IDAHO FALLS, Idaho, March 30, 2004 (PRIMEZONE) -- Intrepid Technology and Resources, Inc. (ITR) (OTCBB:IESV), a renewable energy company, announces that they have awarded the initial phase construction contract to Cannon Builders, an Idaho-based company experienced in heavy concrete and steel construction. Cannon Builders will begin building ITR's first operational anaerobic digester biogas production facility at the 4,000-head Whiteside Dairy near Rupert. Completion is anticipated by mid-summer 2004.
The groundbreaking for this flagship digester is scheduled for Friday, April 2 2004. ITR will be employing a proprietary high-rate digestion technology that produces biogas with up to 80% methane content, which is nearly 33% greater than the industry standard. This commercial-scale digester facility will be used both as a production facility and as a platform to test and demonstrate a variety of methods to cost-effectively utilize the gas produced on a commercial scale.
Construction will be phased to allow for additional tanks and capacity to be added as the market for the gas expands and as ITR is able to optimize processing and packaging alternatives for the greatest economic returns. Annual revenues from the full Whiteside Dairy digester and the second facility located near Wendell, Idaho should reach $1,400,000 providing a substantial economic benefit to ITR and the dairies. The biogas industry in Idaho alone has the potential to exceed $50 million in annual revenue due to its robust dairy operations.
The test-bed capability being built into this facility will provide significant opportunities to attract outside funding and provide a vehicle for "value-added" demonstrations of various processes and equipment that will increase the marketability of the biogas end products. This is a major milestone in the execution of the Company Biofuels Production Business Plan.
Certain statements contained herein constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. While the Company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein. Further, the Company assumes no obligation to update or otherwise publicly revise the forward-looking information disclosed herein to reflect circumstances existing after the date hereof.