DALLAS, TX - January 31, 2012 - Aventine Renewable Energy
Holdings, Inc. (OTCBB:AVRW), announced it is resuming work on
its ethanol plant located in Canton, Illinois. In September
2011, the Company announced a delay in starting-up the plant
due to uncertainty surrounding its ability to secure critical
third-party technical and engineering support. The Company
has secured the support necessary to move the project
forward. The Company anticipates the work on the integrated
boiler system and co-gen unit, which supplies the
necessary energy for the plant, will begin in early March
2012. The Company anticipates production at the plant will
commence in summer 2012.
"Now is the time to move forward with this project. We have
secured the critical third-party support necessary for the
commissioning process. Additionally, we currently have
approximately $50 million of combined cash and availability
under our revolver," said John Castle, Chief Executive
Officer.
About Aventine Renewable Energy
Aventine is a leading producer of ethanol. Through our production facilities, we market and distribute ethanol to many of the leading energy companies in the U.S. In addition to producing ethanol, our facilities also produce several by-products, such as distillers grain, corn gluten meal and feed, corn germ and grain distillers dried yeast, which generate revenue and allow us to help offset a significant portion of our corn costs.
Forward Looking Statements
Certain information included in this press release may be
deemed to be "forward looking statements" within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. In some cases, you
can identify these statements by forward-looking words such
as "may," "might," "will," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential"
or "continue," and the negatives of these terms and other
comparable terminology. These forward-looking statements,
which are subject to known and unknown risks, uncertainties
and assumptions about us, include events and situations that
could arise that would delay the start-up or production
commencement date for our Canton
facility (such as construction delays, cost overruns,
transportation delays and raw material supply
disruptions) and may include projections of our future
financial performance based on our growth strategies and
anticipated trends in our business. These statements are only
predictions based on our current expectations and projections
about future events. There are important factors that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by
the forward-looking statements.
Some of the factors that may cause Aventine's actual results,
developments and business decisions to differ materially from
those contemplated by such forward looking statements include
our ability to obtain and maintain normal terms with vendors
and service providers, our estimates of allowed general
unsecured claims, unliquidated and contingent claims and
estimations of future distributions of securities and
allocations of securities among various categories of claim
holders, our ability to maintain contracts that are critical
to our operations, our ability to attract and retain
customers, our ability to fund and execute our business plan
and any ethanol plant expansion or completion projects, our
ability to receive or renew permits to construct or commence
operations of our proposed capacity additions in a timely
manner, or at all, laws, tariffs, trade or other controls or
enforcement practices applicable to our operations, changes
in weather and general economic conditions, overcapacity
within the ethanol, biodiesel and petroleum refining
industries, availability and costs of products and raw
materials, particularly corn, coal and natural gas and the
subsequent impact on margins, our ability to raise additional
capital and secure additional financing, our ability to
service our debt or comply with our debt covenants, our
ability to attract, motivate and retain key employees,
liability resulting from actual or potential future
litigation or the outcome of any litigation with respect to
our auction rate securities or otherwise, and plant shutdowns
or disruptions. We disclaim any obligation or undertaking to
disseminate any updates or revisions to any forward looking
statements contained in this release or to reflect any change
in our expectations after the date of
this release or any change in events, conditions or
circumstances on which any statement is based except as
required by law.
Contact:
Aventine Renewable Energy Holdings, Inc. Calvin Stewart
Chief Financial Officer
Ph: 214-451-6766
Fax: 214-451-6799
distribué par | Ce noodl a été diffusé par Aventine Renewable Energy Holdings Inc. et initialement mise en ligne sur le site http://www.aventinerei.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-31 19:13:06 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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