Ethanex Energy, Inc. Granted Right to Begin Construction on SEMO Plant
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BASEHOR, Kan., Nov 20, 2006 (BUSINESS WIRE) -- Ethanex Energy, Inc. (EHNX : ethanex energy inc com
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EHNX2.35, +0.18, +8.3%) , a renewable energy company whose mission is to become the ethanol industry's low-cost producer, today announced that the State of Missouri Department of Natural Resources has granted regulatory approval under a waiver to begin construction on its ethanol production plant to be located in Cape Girardeau.
Ethanex at SEMO will be a state of the art 132 million gallons per year fuel-grade ethanol plant. The facility will include patented fractionation technology that reduces energy consumption by 25%, increases the value of co-products and increases the throughput capacity by 20%. This next generation technology contributes to a 25% lower production cost per gallon than standard ethanol facilities. The plant will also incorporate Delta-T process technology and Chevron Corporation (CVX : chevron corp new com
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CVX69.61, +0.51, +0.7%) will be the EPC contractor.
"Ethanex has been working closely with the Missouri Department of Natural Resources and this waiver helps expedite our development process," stated Al Knapp, President and Chief Executive Officer of Ethanex. "We have been working diligently these past two months to prepare our three projects for the construction phase. We continue to build our organization and secure the industry partnerships necessary to operate successfully."
The waiver enables Ethanex to begin construction activities immediately. Before commencement of operations the Department of Natural Resources must complete a technical review of Ethanex's permit application.
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 400 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.
SOURCE: Ethanex Energy, Inc.
Ethanex Energy, Inc. Chief Operating Officer Bryan Sherbacow, 843-724-1555 b.sherbacow@ethanexenergy.com www.ethanexenergy.com or Investor Relations: Strategic Growth International Jennifer K. Zimmons, Ph.D., 212-838-1444 jzimmons@sgi-ir.com www.sgi-ir.com Copyright Business Wire 2006 ************************************************** As of Thursday, 11-16-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated an UPTREND on 09-28-2006 for CVX @ $64.50. For more information on Comtex SmarTrend® Alert, contact your market data provider or go to www.CSTADirect.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright © 2004-2006 Comtex News Network, Inc. All rights reserved.
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