International Oil & Gas Holdings Corporation today announced the signing of a Letter of Intent to acquire Bio Tech/PSP Science Technology, an Oklahoma bio-fuels and bio-chemicals development corporation.
Terms of the acquisition were not disclosed.
Bio Tech/PSP Science Technology currently operates a four million gallon per year pilot plant in Guymon and hopes to expand the plant further to create a 30 million gallon per year plant.
The company’s expansion plan includes five initial production plants, consisting of 15 production lines matching the pilot plant line and yielding 2.25 billion gallons per year.
The company’s plans also include a future international expansion when five US plants are fully operational.