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ETHANEX ENERGY INC
Symbol EHNX
Ethanex Energy, Inc. Announces Definitive Agreement with Star Ethanol, LLC. for Construction of 132 mmgpy Ethanol Facility
2006-09-18 00:15 ET - News Release
BASEHOR, Kan. -- (Business Wire) -- Sept. 18, 2006
Ethanex Energy, Inc. (OTCBB: EHNX), a renewable energy
company whose mission is to become the ethanol industry's low-cost
producer, today announced that it has entered into a joint venture
with Star Ethanol, LLC for the construction and operation of an
ethanol facility located in Franklin County, Illinois. The facility
will incorporate the fractionation technology developed at Ethanex's
SEMO plant and will produce 132 million gallons of fuel grade ethanol
per year.
The joint venture company will be known as Ethanex Southern
Illinois. Initially the joint venture will be 85% owned by Ethanex
Energy and 15% owned by Star Ethanol. Ethanex Energy will secure
financing for the project as well as oversee the design and
construction of the plant. Construction is expected to begin during
the first quarter of 2007 and the facility is expected to be completed
during the second half of 2008. Once operational, Ethanex will operate
and market the ethanol and ethanol related products produced. Star
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Ethanol has the right to secure an additional 10% ownership interest
in the joint venture through further capital contributions made before
mechanical completion of the facility.
"We are excited to announce the strategic relationship with Star
Ethanol. This project incorporates all of the elements required to
create a world-class ethanol manufacturing facility. The partnership
with Star Ethanol will enable us to get this plant up quickly,
benefiting everyone involved," said Al Knapp, President and Chief
Executive Officer of Ethanex. "Ethanex Energy's technology, project
development and operations expertise combined with Star Ethanol's
current location creates a strategic partnership capable of
implementing the project efficiently and cost effectively, adding
value to Star Ethanol and Ethanex shareholders," Knapp added.
"We are excited to be locating one of our facilities in Illinois.
The project has received strong support in both Franklin County and at
the State level," said Bryan Sherbacow, Co-Chief Operating Officer.
Ethanex Southern Illinois is another important step in our program to
implement next generation technologies enabling unprecedented
reductions in the cost of production of ethanol."
Ronald Gerino, President and Chief Executive Officer of Star
Ethanol observed, "We selected Ethanex Energy due to their expertise,
superior technological capabilities, and industry relationships."
Gerino also noted that "by combining our respective resources, Ethanex
Southern Illinois is competitively positioned in the rapidly expanding
ethanol market."
About Ethanex Energy, Inc.
Ethanex Energy, Inc. is a renewable energy company whose mission
is to become the ethanol industry's low-cost producer. The Company
expects to achieve this industry position through the application of
next-generation feedstock technologies and use of alternative energy
sources. Ethanex Energy is currently developing three ethanol
production facilities located in the Midwest, with a combined
production capacity of approximately 300 million gallons of ethanol
per year. The Company expects these three plants to be operational in
2008. Ethanex Energy is concentrating its geographic focus in areas
that allow access to abundant supplies of corn, alternative energy
sources, transportation infrastructure and the potential for expedited
permitting. Ethanex Energy's acquisition and brownfield development
strategies afford it rapid capacity development with significant
operating cost advantages. The Company's senior management has over
eighty years of experience in the energy sector including the design,
construction and operation of hundreds of power generation facilities.
Ethanex Energy is based in Basehor, Kansas with offices in Santa Rosa,
California and Charleston, South Carolina. For more information about
Ethanex Energy, visit www.ethanexenergy.com
Forward-Looking Statements
This press release contains 'forward-looking statements' within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, including
without limitation those statements regarding the Company's ability to
exploit ethanol development and production opportunities. These
statements are expressed in good faith and based upon a reasonable
basis when made, but there can be no assurance that these expectations
will be achieved or accomplished. Although the forward- looking
statements in this release reflect the good faith judgment of
management, forward-looking statements are inherently subject to known
and unknown risks and uncertainties that may cause actual results to
be materially different from those discussed in these forward-looking
statements including, but not limited to, our inability to generate
sufficient operating cash flow to construct and adequately maintain
our production facilities and service our anticipated debt, commodity
pricing, environmental risks and general economic conditions. Readers
are urged to carefully review and consider the various disclosures
made by us in the our reports filed with the Securities and Exchange
Commission, including those risks set forth in the Company's Current
Report on Form 8-K filed on September 6, 2006, which attempt to advise
interested parties of the risks and factors that may affect our
business, financial condition, results of operation and cash flows. If
one or more of these risks or uncertainties materialize, or if the
underlying assumptions prove incorrect, our actual results may vary
materially from those expected or projected. Readers are urged not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this release. We assume no obligation to update
any forward- looking statements in order to reflect any event or
circumstance that may arise after the date of this release.
Contacts:
Ethanex Energy, Inc.
Bryan Sherbacow, 843-724-1555
b.sherbacow@ethanexenergy.com
www.ethanexenergy.com
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