Second Ethanol plant permits ready--begin building within thirty days...
Press Release Source: Pacific Ethanol, Inc.
Pacific Ethanol Completes Permitting for Planned Ethanol Plant in Boardman, Oregon; Construction on Second Facility Expected to Begin in Thirty Days
Tuesday May 9, 8:00 am ET
FRESNO, Calif., May 9 /PRNewswire-FirstCall/ -- Pacific Ethanol, Inc. (Nasdaq: PEIX - News) today announced that it has received all necessary permits to begin construction on a 35 million gallon per year ethanol facility at the Port of Morrow, located on the Columbia River near Boardman, Oregon. The Company further stated that it expects to begin construction, which should take approximately 12 months, within the next thirty days.
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CEO Neil Koehler observed that "This milestone is the latest in our stated plan to construct five ethanol production facilities to serve the western United States by the end of 2008. The Boardman plant is well situated, with access to the Columbia River, the Union Pacific Railroad and Interstate 84. The design will be based on our plant currently under construction in Madera, California, and therefore design and construction should proceed at a faster rate than the Madera plant, which we expect will begin ethanol production in the fourth quarter of this year."
The Oregon ethanol facility will provide ethanol for the Pacific Northwest gasoline markets, helping to increase supply in that area and provide a CO2-reducing fuel for the transportation sector. It is expected that the plant's distillers grains will be sold to the local Oregon and Washington dairy and feed markets.
About Pacific Ethanol, Inc.
The primary goal of Pacific Ethanol, Inc. is to become the leader in the development, production and marketing of renewable fuels in the Western United States. Established in 2003, Pacific Ethanol is constructing its first large scale ethanol production facility in Madera County, California, and is developing four additional plants on the West Coast. Kinergy Marketing, LLC, a wholly owned subsidiary of Pacific Ethanol, is the largest West Coast based marketer of ethanol. In addition, Pacific Ethanol is working to identify and develop other renewable fuel technologies such as cellulose-based ethanol production and bio-diesel.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Pacific Ethanol could differ from those statements. Factors that could cause or contribute to such differences include, but are not limited to, the ability of Pacific Ethanol to successfully complete construction of its planned ethanol facilities, including the facility located near Boardman, Oregon; the ability of Pacific Ethanol to successfully capitalize on its internal growth initiatives; the price of ethanol relative to the price of gasoline; and those factors contained in the "Risk Factors" section of Pacific Ethanol's Form 10-KSB for the year ended December 31, 2005.
Source: Pacific Ethanol, Inc.
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