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JMCP -- James Monroe Capital Corp.
Com (20 Cents)
COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
Diversified Ethanol a Division of James Monroe Capital Corporation Accelerates the Opening of its New Corporate Headquarters in Iowa as Demand for Ethanol Increases
CHICAGO, Jul 17, 2006 (BUSINESS WIRE) -- Diversified Ethanol a Division of James Monroe Capital Corporation (Pink Sheets:JMCP) today stated it has established its new Corporate Headquarters and is accelerating its staffing and operations as it expects the demand for ethanol to increase dramatically.
Ethanol's public profile rose significantly last July when Congress passed an energy bill that mandates the doubling of biofuels output by 2012. In January, President Bush gave the industry a further boost with a strong endorsement in his State of the Union speech. And with the imminent phase out of a petrochemical added to gasoline to reduce tailpipe emissions, more U.S. motorists will depend on the corn-derived fuel more than ever before. In some markets, wholesale prices for ethanol have surged to roughly $2.75 a gallon or more, according to the Oil Price Information Service of Wall, N.J. Because ethanol makes up about a tenth of every gallon of unleaded gasoline with which it is blended, it is great for ethanol producers and distributors.
Diversified Ethanol's new corporate headquarters is located in the heart of ethanol country: Iowa. "We needed to be right in the middle of the Midwest ethanol plants. As we work on ethanol mergers and acquisitions, it is a significant advantage to be established within the ethanol community. Being in Iowa, it will give us first hand knowledge and information about the key players and producers within the industry. Therefore we can prepare for future trends in the ethanol industry, even before the crop reports come out. The company anticipates this strategy will enhance the company's competitiveness within the market," stated Taylor Moffitt, CEO.
Moffitt also stated, "Friday, light crude oil futures reached a high of $79.45 a barrel on NYM September futures, which could be a record, due to the escalating violence in the Middle East and damage to Nigerian pipelines that threaten to cut off supplies. The demand for ethanol will increase substantially as the demand for oil rises."
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: Commonwealth American Financial Group
CONTACT: James Monroe Capital Corporation, Northbrook
Chris McGovern, 847-418-3848
Copyright Business Wire 2006
-0-
KEYWORD: United States
North America
Illinois
Iowa
INDUSTRY KEYWORD: Energy
Alternative Energy
Oil/Gas
Natural Resources
Agriculture
Environment
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