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Belzberg Technologies Enters into Letter of Intent to Partner With AgriFuels I.A. Englander & Co, and The Freedom Group to Launch US Carbon Credit Exchange
New York (ots/PRNewswire) -
- Carbon Credit Trading Comes of Age in the United States With Increased Fuel Standard
Belzberg Technologies Inc. (TSX:BLZ).
Answering the Nation's call for dramatic increases in renewable fuel use over the next 10 years, Renewable Trading Services, LLC announced today the development of an Internet based exchange platform for the purpose of trading RIN credits in the United States. The RINMARK(TM) exchange addresses each of the trading requirements established in EPA's final rule for the Renewable Fuel Standard (RFS), first implemented on September 1, 2007 and since expanded with the passage of the 2007 Energy Bill.
Renewable Trading Services, LLC is being formed by Belzberg Technologies (USA) Inc., AgriFuels, LLC, I.A. Englander & Co. Inc. and The Freedom Group Inc. Under the terms of the Letter of Intent, Belzberg Technologies will hold 24% of the entity.
Trading will begin January 30, 2008, following a web based conference (RIN Trading Webinar) on January 16, 2008. The next phase of electronic trading will commence by the end of the first quarter of this year. The RIN Trading Webinar will be hosted by the RINSTAR(TM) Renewable Fuel Registry and will serve to introduce participants from all over the industry to the new exchange and the economic factors which will drive the market. Registration for the webinar is offered on a first-come first-served basis at www.rinmark.com. "This state-of-the-art RIN Exchange platform has been designed by Belzberg Technologies Inc., with both business and the financial institutions in mind," said Sid Belzberg, CEO of Belzberg Technologies and Chairman of RIN Market Exchange.
The Renewable Fuels, Consumer Protection, and Energy Efficiency Act of 2007, has been the legislative vehicle of choice for reducing the carbon footprint of motor fuels on the environment in the United States. With a new CAFÉ standard of 35 mpg and a Renewable Fuel Standard (RFS) that increases previously mandated levels by over 300%, the new laws effectively serve to drive industry towards more environmentally responsible alternatives. At the heart of the RFS is a credit trading program based upon the Renewable Identification Number (RIN).
RINs are serial numbers assigned to ethanol and other bio-fuels when originally manufactured or otherwise introduced into the U.S. marketplace by producers or importers.
About Belzberg Technologies
Belzberg Technologies Inc. is a provider of technology-based brokerage services, trading equities and options through Electronic Brokerage Systems, Belzberg Technologies' wholly owned agency-only broker-dealer. Electronic Brokerage Systems is a member of most North American stock exchanges, options exchanges and clearing organizations, including the NYSE, NASDAQ, CBOE, NSCC and OCC. Using Belzberg's suite of integrated trading tools and network connectivity, Belzberg's customers have direct access to all North American equities and options markets. The firm's client-base includes over 200 leading U.S and international brokerage houses and financial institutions. Belzberg Technologies is listed on the Toronto Stock Exchange (Ticker-BLZ) - additional information is available at www.belzberg.com.
Forward looking statement disclaimer
Except for historical information contained herein, the matters discussed in this press release are based on forward-looking statements that involve risk and uncertainty. A variety of important factors could cause results to differ materially from such statements, including but not limited to economic, competitive, governmental and technological factors affecting the company's operation, markets, products, prices and other factors.
ots Originaltext: Belzberg Technologies Inc.
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