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Our research resources have been aimed towards the US Large Caps and the various prospective companies therein O2Diesel Corporation was among those that we have been closely examining due to their recent news and trading patterns. Sign up at www, streetinvesting.com for more information on the company mentioned herein.
This Friday, 15th August, 2008, O2Diesel Corporation, a pioneer in the development of cost-effective, cleaner-burning, diesel fuels for centrally fueled fleets of all types, announced financial results for the second quarter ended June 30, 2008.
Alan Rae, Chief Executive Officer of O2Diesel, stated, "The first half of 2008 has continued to be a challenge to the entire alternative fuels industry in all markets, however it is our firm belief that the global opportunities for clean-burning, renewable fuels have never been greater and timelier. Despite the challenges, O2Diesel continues to provide optimum near and long-term solutions to many of the problems being encountered globally with the need to improve air quality and reduce our dependence on oil. The balance of 2008 should see many of the projects we have begun over the past several years maturing. The development of O28 for the U.S. Air Force has continued to move forward and we expect to conclude the final testing and to obtain a decision on their wide scale use of this fuel by late Summer or early Fall. In Europe, the tests conducted at Veolia Transit have, as anticipated, gone very well as evidenced by their press conference in April. Our efforts in South America continue as we seek greater market awareness in Paraguay and Colombia. As part of our effort to streamline our operations and cut our overhead, we have continued to execute cost saving measures throughout the organization by remaining focused on commercial implementation via strategic partnerships with companies that will help support the costs of developing our target markets while participating in the economic benefits. Our progress in this area has allowed us to reduce operating expense for the first half of the year by nearly 40% and we fully anticipate expanding this strategy into new untapped markets."
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