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08/05/2009 08:58 ET - EcoSystem Closes $76 Million Equity Financing - Business Wire
EcoSystem Closes $76 Million Equity Financing
EcoSystem Closes $76 Million Equity Financing
EcoSystem Corporation (OTC Bulletin Board: ESYM) today announced the closing of its pending $76 Million equity financing with five investment funds.
EcoSystem will use the investment proceeds to acquire distressed ethanol production facilities, to acquire other strategically-compatible assets, and to develop and integrate EcoSystem’s Cellulosic Corn™ technologies into EcoSystem’s planned ethanol production facilities. The funds will be held in a restricted EcoSystem account and be available for use according to the use of proceeds schedule and other conditions specified in the agreements.
EcoSystem’s goal is to achieve an annualized renewable fuel production rate of 500 million gallons per year within three years, and to demonstrate market leadership by using its technologies to refine more fuel out of corn for less cost on reduced energy consumption and carbon emitted.
Detailed information regarding this investment is available online at www.eco-system.com in EcoSystem’s July 30, 2009 and August 5, 2009 Current Reports on Form 8K.
Cellulosic Corn™
The corn ethanol industry contributed over $65 billion to the GDP by offsetting 7% of America's fossil fuel needs in 2008. EcoSystem intends to prove that corn has much more to add.
EcoSystem’s view is that the established first generation corn ethanol infrastructure is the only practical pathway in North America to cost-effectively increase the production and use of carbon-neutral biofuels on globally-meaningful scales. To accomplish this in a competitive and environmentally superior way, the installed base of first generation corn ethanol facilities will need to evolve to achieve significantly improved production efficiencies. EcoSystem intends to do just that, and to become a leading low cost and low carbon producer of renewable fuels by leveraging its technology portfolio to acquire and upgrade corn ethanol facilities into increased financial and environmental sustainability while facilitating the convergence of cellulosic and corn ethanol.
EcoSystem’s portfolio of patented and patent-pending Cellulosic Corn™ technologies are designed to achieve the following key goals:
* Increase the net energy balance of biofuel derived from corn;
* Increase profitability of corn ethanol;
* Decrease amount of petroleum burned to make corn derived biofuel;
* Increase the nutritional content of corn ethanol co-products;
* Reduce, reuse and recycle the carbon emissions of corn ethanol production;
* Diversify the biomass mix accepted and produced by traditional corn ethanol facilities;
* Decrease the commodity and financial risk profile of corn ethanol;
* Standardize corn-friendly cellulosic technology by building on the existing corn ethanol complex; and,
* Enhance the competitive positioning of corn ethanol in the domestic and global markets.
About EcoSystem Corporation
EcoSystem’s ambition is to become a leading low cost and low carbon producer of renewable fuels by acquiring and upgrading existing corn ethanol facilities with technologies designed to increase the yield and to reduce the energy consumption and carbon intensity of refining fuel out of corn. Additional information is available online at www.eco-system.com.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of EcoSystem Corporation and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully, and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
EcoSystem Corporation
212-994-5374
Fax: 646-572-6336
investorrelations@eco-system.com
www.eco-system.com
Source: Business Wire (August 5, 2009 - 8:58 AM EDT)
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