Methes Energies International Ltd. (NasdaqCM:MEIL) signed a letter of intent to acquire the assets of OTC Energy Technologies Inc. on December 9, 2013. The assets include all of OTC's technologies and knowhow relating to the conversion of several types of biomass into a chemical quality syngas which can be converted into renewable alcohols, renewable hydrocarbons such as jet fuel and gasoline. The assets also include an existing pipeline of potential clients that Methes intends to quickly pursue.

The deal is subject to a non-disclosure agreement until such time as a definitive agreement is signed. The transaction is subject to customary due diligence by Methes Energies which has already retained an Engineer to assist with the process. The letter of intent is subject to execution and delivery of a mutually satisfactory purchase agreement and is not a binding commitment of either party.