per year. BlueFire is in the detailed engineering phase for its second commercial plant in Fulton, MS, which will produce approximately 19 million gallons of ethanol per year from woody biomass, mill residue, and other cellulosic waste. The company expects to have all necessary permits for this second plant by summer 2010, putting the company on a path to commence construction by the end of 2010. These two planned facilities will create more than 1,000 construction jobs and, once in operation, more than 100 new operations and maintenance jobs. This is in addition to the hundreds of jobs created or maintained at equipment vendors and suppliers.  

"As BlueFire progresses into construction, we see the bulk of future revenue and profits will result from owning and operating these facilities," added Klann.