VANCOUVER, Feb. 4 - Lignol Energy Corporation (TSX-V: LEC) ("Lignol" or "the Company"), a leading technology company in the cellulosic ethanol and biorefining sector, today announced that a project led by its wholly-owned subsidiary, Lignol Innovations Ltd. has been awarded up to $1.82 million in funding assistance from BC Bioenergy Network Association ("BCBN").
"We are delighted to announce this funding to Lignol. With nearly 50 Expressions of Interest representing over half a billion dollars in projects and requested funding totaling $177 million, Lignol's application and technology stood out as a superb candidate for investment," stated Michael Weedon, Executive Director of BCBN. "We believe Lignol's cellulosic ethanol and biorefining technology has the potential to add considerable value to bioenergy resources within British Columbia. Through our contribution to the development of the technology, and in particular to the fully integrated biorefinery pilot plant that Lignol is in the final stages of commissioning, BCBN is a key partner in the commercialization of these technologies and the opportunities they will bring to the Province."
"Lignol is very pleased to receive this funding from BCBN," said Ross MacLachlan, President & CEO of Lignol. "We have invested significantly in British Columbia culminating in an overall investment in the region of some $20 million and a work force of 37 highly-skilled and dedicated employees at our world-class Biorefinery Technology Centre located on the BCIT campus. The support from BCBN will play a crucial role in our continued success."
Successful commercialization of Lignol's cellulosic ethanol and biorefining technologies could help support a number of Provincial and Federal initiatives, including: 1) the reduction of greenhouse gas emissions by replacing fossil fuels with low carbon ethanol; 2) the utilization of mountain pine beetle fibre and other softwood residues in the production of low-carbon transportation fuel and other biochemical co-products, such as High Purity Lignin ("HP-L(TM) Lignin"); and 3) the development of BC technologies that have strong potential for export.
About the BC Bioenergy Network
Established in April 2008 with a $25 million grant from the BC government, the BC Bioenergy Network is an industry-led association that acts as a catalyst for deploying near-term bioenergy technologies and organizing mission-driven research for the development and demonstration of new bioenergy technologies that are environmentally appropriate for the province of BC. Based on a recently-held focus group, BCBN identified the following technology areas requiring funding support: solid wood residues, pulp and paper residues, harvesting and pelletization, agriculture residues, municipal wastewater, municipal landfill waste, municipal solid waste, and community heating-electricity greenhouse systems. BC is well positioned to become a major player in the global bioenergy sector. The province is steward to one of the largest forested areas in the world, and a leader in biomass to value-added wood products. The BC Bioenergy Network will provide the leadership to make BC a world leader in developing and marketing wood-to-bioenergy and other bioenergy technologies. For more information about the BCBN, visit www.bcbioenergy.ca
About Lignol
Lignol (TSX-V: LEC) is a Canadian company undertaking the development of biorefining technologies for the production of fuel-grade ethanol and other biochemical co-products from non-food cellulosic biomass feedstocks. Lignol's modified solvent-based pre-treatment technology facilitates the rapid, high-yield conversion of cellulose to ethanol and the production of value-added biochemical co-products, including HP-L(TM) Lignin. Lignol is executing on its development plan through strategic partnerships to further develop and integrate the core technologies on a commercial scale. Lignol also intends to invest in, or otherwise obtain, equity interests in energy-related projects that have synergies with its biorefining technology. For more information about Lignol, visit www.lignol.ca.
The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Caution concerning forward-looking statements
Certain statements contained in this document may constitute forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, without limitation, statements or information about the planning and development of our cellulosic ethanol commercial demonstration plant in Colorado, our ability to exploit commercial opportunities and broaden our market opportunities for a range of cellulosic derivatives and environmentally sustainable biochemicals and our ability to pursue these opportunities with strategic partners. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements or information reflect Lignol's current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, without limitation, our ability to finance the development of the commercial demonstration plant, our ability to develop our products, our ability to obtain requisite regulatory approvals and our ability to enter into agreements with strategic partners on terms acceptable to us. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors could cause Lignol's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements or information, including among other things, the complexity of the development of the commercial demonstration plant, market conditions which will effect our ability to finance our operations, risks relating to the protection of Lignol's core technology from infringement and those risk factors which are discussed elsewhere in documents that Lignol files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements or information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Except as required by law, the Company expressly disclaims any intention or obligation to update or revise any forward looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
For further information:
Lignol Energy Corporation
Paul Hughes,
Vice President - Corporate Development and Communications,
Tel: (604) 222-9800 ext. 110,
Email: phughes@lignol.ca
Email: info@lignol.ca The Equicom Group
Bruce Wigle
Investor Relations
Tel: 416-815-0700 ext. 228
Email: bwigle@equicomgroup.com
BC Bioenergy Network
Michael Weedon, Executive Director
Tel: 604-891-1257 or 604-805-2115
Michael.Weedon@bcbioenergy.ca
www.bcbioenergy.ca NextPhase Strategy
Ian Baillie
Public Relations
Tel: 604-761-5540
ibaillie@nextphasestrategy.com