Vertex Energy Announces Sale Of More Than 75,000 Barrels Of TCEP Finished Product In Two-Month Period
Vertex Energy, Inc. (OTCBB:VTNR), a leader in the aggregation, recycling and processing of distressed hydrocarbon streams, today announced that volume of its Thermal-Chemical Extraction Process (“TCEP”) finished product has exceeded 75,000 barrels during the months of October and November 2010, a substantial increase from last year’s October and November production.
Benjamin P. Cowart, CEO and founder of Vertex, stated, “We are pleased with the production of barrels of finished diesel replacement product during October and November. TCEP’s performance has improved dramatically since we implemented changes to it during the end of the third quarter. In addition to the increased production, we were also able to reduce our per barrel cost, increase our yield and improve the finished product quality relative to previous months. We believe that these TCEP results bode well for our prospects during the remainder of the fourth quarter and into 2011.”
TCEP volume was approximately 38,400 in October 2010 and 37,000 in November 2010. Vertex Energy’s Thermal-Chemical Extraction Process is a licensed technology launched in July 2009 within the Company’s Refining & Marketing Division that converts used oil into refining feedstock and diesel replacement product that can be used in all grades of marine based fuels.
About Vertex Energy, Inc.Vertex Energy, Inc. (OTCBB: VTNR) is a leader in the aggregation, recycling and processing of distressed hydrocarbon streams thereby reducing the United States’ reliance on foreign crude oil. Vertex’s focus, as a participant in the alternative energy and environmentally friendly investment sectors, is on creating increased value in the products it manages and produces through a variety of strategies and technologies that facilitate the re-refining of used oil and off specification commercial chemical products into higher value commodities. By creating higher value products from distressed hydrocarbon streams, the Company is positioned to produce both financial and environmental benefits. Vertex is based in Houston, Texas with offices in Georgia and California. More information on the Company can be found at www.vertexenergy.com. This press release may contain forward-looking statements, including information about management’s view of Vertex’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex.
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