GreenShift Awarded Patent for Corn Oil Extraction
Date : 10/14/2009 @ 11:45AM
Source : Business Wire
Stock : GreenShift Corporation (GERS)
Quote : 0.005 0.0034 (212.50%) @ 2:59PM


GreenShift Awarded Patent for Corn Oil Extraction

GreenShift Corporation (OTC Bulletin Board: GERS) announced today that the U.S. Patent and Trademark Office has issued U.S. Patent No. 7,601,858, titled "Method of Processing Ethanol Byproducts and Related Subsystems” (the ’858 Patent) for the extraction of corn oil to GS CleanTech Corporation, a wholly-owned subsidiary of GreenShift.


GreenShift’s patented and patent-pending corn oil extraction technologies enable GreenShift and its licensees to “drill” into the back-end of first generation corn ethanol plants to tap into a new reserve of inedible crude corn oil with an estimated industry-wide output of about 20 million barrels per year. This corn oil is a valuable second generation feedstock for use in the production of biodiesel and renewable diesel – advanced carbon-neutral liquid fuels, thereby enhancing total fuel production from corn and increasing ethanol plant profits.


“The issuance of the ‘858 Patent is a significant milestone for GreenShift and its stakeholders,” said Kevin Kreisler, GreenShift’s chairman and chief executive officer. “GreenShift has a substantial investment in the development of these important and timely new technologies. We look forward with great anticipation to working with the ethanol industry to press the evolution of corn ethanol forward into enhanced sustainability.”

The ‘858 Patent covers processes for recovering corn oil by evaporating, concentrating and mechanically processing thin stillage, a precursor to the distillers grain co-product of corn ethanol production (“DDGS”). Historically, ethanol production facilities have sold DDGS for animal feed, with all of the oil trapped inside. An estimated 3.4 million tons of corn oil passed unrecovered through the U.S. ethanol industry during 2008 alone.


GreenShift’s portfolio of patented and patent-pending extraction technologies can cost-effectively extract most of this corn oil, thereby increasing biofuel yields per bushel of corn by 7% while reducing the energy consumption and greenhouse gas (“GHG”) intensity of corn ethanol production by an estimated 21% and 29%, respectively.


David Winsness, GreenShift’s chief technology officer and co-inventor of GreenShift’s extraction technologies, added that: “There are no other technologies that have been developed for corn ethanol producers that begin to approach even a fraction of these results in the entire history of the ethanol industry. While this patent establishes our dominant ownership and technology leadership in corn oil extraction, we have many more patent applications pending that strengthen GreenShift’s position as a leading technology partner in the ethanol industry.”

GreenShift’s technical services staff is available at 888-ETHANOIL or sales@greenshift.com to respond to quotation requests and to answer any questions about GreenShift’s corn oil extraction and other technologies.


About GreenShift Corporation

GreenShift Corporation (OTC Bulletin Board: GERS) develops and commercializes clean technologies that facilitate the efficient use of natural resources. GreenShift’s revenue model is based on the use of its proprietary technologies to become a leading producer of biomass-derived products, and to do so at reduced cost and risk by extracting and refining raw materials that other producers cannot access or process. Additional information is available online at www.greenshift.com.


Safe Harbor Statement

This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

GERS Quarterly Data Filed yesterday $12M in net income PERIOD ENDING 30-Jun-09 31-Mar-09 30-Sep-08 30-Jun-08
Total Revenue 1,167 856 6,089 11,482
Cost of Revenue 839 1,156 6,348 8,065

Gross Profit 329 (300) (259) 3,417

Operating Expenses
Research Development - - (13) 32
Selling General and Administrative 1,142 918 2,049 2,007
Non Recurring 0 7,282 - -
Others 4,213 - 1,575 -

Total Operating Expenses - - - -


Operating Income or Loss (5,026) (8,500) (3,869) 1,379

Income from Continuing Operations
Total Other Income/Expenses Net 3,690 (4,439) 626 (1,584)
Earnings Before Interest And Taxes (1,336) (12,939) (3,235) (205)
Interest Expense 1,473 1,961 2,909 2,717
Income Before Tax (2,809) (14,900) (6,144) (2,923)
Income Tax Expense (402) - 8 (7)
Minority Interest - - 2 6

Net Income From Continuing Ops (2,406) (14,900) (6,159) (2,909)

Non-recurring Events
Discontinued Operations 15,008 (1,723) - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -


Net Income 12,601 (16,623) (6,159) (2,909)
Preferred Stock And Other Adjustments - (270) - -

Net Income Applicable To Common Shares $12,601 ($16,893) ($6,159) ($2,909