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Guatemala City, Guatemala
2009 -2011
CHIEF FINANCIAL OFFICER

An African palm project, located in Petén, Alta Verapaz and Quiché regions of Guatemala. The production of Crude Palm Oil will target Mexico and Central American markets.

Construction of a 40T/Hr extraction plant began in 2010. Palmas del Ixcan Limitada was owned by Green Earth Fuels LLC based in Houston, Texas.

Accounting and financial reporting, treasury, information systems, purchasing, tax and compliance with all policies and procedures required by the majority partner Green Earth Fuels, LLC, one of the largest biodiesel producers in North America. Palmas del Ixcan Limitada owns 4,600 net hectares planted with African Palm. The project also includes a 40 ton/hr processing plant for the extraction of palm oil.

Palmas del Ixcan Limitada was formed in 2007. Green Earth Fuels LLC had funded the project since inception and the assignment was to secure the necessary funding to maintain the project until commercial operation and fund the construction of an extraction plant. Served as key member of executive team that closed a $40MM Senior Term Loan in November 2010 with Banco G&T, Banco Industrial and Banco Agromercantil.

Funding from sponsors had been complemented with bridge financing scheduled to expire in March 2010. As part of the funding process, refinanced $7.875 million and increased bridge facility to $14 million. In addition, there was a $1million bridge loan provided by a local bank in November 2009. A total of $15 million in bridge loans was repaid in November 2010.

Land owned by the project totaled over 5,800 hectares. However, only 39% of the land was registered in April 2009. In order to successfully close the long term loan certain milestones had to be achieved, this included total land registered. By December 2011, 82% of the land owned was registered. Owned land was the principal asset of the loan guarantee.

Acquisition of equipment for the extraction plant had to be negotiated with vendors in Colombia and Malaysia. Letters of credit were required by vendors as guarantee for payment. Assignment was to negotiate with local banks the necessary letters of credit. Successfully negotiated over $5 million in letters of credit for the purchase of extraction plant equipment.

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Calle 60 Este, P.H. Vista Obarrio, Ciudad de Panamá,Republica de Panama
H (507) 210-1990 | C (507) 6536-6711
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