New Company Name Reflects Industrial Biotechnology Focus for Production of Renewable Chemicals and Advanced Fuels
CUPERTINO, Calif. – November 15, 2011 – AE Biofuels, Inc. (OTC: AEBF), an industrial biotechnology company producing renewable chemicals and advanced fuels using patented microbes and processes, announced today that its shareholders have approved a change of name of the corporation from AE Biofuels, Inc. to Aemetis, Inc. As of November 15, 2011, the stock symbol of Aemetis will be OTC: AMTX.
In June 2011, AE Biofuels acquired Zymetis, Inc., a Maryland industrial biotechnology company. The name Aemetis was derived from “AE” which means “The One” in Scottish, and “Metis” which means “Prudent Wisdom” in Greek.
“Aemetis” means “The One Prudent Wisdom,” referring to the prudence and wisdom of replacing petroleum with renewable sources of chemicals and fuels.
The Aemetis Biorefinery technology platform is based on a unique patented aerobic marine organism (the “Z-microbe”) and propagation process that enables Aemetis to produce a variety of specialty biochemical and renewable fuels products for large markets using renewable feedstocks. Aemetis holds 4 granted patents and 14 pending patents on its microbial and enzymatic technology and production processes. Aemetis currently operates a 55 million gallon per year ethanol plant in Keyes, California and a 50 million gallon capacity biofuels plant in India.
“Our scientists and operations teams at Aemetis are focused on the development and commercialization of innovative industrial biotechnologies that produce advanced chemical and renewable fuel substitutes for traditional petroleum-based chemicals and fuels,” stated Eric McAfee, Chairman and CEO of Aemetis. “By expanding existing first-generation biofuels plants to produce high-margin chemicals and advanced fuels, our technology platform helps biofuels companies increase their operating margins, decrease margin volatility, and diversify feedstocks and products.”