Led by freshly-installed Chairman of the Board, CEO, and President Gregg Enders of Houston, Momentum Biofuels and its new management team have big plans to set a progressive national standard for domestically-produced, renewable, alternative fuels.
"It is our intent to set an international benchmark for the production and distribution of quality, American-made biodiesel," Enders said. "My team feels it's imperative we do all we can to play a meaningful role in reducing America’s dependence on foreign energy."
Aside from Enders, Momentum has added John Olsen as Executive Vice President and Director and Gary Johnson as Chief Operating Officer.
"We are fortunate and extremely excited to have leaders the caliber of Gregg Enders and his team," said Charles Phillips, Founder and Chairman Emeritus of Momentum. "We look forward to accelerated growth and success under their leadership."
Located in the Houston suburb of League City, Momentum Biofuels (OTCBB:MMBF) is an alternative fuel processing company dedicated to producing safe, clean, and environmentally-friendly fuels for the future. Momentum manufactures high quality and low-cost biodiesel fuels for local, state, and national distributors, jobbers, and government fleets. Designed to be mixed with petroleum-based diesel fuel, biodiesel is derived from vegetable oils and animal fat.
A much cleaner-burning fuel than regular petroleum diesel, biodiesel has an extremely high flash point, which makes it much safer to transport. It's also easier on engines while emitting a drastically reduced odor. Biodiesel delivers similar torque, horsepower, and miles-per-gallon as petroleum diesel with no need to make engine modification or changes in the fuel handling or delivery system.
"We have the privilege of assuming responsibility for an alternative fuels business well positioned to become an industry leader," Enders said. "Barry Cater (former Chairman, CEO, and President) and his team did an outstanding job of positioning the company for growth. Our process architecture, access to capital, and tremendous industry network of partners and suppliers provides us with a significant advantage in an industry that requires precision execution."
The U.S. Department of Energy (“DOE”) has identified biodiesel as the fastest growing segment of the alternative fuel market. The DOE has estimated that biodiesel sales could reach approximately $2 billion annually through the use of government incentives. The need for the United States to reduce its dependence on petroleum provides unique opportunities for makers of alternative fuels such as biodiesel.
The biodiesel industry is part of the broader alternative fuel industry. Alternative fuel is any fuel that can be substituted for traditional gasoline or diesel fuels. Compressed natural gas, methanol, ethanol, propane, electricity, hydrogen, and biodiesel are all federally recognized alternative fuel sources. While there are vehicles that are currently designed to run on such alternative fuels, biodiesel has the advantage of working with unmodified diesel engines eliminating modification costs that would ultimately be passed on to consumers.
The biographical information of Momentum's new management team and new directors follows.
Gregg Enders - President, CEO, and Chairman of the Board
Spanning a 30-year career, Enders has served as Chief Executive Officer and/or President of several public and private companies including Intermat, Stratasoft, Commerciant Holdings, Strategic Distribution, MRO Software, Integration Systems (dba Bizmart Computer Super Centers), and Computer Productivity. Most of these companies have been involved in existing and emerging technologies and have included high volume commodity sales, technology development, professional skills training, communications, and electronics. His skill set and experience are in the areas of business acquisitions, financial restructuring, sales, marketing, public relations, finance, strategic plan development, and implementation.
Enders served in the United States Air Force (both active duty and reserves) from 1972-1976. From 2002 until August 2007, Enders served on the Development Board of Texas A&M's Mays Business School and has earned numerous business and community awards
Gary S. Johnson - Chief Operations Officer
Johnson has more than 20 years of executive level management experience delivering products, services, and solutions to Global 2000 clients. Prior to joining Momentum, Johnson served as Vice President of Operations for Stratasoft, President of IHS-Intermat Solutions, Vice President of Operations with MRO Software, and Vice President and General Manager of Integration Systems. Johnson gained extensive experience in transition management through several mergers, acquisitions, Joint Ventures and MBO/LBO’s while associated with these firms. Prior to these corporate positions, Johnson served in various capacities with several rapid growth emerging technologies based companies. Johnson attended the University of Houston and resides in Houston with his family.
John V. Olsen – Executive Vice President, Director
Olsen has served as a senior officer for a number of technology and consulting companies for more than 20 years. He has served as a vice president of Stratasoft, Commerciant, and as Chief Executive Officer of BioInformatics Exchange Corporation. After serving in several management capacities with GE Consulting and GE Medical Systems, Olsen was responsible for all aspects of data management, development methodology, and tool selection in support of both regulatory and stock market systems for the National Association of Securities Dealers NASDAQ stock market system. Olsen holds a Bachelor of Science degree in Mathematics from Carroll College, Waukesha Wis. Olsen is the father of two daughters enrolled at the University of Maryland and the University of Richmond and the husband of Allison, his wife of 24 years, who is a partner in the Washington D.C. accounting firm of Ryan and Olsen, LLP.
The company's public competitors include Nova Biosource (AMEX: NBF), Kreido Biofuels (OTCBB: KRBF), H2Diesel Holdings (OTCBB: HTWO), US BioEnergy Corp. (NASDAQ: USBE), Earth Biofuels (OTCBB: EBOF), Pacific Ethanol (NASDAQ: PEIX), Aventine Renewable Energy Holdings (NYSE: AVR), and VeraSun Energy Corporation (NYSE: VSE). Momentum feels that it has a competitive advantage in the biodiesel industry because of its record low plant construction costs, extensive industry experience, and it’s unique growth and business strategies.
To the extent that this press release discusses expectations about market conditions, market acceptance, future sales, future financial performance, future disclosures, or otherwise statements about the future: such statements are forward-looking and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks associated with our limited operating history, our ability to manage future acquisitions and expand operations, our ability to obtain contracts with suppliers of raw materials (for production of biodiesel fuel) and with distributors of our biodiesel fuel product, the risks inherent in the mutual performance of such supplier and distributor contracts, our performance and efficiency in producing biodiesel, our ability to raise necessary financing to execute the Company's business plans, and other risk factors discussed in the Business Description and Management's Discussion and Analysis sections of Tonga Capital, Corp.'s Annual Report on Form 10-KSB filed with the SEC on April 16, 2007, subsequent Quarterly Reports on Form 10-QSB and current reports on Form 8-K. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or simply state future results, performance or achievements of Tonga or Momentum and can be identified by the use of forward-looking language such as "believe," "anticipate," "expect," "estimate," "intend," "plan," project," and variations of such words with similar meanings. Tonga does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.
Contacts:
Gregg Enders, 281-334-5161
