Imperial Petroleum, Inc., on behalf of its wholly-owned subsidiaries is pleased to provide the following update on the Company and its operations.

The Company finalized its settlement agreement with the bank in connection with the guarantee of the debt of e-Biofuels under the same terms as previously announced. The final settlement removed any contingency for the sale of the e-Biofuels facility. The payment date of the settlement amount of $1.0 million due to the bank remains on or before December 31, 2015. We are working with the bank under the supervision of the Indiana Department of Environmental Management to remove any and all remaining chemicals and materials held in tanks and other containers at the e-Biofuels facility to allow the facility to be sold.

Tags: Imperial Petroleum