NEWS
Press Release Source: Originally New York, Inc.
Diversified Ethanol A Division of Originally New York, Inc Increases Production Capabilities Due to Demand
Wednesday November 22, 6:44 pm ET
CHICAGO--(BUSINESS WIRE)--Originally New York, Inc (OTCBB:ONYI - News) is making plans to accommodate the production of up to one ethanol plant per month. Competitors currently have a 3 year waiting list, so the company has again reorganized its production facilities. Additional equipment has been added, and the company is interviewing potential recruits from larger ethanol manufacturing companies to begin a possible 24-hour schedule if needed.
Diversified Ethanol is located in Iowa, U.S.A., which is the state leaping ahead of the rest in ethanol production. Iowa is producing 3.8 billion liters of ethanol per year, and plans to double that production to 7.6 billion liters per year. This translates to 1.5 billion Euros in 2006, which could go up to 3.3 billion Euros with the new production and a 10% price increase. Location in Iowa is a good thing for Diversified Ethanol because it is right in the middle of the ethanol excitement.
The demand for ethanol has been increasing quickly, similar to when the demand for oil increased. Oil companies have seen their stocks rise because of this demand. As ethanol consumption grows and continues its increasingly legislated growth in the United States, there is demand for many more local ethanol plants, new technology, and related ethanol systems. Diversified Ethanol will design, manufacture, sell, and operate all of these.
The US produced 16 billion liters of ethanol in 2005, and 20 billion liters in 2006, and is still importing ethanol to meet its growing demand. This is about 3% of the gasoline consumption. The US plans to have 7.4% of the gasoline consumption become ethanol by 2012, according to some sources. The government has continued to mandate more ethanol blending, and with the new House of Representatives, it is expected to pass aggressive legislation that favors ethanol.
New Energy Finance, a research firm in London, predicts that the renewable energy sector will swell from a 30 billion Euro industry to a 120 billion Euro industry over the next decade. Blackrock's New Energy Fund, based in Luxemburg, has quickly grown to 3.1 billion Euros and has shown gains of 22% as opposed to Morgan Stanley Capital International's 14%.
For more information about Diversified Ethanol, please visit the company web site at 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.
Contact:
Originally New York, Inc, Eagle Grove, IA
Chris McGovern, 515-603-6292
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Source: Originally New York, Inc.
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