FROM:
RE: Headwaters Incorporated
10653 S. River Front Parkway, Suite 300
South Jordan, UT 84095
Phone: (801) 984-9400
NYSE: HW
FOR FURTHER INFORMATION
AT THE COMPANY:
Sharon Madden
Vice President of Investor Relations
(801) 984-9400
ANALYST CONTACT:
Tricia Ross
Financial Profiles
(916) 939-7285
FOR IMMEDIATE RELEASE
HEADWATERS INCORPORATED ANNOUNCES SALE OF ITS 51% OWNERSHIP IN BLUE FLINT ETHANOL LLC SOUTH JORDAN, UTAH, JANUARY 4, 2012 (NYSE: HW) HEADWATERS INCORPORATED today announced that Great River Energy has acquired full ownership of Blue Flint Ethanol LLC, an ethanol biorefinery located in Underwood, ND, from Headwaters Ethanol Holdings LLC, a subsidiary of Headwaters Incorporated. Prior to this acquisition, Great River Energy owned 49 percent of Blue Flint Ethanol LLC and Headwaters Ethanol Holdings owned 51 percent.Great River Energy is one of the nation's largest generation and transmission cooperatives. It was the first utility in the U.S. to locate an agricultural processing facility next to a coal-fired power station. The Blue Flint biorefinery purchases process steam from Great River Energy's Coal Creek Station facility. In doing so, Blue Flint Ethanol, the joint venture between Great River Energy and Headwaters, was able to avoid the cost of building and operating a separate boiler unit. This helped make Blue Flint Ethanol one of the most cost effective, energy efficient, and environmentally friendly ethanol plants in the country.
"We were pleased to have worked with Great River Energy over the past five years in building and operating an exemplary biorefinery. They have been an excellent partner for us," said Donald P. Newman, Headwaters' Chief Financial Officer. "Under the terms of the agreement, effective January 1, 2012, Headwaters received approximately $18.5 million in cash proceeds. Headwaters intends to use the net proceeds from the sale to reinvest in assets of its business and to strengthen its balance sheet."
Blue Flint Ethanol LLC will continue to operate as a wholly-owned independent subsidiary of
Great River Energy.
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About Headwaters IncorporatedHeadwaters Incorporated is improving lives through innovative advancements in construction materials with application, design, and purpose. Headwaters is a diversified growth company providing products, technologies and services to the heavy construction materials, light building products, and energy technology industries. Through its coal combustion products, building products, and energy businesses, the Company has been able to improve sustainability by transforming underutilized resources into valuable products. www.headwaters.com
About Great River EnergyGreat River Energy is a not-for-profit cooperative which provides wholesale electric service to 28 distribution cooperatives in Minnesota and Wisconsin. Those member cooperatives distribute electricity to approximately 645,000 member consumer - or about 1.7 million people. With more than $3 billion in assets, Great River Energy is the second largest electric power supplier in Minnesota and one of the largest generation and transmission (G&T) cooperatives in the United States. Great River Energy's member cooperatives range from those in the outer-ring suburbs of the Twin Cities to the Arrowhead region of Minnesota. Great River Energy's largest distribution cooperative serves more than 125,000 member-consumers; the smallest serves about 2,400. Learn more at greatriverenergy.com., or contact Rachel Retterath at 701-315-0083.
Forward Looking Statements
Certain statements contained in this press release are
forward-looking statements within the meaning of federal
securities laws and Headwaters intends that such
forward-looking statements be subject to the safe-harbor
created thereby. Forward-looking statements include
Headwaters' expectations as to the managing and marketing of
coal combustion products, the production and marketing of
building products, the production and marketing of cleaned
coal, the licensing of residue hydrocracking technology and
catalyst sales to oil refineries, the availability of refined
coal tax credits, the development, commercialization, and
financing of new technologies and other strategic business
opportunities and acquisitions, and other information about
Headwaters. Such statements that are not purely historical by
nature, including those statements regarding Headwaters'
future business plans, the operation of facilities, the
availability of feedstocks, and the marketability of the coal
combustion products, building products, cleaned coal,
catalysts, and the availability of tax credits, are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 regarding future
events and our future results that are based on current
expectations, estimates, forecasts, and projections about the
industries in which we operate and the beliefs and
assumptions of our management. Actual results may vary
materially from such expectations. Words such as "may,"
"should," "intends," "plans," "expects," "anticipates,"
"targets," "goals," "projects," "believes," "seeks,"
"estimates," "forecasts," or variations of such words and
similar expressions, or the negative of such terms, may help
identify such forward-looking statements. Any statements that
refer to projections of our future financial performance, our
anticipated growth and trends in our businesses, and other
characterizations of future events or circumstances, are
forward-looking. In addition to matters affecting the coal
combustion products, building products, and energy industries
or the economy generally, factors that could cause actual
results to differ from expectations stated in forward-looking
statements include, among others, the factors described in
the caption entitled "Risk Factors" in Item 1A in Headwaters'
Annual Report on Form 10-K for the fiscal year ended
September 30, 2011, Quarterly Reports on Form 10-Q, and other
periodic filings and prospectuses.
Although Headwaters believes that its expectations are based
on reasonable assumptions within the bounds of its knowledge
of its business and operations, there can be no assurance
that our results of operations will not be adversely affected
by such factors. Unless legally required, we undertake no
obligation to revise or update any forward-looking statements
for any reason. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak
only as of the date of this press release. Our internet
address is www.headwaters.com. There we
make available, free of charge, our annual report on Form
10-K, quarterly reports on Form 10-Q, current reports on Form
8-K and any amendments to those reports, as soon as
reasonably practicable after we electronically file such
material with, or furnish it to, the SEC. Our reports can be
accessed through the investor relations section of our web
site.
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