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Diversified Ethanol a Division of James Monroe Capital Begins On-Site Plant Delivery on Schedule Amid Increasing Demands

Posted on: Thursday, 31 August 2006, 09:00 CDT

Diversified Ethanol, a division of James Monroe Capital Corporation (Pink Sheets:JMCP), today marks the start of the final phase of ethanol plant construction: on-site assembly. Equipment is being moved to the new plant location in Eagle Grove, Iowa, amid increasing demands from customers requesting to purchase proven ethanol plants with bankable guarantees.

The company now is building its own ethanol plant, and will be mass producing small (500,000 gallon) ethanol plants for itself and for paying customers.

Diversified Ethanol President Taylor Moffitt said, "It's been very encouraging to us to talk with customers. Most ethanol plants today are on a long waiting list -- measured in years, but we have already moved from ideas to blueprints to the final assembly phase in less than two months. We are now typing up purchase contracts to send out to 4 interested parties who have verbally stated that they would like to purchase ethanol plants from Diversified Ethanol. With our recent acquisition of Eagle Installation, we have the capabilities to manufacture all four at once, within a period of months, if necessary. The plants are all the same 500,000-gallon design, featuring many off-the-shelf components to keep costs down. In the future, we will be ready to adapt the design to run on switchgrass or food waste. Already now, our design has a nutritious, edible by-product, is drought-proof, zero-waste, clean, and cheap. As long as people drive cars, Ethanol will continue to be in-demand."

After the completion and fine-tuning of the first plant, nicknamed "The Naysayer" in honor of all of the individuals who said it couldn't be done, the company will begin mass production of small plants that can fit in a 40 X 60 steel building and less than one acre of land. The company reports that most inquiries have been from corporate customers, such as corporations that own multiple gas stations, and from corporate farms who want to feed the edible by-products to their livestock. However, politicians, municipalities, independent groups, foreign investors, seasoned ethanol veterans, environmental activists, and wealthy individuals have also been in talks with the company to purchase their own plants.

The company presently has purchased or fabricated the needed fermentation tanks, steel fuel storage units, bulk bins, electrical service, cooling/recycled water tanks, solids separation equipment, and computer equipment. At the company's nearby fabrication facility, welders and fabricators are presently working on the carbon dioxide scrubber, plumbing, agitators, cooker, and steel structural supports.

For more information about the company's low-cost ethanol plants, visit www.diversifiedethanol.com.

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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