Jul 21 2014
VEGA BIOFUELS, INC. provides this update to shareholders after successful participation in the first annual Cannabis Investor Conference in Denver, CO.
The Company has created a Private Placement Memorandum to raise One Million Dollars at the request of several Accredited Investors at the Weedstock Investor Conference.
"There was tremendous interest in our Company and our products," stated Michael K. Molen, Chairman/CEO of Vega Biofuels, Inc. "As a result of the amount of interest we received from potential investors and financial institutions, we have created a Private Placement Memorandum to raise $1 million for the Company. The funds will be primarily used to expand the production capacity for our biochar product. We want to make sure that our production capacity keeps pace with sales. We've been on the west coast this week meeting with potential investors for the PPM and we are optimistic that we can complete the raise in relatively short order."
Vega Biofuels was a Gold Sponsor for the first annual financial conference called "Weedstock" held in June. The conference connected privately held and publicly traded companies in the cannabis industry with industry investors and analysts and included exhibits and presentations by companies in the cannabis industry, industry keynote speakers, and panel discussions. Vega's biochar presentation was given by James Gaspard, Vega Advisory Board Member and Co-founder of Biochar Now, LLC.
In order to keep shareholders informed of the Company's current business, Vega's management team is putting together a shareholder conference call to discuss details of the Company's announced projects. Details and instructions on how to participate in the conference call will be announced in the coming days.
"Things are moving very fast right now and it is difficult to keep everyone updated," stated Molen. "We are hopeful that a shareholder conference call every so often will help with this process. It is not our intent to issue a press release every time we make a sale. However, we realize that these things are important to our shareholders and will do our best to provide available details via the conference calls."
Vega's Biochar product is currently manufactured by Biochar Now, LLC and is a highly absorbent specially designed charcoal-type product primarily used as a soil enhancement for the agricultural industry to significantly increase crop yields. The Company's Biochar offers a powerfully simple solution to some of today's most urgent environmental concerns. The production of Biochar for carbon sequestration in the soil is also a carbon-negative process.