JDCP reports progress on pilot plant

Fort Meade, Fla. — JDCPhosphate Inc. (JDCP) has closed an equity financing sufficient to fund the construction and operation of a demonstration plant with annual production capacity of 12,000 tons per year of high quality and high concentration phosphoric acid. The investors are a combination of strategic and venture investors, including Mitsui & Co. (U.S.A.), Inc., Vulcan Phosphates LLC (a special purpose entity formed by the owners of Agrifos Fertilizer L.L.C.), the Florida Opportunity Fund (FOF), and Espirito Santo Ventures. The patented process technology being implemented in the demonstration plant – the Improved Hard Process (IHP) – was developed by Dr. Joseph Megy, JDCP’s founder and chief technology officer. The process incorporates a number of critical developments and improvements to the kiln phosphoric acid technology developed by Dr. Robert Hard and Dr. Megy in the early 1980s, allowing lower grade rock to be utilized in the phos acid making process. "We are delighted that such a strong international syndicate of strategic partners and venture investors has decided to invest in this important technology," said Theodore "Tip" Fowler, JDCP CEO. "It is not often that one finds an opportunity to invest in a company with the potential to transform a $30 billion industry, as well as substantially impact the local economy. JDCPhosphate has the potential to be such a company," said Jennifer Dunham, FOF managing director. FOF was established in 2007 to increase the availability of venture capital in Florida. Mitsui USA was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, a leading international trade and investment company operating with an extensive global network. Agrifos is a privately owned producer of sulfuric acid and ammonium sulfate fertilizer located in Pasadena, Texas. Espirito Santo Ventures, Lisbon, Portugal, is a venture capital firm focused on technology-based companies and innovative business projects with high-growth potential.