NZ bio-diesel developer recruits key personnel

March 12, 2007

NZ bio-diesel developer recruits key personnel

Aquaflow engages top US energy sector advisor and appoints chief technology officer

Biodiesel developer, Aquaflow Bionomic Corporation of Christchurch, has made two important strategic appointments which mark a new milestone in its domestic and international development.

Aquaflow has recruited top US energy sector expert, James LoGerfo of New York, as its US-based energy sector specialist advisor and appointed Paul Dorrington as chief technology officer.

LoGerfo is active in investment banking through Bovaro Partners, and in strategic consulting and investment research through Vortex Energy LLC and affiliated entities.

Aquaflow director, Nick Gerritsen says LoGerfo's appointment is a "real coup" and will ensure the company has access to the best information on the global energy market.

"Jim has exceptional financial and technical expertise in a broad range of energy and environmental technologies. He will give us a clear idea of where we fit in our global peer group," he says.

During his ten years on Wall Street, LoGerfo has advised, researched, invested in and raised capital for a host of energy technology companies. He has received numerous awards and recognitions for his leadership in energy technology investment analysis and finance. LoGerfo holds a Ph.D. from New York's Columbia University, and is a chartered financial analyst.

Meanwhile, Aquaflow has also appointed chemical and process engineer Paul Dorrington of Nelson as chief technology officer. Dorrington was previously technical manager for Extract Solutions in Nelson.

He was responsible for commissioning and operating the only Supercritical CO2 extraction plant in the Southern Hemisphere.

"Paul has proven experience in designing and building a commercial processing plant and will drive our research programme for the next 18 months," says Gerritsen.

"These appointments show that Aquaflow has made significant progress and is preparing for its next stage of development. We are moving fast and we need access to top expertise and skills," he adds.

Aquaflow completed a successful test-drive of the world's first wild algae-based biodiesel in December 2006. The company intends to increase capacity to produce one million litres of bio-diesel over the next year from algae sourced from the Marlborough sewerage ponds. It also expects to launch a pilot programme in the US and elsewhere within 12 months.

Since the test drive Aquaflow has had tangible interest from three top US venture capital firms, and commercial discussions are underway with parties from the UK, Australia and Asia. The company has also launched its prospectus to prospective New Zealand investors.

Copies of Aquaflow's prospectus are available online at the company's website www.aquaflowgroup.com or from Buddle Findlay solicitors in Christchurch.

ENDS

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