Thursday, February 21, 2008

Biofuels Company on the Rocks

A Long Island company aiming to make an impact as a biofuels provider has run into rocky times, Newsday reported last week.

Biofuels venture to proceed amid debt, boss says

By MARK HARRINGTON

Newsday

Legions of portable toilets and liquid-waste tanker trucks crowd a vast back lot in the remote Bohemia industrial park that was once also home to a company heralded as Long Island's great hope in alternative biofuel. But last week, North American BioFuels was nowhere in sight.

The biofuel company whose beginnings garnered media and political attention is in transition, if not on the ropes. Some of its equipment is being transferred to a holding company owned by Dallas-based White Energy, an alternative energy company. White once was negotiating to invest in or buy North American BioFuels, but the unwinding of that deal appears to have drastically altered the Bohemia company's course. Meanwhile, a number of entities report they are owed tens of thousands - even hundreds of thousands - of dollars.

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