Business Services Industry
Wells Fargo Teams with Convergence Ethanol on $300,000,000 Funding
Business Wire, June 6, 2006
LOS ANGELES -- Convergence Ethanol(TM) Corp. "CE", a MEMS USA Company (OTCBB:MEMS), has exclusively retained Wells Fargo Bank, N.A. to place $300,000,000 in securities. These funds will be for CE's woodwaste-to-fuel-grade-alcohol refinery in Northern Ontario, Canada. The refinery is being built on a 720 acre site of Hearst Ethanol One which is owned by CE with a minor ownership interest by C. Villeneuve Construction Company Ltd. The refinery will: (a) make 120,000,000 gal/yr of 110 octane number, fuel-grade alcohol; (b) diversify the economy of Northern Ontario; and (c) reduce Canada's transportation fuel costs.
Wells Fargo has been providing banking and financial services for more than 150 years. They are the largest financial institution headquartered in the western United States. Forbes ranks Wells Fargo as the world's 25th leading company. Wells Fargo Capital Management economists are known for their investment strategies, macro-economic forecasts, and other top-down analysis.
Canada, a signatory to the Kyoto Protocol, is the world's top producer of forest products. It generates enough woodwaste to more than meet ALL of Canada's motor fuel needs while simultaneously reducing greenhouse gas emissions. Ontario now offers tax incentives equal to US$0.85/gallon of alcohol and has mandated the use of alcohol in all motor gasoline beginning in 2007.
Construction of this bio-refinery is targeted for completion within 30 months. The operating refinery will employ 230 as well as improve opportunities for traditional forest industries that are seeking environmentally friendly methods of woodwaste disposal.
CE and Wells Fargo will continue to pursue Canadian provincial and federal government backed loan guarantees to support private sector equity and debt for this clean-energy project.
MEMS USA is Changing Its Name to Convergence Ethanol(TM) Corp.
The Board of Directors of California MEMS USA, Inc., a California corporation ("CA MEMS"), a wholly owed subsidiary of MEMS USA, Inc. Nevada, has voted to amend CA MEMS' Articles of Incorporation to change its name to "Convergence Ethanol(TM) Corp."
Safe Harbor Disclosure
This press release contains certain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, that involve a number of risks and uncertainties. Actual events or results may differ from the company's expectations. In addition to the matters described in this press release, risk factors listed from time to time in the reports and filings with the Securities and Exchange Commission may affect results achieved by the Company.
For more information visit the www.memsusa.com web site and http://biz.yahoo.com/e/060601/mems.ob8-k.html
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