June 17, 2008
Pacific Ethanol Announces Results of Annual Stockholders Meeting
SACRAMENTO, Calif., June 17 /PRNewswire-FirstCall/ -- Pacific Ethanol, Inc. today announced the results of its annual meeting of stockholders held on Wednesday, June 11, 2008. Stockholders re-elected all six incumbent directors, including William L. Jones, Neil M. Koehler, Terry L. Stone, John L. Prince, Douglas L. Kieta and Larry D. Layne.
Stockholders also approved the Securities Purchase Agreement dated March 18, 2008 between Pacific Ethanol, Inc. and Lyles United, LLC. In addition, stockholders ratified the selection of Hein & Associates LLP to continue to serve as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2008.
The company announced the appointment of Michael D. Kandris to its board of directors. Mr. Kandris, currently serving as President, Western Division of Ruan Transportation Management Systems (RTMS), has 30 years of experience in all modes of transportation and logistics. As President of RTMS for seven years, Mr. Kandris held responsibilities in all operational and administrative functions.
"On behalf of the board, I am pleased to welcome Michael Kandris to Pacific Ethanol. His expertise in key aspects of our business
-- transportation and logistics -- will prove valuable as we continue supplying the West Coast with fuel and feed," said Bill Jones, Chairman of the Board.
About Pacific Ethanol, Inc.
Pacific Ethanol is the largest West Coast-based marketer and producer of ethanol. Pacific Ethanol has ethanol plants in Madera, California; Boardman, Oregon; and Burley, Idaho and has an additional plant under construction in Stockton, California. Pacific Ethanol also owns a 42% interest in Front Range Energy, LLC which owns an ethanol plant in Windsor, Colorado. Central to Pacific Ethanol's growth strategy is its destination business model, whereby each respective ethanol plant achieves lower process and transportation costs by servicing local markets for both fuel and feed. Pacific Ethanol's goal is to achieve 220 million gallons per year of ethanol production capacity in 2008 and to increase total production capacity to 420 million gallons per year in 2010. In addition, Pacific Ethanol is working to identify and develop other renewable fuel technologies, such as cellulose-based ethanol production and bio-diesel.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Pacific Ethanol could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, the ability of Pacific Ethanol to successfully and timely complete, in a cost-effective manner, construction of its ethanol plants under construction; the ability of Pacific Ethanol to obtain all necessary financing to complete the construction of its other planned ethanol production facilities; the ability of Pacific Ethanol to timely complete its ethanol plant build-out program and to successfully capitalize on its internal growth initiatives; the ability of Pacific Ethanol to operate its plants at their planned production capacities; the price of ethanol relative to the price of gasoline; the effect of federal and state governmental regulations on the demand for ethanol; and the factors contained in the "Risk Factors" section of Pacific Ethanol's Form 10-K filed with the Securities and Exchange Commission on March 27, 2008.
Pacific Ethanol, Inc.
Web site: http://www.pacificethanol.net/