Boston, MA 09/11/2014 (wallstreetpr) – Methes Energies International Ltd. (NASDAQ:MEIL) produced over 412,000 gallons of biodiesel at its Ontario facility in the month of August. It is a record production in a month in respect of gallons produced. It crossed the overall monthly high of 308,000 gallons made in November 2013. The biodiesel produced in the month of August of ASTM quality that generated revenues of more than $1.3 million for Methes Energies. It didn’t cover the benefits provided by the Blender’s Tax Credit reinstatement.
Key achievements
Methes Energies International Ltd. (NASDAQ:MEIL) made another milestone in terms of shipping its railcars. It made a new monthly record by shipping 18 railcars in month of August 2014. It surpassed the previous record of 15 railcars achieved in October 2013.
Quarterly production
Apart from the monthly record, Methes Energies International Ltd. (NASDAQ:MEIL) made a new record in terms of quarterly production. It produced approximately 800,000 gallons of biodiesel at its Sombra facility. It surpassed the previous record of producing 250,000 gallons in the third quarter of 2013. With the production of 800,000 gallons, Methes is set to generate revenues of more than $2.6 million in the third quarter. Again, it will not include the available benefits provided by the Blender’s Tax Credit reinstatement. Once the benefits of the Blender’s Tax Credit reinstatement is added, it can surpass all the expectations.
Management View
Nicholas Ng, President of Methes Energies, said that productions at facilities are going smooth. The output performance from both Denami 3000s is as per the expectations. The work of the production team is commendable. Methes Energies expects the production to touch higher levels in the next quarter. Also, Methes has worked hard to build relations with its clients and will continue to focus on it in the coming time. The management expects to ship more than 25 railcars in month of September that can mark another record for Methes Energies International Ltd. (NASDAQ:MEIL).
