Aventine Renewable Energy Holdings, Inc. Resumes Completion of Canton, Illinois Ethanol Facility
31 Gennaio 2012 - 3:00PM
Aventine Renewable Energy Holdings, Inc. (OTCBB:AVRW), announced it
is resuming work on its ethanol plant located in Canton, Illinois.
In September 2011, the Company announced a delay in starting-up the
plant due to uncertainty surrounding its ability to secure critical
third-party technical and engineering support. The Company has
secured the support necessary to move the project forward. The
Company anticipates the work on the integrated boiler system and
co-gen unit, which supplies the necessary energy for the plant,
will begin in early March 2012. The Company anticipates
production at the plant will commence in summer 2012.
"Now is the time to move forward with this project. We have
secured the critical third-party support necessary for the
commissioning process. Additionally, we currently have
approximately $50 million of combined cash and availability under
our revolver," said John Castle, Chief Executive Officer.
About Aventine Renewable Energy
Aventine is a leading producer of ethanol. Through our
production facilities, we market and distribute ethanol to many of
the leading energy companies in the U.S. In addition to producing
ethanol, our facilities also produce several by-products, such as
distillers grain, corn gluten meal and feed, corn germ and grain
distillers dried yeast, which generate revenue and allow us to help
offset a significant portion of our corn costs.
Forward Looking Statements
Certain information included in this press release may be deemed
to be "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. In some cases, you can identify these
statements by forward-looking words such as "may," "might," "will,"
"should," "expect," "plan," "anticipate," "believe," "estimate,"
"predict," "potential" or "continue," and the negatives of these
terms and other comparable terminology. These forward-looking
statements, which are subject to known and unknown risks,
uncertainties and assumptions about us, include events and
situations that could arise that would delay the start-up or
production commencement date for our Canton facility (such as
construction delays, cost overruns, transportation delays and raw
material supply disruptions) and may include projections of our
future financial performance based on our growth strategies and
anticipated trends in our business. These statements are only
predictions based on our current expectations and projections about
future events. There are important factors that could cause our
actual results, level of activity, performance or achievements to
differ materially from the results, level of activity, performance
or achievements expressed or implied by the forward-looking
statements.
Some of the factors that may cause Aventine's actual results,
developments and business decisions to differ materially from those
contemplated by such forward looking statements include our ability
to obtain and maintain normal terms with vendors and service
providers, our estimates of allowed general unsecured claims,
unliquidated and contingent claims and estimations of future
distributions of securities and allocations of securities among
various categories of claim holders, our ability to maintain
contracts that are critical to our operations, our ability to
attract and retain customers, our ability to fund and execute our
business plan and any ethanol plant expansion or completion
projects, our ability to receive or renew permits to construct or
commence operations of our proposed capacity additions in a timely
manner, or at all, laws, tariffs, trade or other controls or
enforcement practices applicable to our operations, changes in
weather and general economic conditions, overcapacity within the
ethanol, biodiesel and petroleum refining industries, availability
and costs of products and raw materials, particularly corn, coal
and natural gas and the subsequent impact on margins, our ability
to raise additional capital and secure additional financing, our
ability to service our debt or comply with our debt covenants, our
ability to attract, motivate and retain key employees, liability
resulting from actual or potential future litigation or the outcome
of any litigation with respect to our auction rate securities or
otherwise, and plant shutdowns or disruptions. We disclaim any
obligation or undertaking to disseminate any updates or revisions
to any forward looking statements contained in this release or to
reflect any change in our expectations after the date of this
release or any change in events, conditions or circumstances on
which any statement is based except as required by law.
CONTACT: Aventine Renewable Energy Holdings, Inc.
Calvin Stewart
Chief Financial Officer
Ph: 214-451-6766
Fax: 214-451-6799
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