July 17, 2008
BioFuel Begins Shipping Ethanol
DENVER, July 17 /PRNewswire-FirstCall/ -- BIOFUEL ENERGY CORP. announced today that it had made initial shipments of ethanol and distillers grain from its plants in Wood River, Nebraska and Fairmont, Minnesota. Last week, roughly 2 million gallons of ethanol were shipped. The related sales revenue will be reflected in the Company's financial statements for the quarter ending September 30, 2008.
As previously announced, the plants commenced operations in June. Both are making good progress towards full commercial operation. While neither has yet operated at nameplate capacity, they have each exceeded 90% and full capacity should be reached shortly. Particularly at Wood River, a number of start-up issues have arisen during commissioning. However, the issues are being addressed promptly as they arise. The first of three performance tests required under the turn-key construction contracts with TIC (The Industrial Company) should commence at Fairmont within a week and at Wood River within two weeks.
BioFuel Energy currently has two 115 million gallons a year ethanol plants operating in the Midwestern corn belt. The Company's goal is to become a leading ethanol producer in the United States by acquiring, developing, owning and operating ethanol production facilities.
This release contains certain forward-looking statements within the meaning of the Federal securities laws. Such statements are based on management's current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which our performance or results may be achieved. Factors that could cause actual results to differ from those anticipated are discussed in our Exchange Act filings and our Annual Report on Form 10-K.
Contact: Kelly G. Maguire For more information: Vice President - Finance and http://www.bfenergy.com/ Chief Financial Officer (303) 592-8110 [email protected]
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BioFuel Energy Corp.
CONTACT: Kelly G. Maguire, Vice President - Finance and Chief FinancialOfficer of BioFuel Energy Corp., +1-303-592-8110, [email protected]
Web site: http://www.bfenergy.com/