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STAVANGER, NORWAY – BioFuel AS founders Arne Helvig and Steinar Kolnes have acquired 100 percent of the shares in BioFuel Africa Ltd. (Ghana), a biofuel company focused on growing sustainable alternative fuels in West Africa, a company that was fully owned by BioFuel AS.
As a result of slanderous public remarks made against BioFuel AS and one of its primary shareholders, the company was forced to file for bankruptcy on 13 March, 2009, putting all of BioFuel AS assets up for sale. Two of the company’s founders took that opportunity to buy all shares of BioFuel Africa Ltd., assuming all its debt and acquiring all assets. As a result, BioFuel Africa will be able to continue its operations in Ghana.
“We feel optimistic about the acquisition, which will allow us to focus on the business at hand,” said Chief Executive Officer Steinar Kolnes. “We will not let false accusations or petty behavior on the part of one highly irresponsible company deter us from the mission of bringing a socially and environmentally product to market.”
A new company, Solar Harvest AS, has been formed in Norway and is now the sole owner of BioFuel Africa Ltd. (Ghana).
The Solar Harvest/BioFuel AS founders are preparing for a lawsuit against the company that wrongly accused is shareholders of misconduct. Because the case is about to be filed in Norwegian courts, no further details of the ongoing investigation and subsequent lawsuit will be released at this time.
EDITORIAL CONTACT:
Steinar Kolnes
Chairman of the board - Solar Harvest AS
CEO - BioFuel Africa AS
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