Kreido Biofuels, Inc. expects to conduct tests later this year at its Camarillo headquarters with equipment to manufacture bio-diesel and other chemical products. That goal was among those highlighted in a business update conference call taking place on Monday with Kreido executives. The company has made significant strides since closing on a $25 million private placement deal in January and completing a reverse merger with Gemwood Productions, Inc. that took the company public, said CEO Joel Balbien. “Our multi-pronged strategy of developing our own bio-diesel production plants in the U.S. and licensing our patented its “spinning tube in tube” or STT technology to domestic and international third-party bio-diesel producers helps ensure our ability to capitalize on what we believe is a superior proves intensification technology,” Balbien said. Kreido spent seven years and $20 million developing its STT reactor to speed up chemical reactions. The company’s goal is to have a full-scale production plant operating by the first quarter of 2008 in either Chicago or Wilmington, N.C. The company set a target of producing 100 million gallons of bio-diesel fuel by the end of 2008.
