HOLLYWOOD, Fla., Nov. 7, 2013 /PRNewswire/ — Alternative Fuels Americas, Inc. (AFAI), an advanced biofuels company, confirmed the extension of offtake agreements for the sale of over 3.7 million gallons of biodiesel, accounting for more than $14 million in potential revenues.

“We have secured these offtake agreements to ensure buyers of our oil as we progress toward production,” commented CEO Craig Frank. “Although we have additional work to do before we can begin production, knowing we have buyers is expected to ease our transition. Bloomberg Biofuels cites the importance of off-take agreements and we intend to utilize them as we seek financing of our refineries.”

“We are pleased our buyers constitute a diverse set of companies incorporating both transportation and industry,” continued CEO Craig Frank. “Our impression is that we will be securing additional contracts as we progress and our production capacity becomes more apparent.”

AFAI has signed 4 offtake agreements for (1) two million gallons, (2) one million gallons, (3) 571,000 gallons and (4) 190,000 gallons, respectively. All buyers are based in Costa Rica.

About Alternative Fuels Americas

AFAI (OTC-QB: AFAI)  is an alternative energy company pioneering a “seed to pump” vertically integrated biodiesel process and the development of above ground oil fields in Central America as part of its staged entry into a global market forecasted to exceed $500 billion by 2019.

Source: AFAI