Diversified Ethanol a Division of James Monroe Capital Corporation to Build Its First Ethanol Manufacturing Facility
Posted on: Monday, 24 July 2006, 09:01 CDT
Diversified Ethanol, a Division of James Monroe Capital Corporation, (Pink Sheets: JMCP) today announced that plans to build its first ethanol manufacturing plant are underway.
The company's first facility will be a small-batch, 24-hour ethanol manufacturing facility. This first plant as designed will consist of multiple production lines that are to be built one at a time, allowing for expandability as needed.
Rather than use a hand full of giant tanks and distillers, the planned design consists of multiple, smaller ethanol plants. Diversified's CEO Taylor Moffitt commented, "There are numerous advantages to structuring our manufacturing facilities in this fashion. There is less risk, permitting is easier, energy service to the facility is simple, shutting down one line for service doesn't shut down the entire plant, it is compatible with lower-cost locations, upgrading and growing the plant is simple, and we can quickly begin producing ethanol with a minimum of capital outlay. We have several locations identified, for now we will begin building the distillers and testing them at a temporary location. Upon satisfactory testing the equipment will be moved to the permanent locations, we are on a fast track program to begin testing of the equipment and starting the construction of the production units."
James Monroe Capital's CEO Chris McGovern specified that the plant must be flexible and adaptable to alternative energy sources, such as burning biomass waste for distillation heat.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Source: Business Wire
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