The International Bio Fuels Corportation has accepted, Consolidated Biofuels’s offer to purchase 100% of the company's assets, it was announced today (22nd February). The parties have executed a Memorandum of Understanding for Merger document, and it is expected that the final acquisition of the assets of IBF will be accomplished within 60 days. This is, of course, contingent upon the successful completion of a formalized due diligence process. 

IBF has several active and development-stage projects in the United States, Asia, and Africa. Daniel Honeycutt, Consolidated's CEO, stated, “As previously announced, CSBF and IBF already share significant synergies in vision, business model, and strategic corporate initiatives, which makes for a seamless and swift consolidation.” Honeycutt further stated that, “This acquisition represents the first step in our mutual strategic vision with IBF that is designed to move this enterprise into full operational status in the biofuels industry, and we are confident that, over time, this acquisition will deliver considerable value to our shareholders and employees.”

IBF brings with it a strong management team and an extensive international reputation in the biofuels industry, as was evidenced by IBF’s recent presentation at the International Biofuels Symposium, held in Beijing China, where IBF’s spokesman presented on emerging technologies in both ethanol and biodiesel.

IBF’s President, Marty Johnson, said, “We are very pleased to join the Consolidated Biofuels team, and together we will continue to build on Consolidated’s well-considered current strategic shift toward total Cleantech industry synergies, especially concentrating on new technologies for the treatment of waste water, soil enhancement and increased crop production, which will solidify Consolidated’s position relative to sustaining the feedstock that is required to effectively participate in the biofuels industry over the long term. Again, we intend to drive growth and expand our global reach, both of which will provide further opportunities to generate high production volumes and embrace leading-edge technologies.”

Johnson continues, “Our goal, since day one, was to find ways to reduce the causes of global warming and work towards solutions that will enable us to position ourselves as true pioneers in the area of biofuels and clean technologies. We believe that clean energy and water best represent those core areas which need to be addressed on a national and international level in order for our children and our grandchildren to enjoy a healthy and prosperous life, and to live in an environment of which they can be proud.”