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GreenShift Forms General Ultrasonics Corporation
Tuesday February 28, 9:51 am ET
NEW YORK--(BUSINESS WIRE)--Feb. 28, 2006--GreenShift Corporation (OTC Bulletin Board: GSHF - News) today announced its formation of General Ultrasonics Corporation, a development stage company that owns patented technologies that use ultrasonic energies to enhance physical and chemical reactions and to synthesize clean fuels including hydrogen.
General Ultrasonics' technologies use high intensity ultrasonic energies to enable a new type of hydrogen reformation that is capable of significantly reducing the scale at which hydrogen production is cost-effective.
This reduction in scale is made possible by a demonstrated 25% reduction in the temperatures required to affect the reformation reaction as compared to standard steam reformation of natural gas (SRNG), and even greater gains as compared to partial oxidation processes (POX).
In standard SRNG and POX processes, the reformation reaction is catalysed chemically. The General Ultrasonics process leverages mechanical processes to generate ultrasonic energies that in turn catalyse the reformation reaction at lower temperatures.
General Ultrasonics' reformation process was designed to produce hydrogen out of a variety of hydrogen-containing feedstocks. Initial testing on General Ultrasonics' prototypes demonstrates that on-demand hydrogen production is achievable with the technology.
General Ultrasonics' technologies were acquired in General Ultrasonics' recent acquisition of H2 Energy Solutions, Inc. ("HES"). The inventor of the technology originally designed the General Ultrasonics' reformation process to enable low cost reformation of standard petroleum hydrocarbon products, but it has the capability to produce hydrogen-rich gases, other synthetic gases and fuels, and other products from qualified carbon-based, hydrocarbon-based, and other liquids, solids and gases.
Kevin Kreisler, GreenShift's chairman and chief executive officer, said that "This technology is nothing short of remarkable and we intend for it to play a key role in GreenShift's clean energy development plans. We believe that the technology is capable of producing hydrogen on-demand for direct use in small scale internal combustion engines out of standard and widely available fuels. We are currently supporting the development of this potential application."
Transition to Hydrogen Economy
Hydrogen is the simplest and most abundant element in the universe. Often referred to as the ultimate fuel, it is a lightweight, colorless, odorless gas that has an exceptionally high energy content. It can be used in a fuel cell to create a clean source of electricity, or burned as a fuel in an internal combustion engine to produce mechanical energy. In both cases, the only exhaust is water vapor. Hydrogen can be produced from a wide variety of resources using a number of different technologies, and it has the potential to increase America's energy independence and reduce greenhouse gas emissions and other air quality issues.
Despite its clear benefits, cost-effective hydrogen production presents significant challenges that will need to be resolved. These include reducing the cost of hydrogen production and delivery, increasing the capacity and reducing the cost of hydrogen storage, and increasing the durability and reducing the cost of fuel cell systems.
Any near term widespread use of hydrogen will require technologies that do not rely on new hydrogen distribution infrastructure, but that instead rely on the established fuel and energy infrastructure. Currently available hydrogen production technologies are not cost-effective at the small scales necessary to achieve this.
Kreisler added: "Our view is that distributed hydrogen production technologies are a vital next step in the transition to a hydrogen based economy. GreenShift's ambition is to favorably impact this transition by bringing advanced new technologies to market that rely on as much of the existing fuel and energy infrastructure as possible to produce, deliver and use hydrogen from fossil fuels and other renewable energy resources such as biomass and qualified organic wastes. I firmly believe that the General Ultrasonics technology is at the forefront of this transition and we are thrilled to be working on the development of such an exciting technology."
About GreenShift Corporation
GreenShift Corporation (OTC Bulletin Board: GSHF - News) is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding. GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. Additional information regarding GreenShift is available online at www.greenshift.com.
Safe Harbor Statement
This press release contains statements, which 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 their 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.
Contact:
GreenShift Corporation
Investor Relations, 888-895-3585, ext. 291
Fax: 646-792-2636
investorrelations@greenshift.com
www.greenshift.com
or
CEOcast, Inc. for GreenShift Corporation
Ed Lewis, 212-732-4300
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