MIAMI, FL -- (MARKET WIRE) -- 07/16/08 -- Wall Street Press Wire's (www.WallStreetPressWire.com) "stocks on the move" for Wednesday includes: CleanTech Biofuels, Inc. (OTCBB: CLTH), Applied Materials, Inc. (NASDAQ: AMAT), Broadcom Corporation (NASDAQ: BRCM) and SunPower Corp. (NASDAQ: SPWR).
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With major breaking news just released, Wall Street Press Wire is continuing its in-depth coverage of CleanTech Biofuels, Inc. (OTCBB: CLTH), a development stage company with technology capable of converting municipal solid waste into ethanol.
Tuesday after the markets closed, the company issued an important press release announcing the signing of an agreement with Biomass North America Licensing, Inc. to acquire the company via merger.
This news should be welcomed by the company and its investors! Biomass North America Licensing, Inc. owns the rights to use a proprietary and patent pending technology for the production of cellulosic biomass from municipal solid waste in the United States and Canada. CleanTech will issue the shareholders of Biomass North America, 2,000,000 shares of its common stock at Closing and an additional 4,000,000 shares of its common stock upon commencing a commercial development using the technology.
The agreement provides for the development of a commercial site using the licensed technology at a transfer station currently operating in Chicago, Illinois. The proposed site for the commercial development is owned by a principal shareholder of Biomass North America.
This acquisition will complement CleanTech's existing Pressurized Steam Classification Technology for the production of fuel ethanol, and is expected to enable the Company to enter the additional business line for the production of renewable electricity from municipal solid waste.
The Biomass North America technology is currently being operated at a commercial plant in Australia where the cellulosic biomass produced from municipal solid waste is being utilized as a soil amendment. Ed Hennessey, CEO of CleanTech Biofuels, Inc., stated: "We are very pleased to acquire this new technology and anticipate moving quickly to deploy it in a commercial setting for the production of renewable energy."
CleanTech Biofuels, Inc. is a development stage company with technology capable of converting municipal solid waste into ethanol. By using the existing infrastructure for municipal solid waste collection and disposal to collect biomass at negative feedstock cost, the Company expects to achieve profitability quickly relative to other ethanol producers who must develop their infrastructure to collect and transport more expensive feedstocks such as sugar cane, corn or even switch grass, wood waste, or corn stover.
Wall Street Press Wire's in-depth profile for CleanTech Biofuels is available at: http://www.wallstreetnewsalert.com/HotStocks/CLTH071508/default.aspx.
The stock closed Tuesday at $1.00 a share.
Applied Materials, Inc. (NASDAQ: AMAT) up 1.6% on 34 million shares traded.
Applied Materials, Inc. is the global leader in Nanomanufacturing Technology(TM) solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy efficient glass.
Broadcom Corporation (NASDAQ: BRCM) up 4.2% on 23 million shares traded.
Broadcom Corporation is a major technology innovator and global leader in semiconductors for wired and wireless communications.
SunPower Corporation (NASDAQ: SPWR) up 2.3% on 3 million shares traded.
SunPower Corporation designs, manufactures and delivers high-performance solar electric systems worldwide for residential, commercial and utility-scale power plant customers.
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