JMCP James Monroe Capital Agrees to Buy 2 Billion Shares
Sep 25, 2006 8:30:00 AM
Copyright Business Wire 2006
James Monroe Corporation (Pink Sheets: JMCP) today announced that the company will buy 2 billion shares Prior to September 29, 2006. CEO Chris McGovern said, "This purchase will reduce the company issued and outstanding shares by 2 billion shares."
McGovern also said, "We have received overwhelming requests from shareholders to purchase and retire stock. We are excited about our work in bringing assets into the company and our first Ethanol plant is under construction. We have completed more than half of the construction of the plant and expect the plant to be operational this fall. Our main focus will continue to be sales and earnings as we build a bigger and better James Monroe Capital."
About James Monroe Capital:
James Monroe Capital Corporation is a publicly traded holding company that focuses on acquisitions, start-ups, and real estate. The company solicits contracts for stable income as the stable base to fund its otherwise aggressive efforts. These efforts are "opportunistic and time-sensitive deals" often involving distressed situations where other parties have something very valuable they are about to lose entirely.
Diversified Ethanol is a subsidiary whose business is manufacturing ethanol plants & related technology. The company is re-building the Butterfield 75,000 gallon ethanol plant in Iowa and has appointed Floyd Butterfield, an award-winning engineer, as the company's chief engineer to supervise the numerous updates and improvements being made to the plant. The company will manufacture 500,000 gallon ethanol plants for domestic sale, export, and for its own assets and income. The plants are to be manufactured mass production style for a quick turn-time (presently 8 months). If you want to build an ethanol plant, call Diversified Ethanol at 515-603-6292 or visit the company website at www.diversifiedethanol.com for more information.
Diversified Ethanol's Taylor Moffitt said, "When oil prices rise, it certainly doesn't hurt the ethanol industry. High oil prices mean increased public awareness about the need for renewable energy sources. However, there are two ways to make money in the ethanol industry: (1) as a substitute fuel for gasoline, and (2) as a substitute additive to replace MTBE. Today's ethanol industry is driven mostly by environmental state legislation to decrease dependence on foreign oil and as an octane additive that doesn't cause cancer, to replace MTBE. There isn't anywhere near enough corn in the world to make enough ethanol to replace gasoline. No one I know in the ethanol industry expects E85 to compete with gas, because we know that there's not enough corn in the world to do that. Ethanol is exciting because it is so much cheaper than MTBE, and it doesn't cause cancer. Right now we are importing ethanol from Brazil to help keep up with the ethanol deficit, and we are paying a lot more for the imported ethanol than what we can produce it for ourselves. In fact, if states continue to mandate increased ethanol blending in our gas, the shortage will continue forcing us to import ethanol. Some states are talking about mandating a 12% blend. It is my opinion that this could increase ethanol shortages, and result in higher prices at the pumps as refineries are forced to continue importing more expensive Brazilian ethanol to keep up with the demand. Buyers are anxious to buy the less expensive, US-made ethanol to save money, and we are anxious to continue working towards this cleaner, brighter future."
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
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James Monroe Capital Corporation
Chris McGovern
847-418-3848
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