On December 3rd BlueFire Ethanol Fuels, Inc. (OTCBB: BFRE) was
notified its application submitted to the California Pollution
Control Financing Authority (CPCFA) at the end of November 2007 for
the Lancaster Project was approved and was issued an Initial
Resolution (IR). This is the first step in being able to access the
tax-exempt debt market in California.
The CPCFA provides tax-exempt bond financing for pollution control
projects. Its tax-exempt bond financing Program gives California
businesses help with acquisition or construction of qualified
pollution control, waste disposal, or waste recovery facilities,
and the acquisition and installation of new equipment.
"We have cleared the first hurdle toward an additional financing
alternative for our cellulosic ethanol plants at the project
level," said BlueFire CFO Christopher Scott.
BlueFire was assisted in this application process by Westhoff, Cone
& Holmstedt, based in Walnut Creek, CA. Westhoff, Cone &
Holmstedt has consistently ranked as one of the top firms
nationally in environmental finance, and in California they are the
#1 ranked Underwriter in the number of solid waste disposal revenue
bonds for 12 years in a row. The firm has over 70 industry clients
and has completed over $1.4 billion in solid waste and
environmental transactions since its founding in 1989.
Issuance of the inducement is not a commitment by CPCFA that bonds
will be issued. The CPCFA Board will consider issuing a Final
Resolution (FR) only after many criteria are met, and in no case
are they under any obligation to do so.
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