O2Diesel Corporation (AMEX:OTD), a producer of renewable ethanol diesel fuel blends, announced it will acquire 100% of YellTec GmbH., a German company which specializes in biofuels distribution.
YellTec is focused on small to medium size truck fleets and operates an exclusively German-based network of fueling points with sales estimated to be approximately EUR 34 million (US$50 million).
O2Diesel said the acquisition will give the company a significant foothold in one of Europe’s largest markets for biofuels.
The company said it plans to leverage YellTec’s infrastructure, customer base, proprietary technology and management resources to become a leading provider of innovative biofuels supply and services in the German truck fleet market.
O2Diesel is acquiring all the outstanding shares of YellTec for EUR 3 million ($4.7 million at current exchange rates) and 5.3 million shares of O2Diesel common stock. O2Diesel expects the transaction to close during the second quarter.
About O2Diesel
O2Diesel Corporation and its U.S. subsidiary O2Diesel, Inc., are involved in the commercial development of a cleaner-burning diesel fuel alternative. Engineered and designed for universal application, O2Diesel(TM) is an ethanol-diesel blend that substantially reduces harmful emissions without sacrificing power and performance.
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