Diversified Ethanol a Division of James Monroe Capital Closes On New Facility Acquisition
CHICAGO, Aug 22, 2006 (BUSINESS WIRE) -- Diversified Ethanol, a division of James Monroe Capital Corporation (Pink Sheets: JMCP), has slammed through the acquisition of its new corporate headquarters and ethanol production building as of Monday evening, and received a permit from the city.
The company's new building, located at 216 N. Commercial (please note correct address), in Eagle Grove, Iowa, will be the home for offices, engineering, sales, and a demo unit ethanol plant which will serve for R&D as well as production of ethanol. As-is photos of the brick building are available on the company website, at www.diversifiedethanol.com/album.
Monday evening, James Monroe Capital's CEO Chris McGovern represented James Monroe Capital at a public school board meeting. "There was another offer on the table, and the meeting had some very heated discussions. Dr. Moffitt abstained from voting to avoid a conflict of interest, but at the end of the meeting, they signed, and this building now belongs to all of the James Monroe Capital Shareholders. I am pleased to report: it's ours."
Meanwhile, at a city council meeting Monday night, Diversified Ethanol president Taylor Moffitt spoke for the JMCP shareholders and the city council voted in favor of awarding a special use permit to the company, thus finalizing all stipulations of the purchase contract. Insurance, utilities, and phone service will be transferred on Tuesday prior to the company moving office equipment into the building.
Moffitt said, "Now that we have a permanent address, as soon as we have it registered with the SEC, all Northland Home Solutions and Taylor Moffitt LLC properties will be titled over to James Monroe Capital as the agreements stated. Tomorrow we order the new "Diversified Ethanol" signage, which will proudly hang on this building for a long time. Our projections show at least a 50-point profit margin in designing, building, supplying, and providing training for these plants, in addition to having income from many of them long-term. Today is a significant day for all of us as a company. One engineer told us that based on requests he's had for small plants, he thinks we will build these plants in the thousands, but it all starts with this one plant. As the stewards of the shareholders' assets, we will continue to focus on aggressive company growth."
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: James Monroe Capital Corporation
CONTACT: James Monroe Capital Corporation, Northbrook, IL
Chris McGovern, 847-418-3848
