DALLAS, Sept. 21, 2012 (GLOBE NEWSWIRE) -- Aventine Renewable Energy Holdings, Inc. (OTCBB:AVRW) ("Aventine") announced that Aventine filed its amended charter to effect the previously announced one-for-50 reverse stock split of Aventine's Common Stock, pursuant to which each 50 shares of Common Stock outstanding was combined into one share of Common Stock. The reverse stock split will be effective in the market as of the open of business on September 24, 2012, under the new trading symbol of "AVRWD" (with the "D" to be removed 20 business days after the effective date in the market). No fractional shares will be issued and stockholders who would be entitled to receive fractional shares because they held a number of shares not evenly divisible by fifty will receive, in lieu of such fractional shares, a cash amount equal to the product of the fractional amount and $6.15. The total number of shares of Aventine's Common Stock issued and outstanding prior to the reverse split was 8,357,317 and the total number of shares of Aventine's common stock issued and outstanding after the reverse split is approximately167,146. In connection with the reverse split, Aventine maintained the number of authorized shares of Common Stock at 15 million and the par value of its Common Stock at $.001 par value per share. The reverse stock split was effectuated pursuant to the terms of the previously announced Restructuring Agreement Aventine entered into on August 17, 2012 with 100% of its term loan lenders and certain of its existing stockholders.
About Aventine Renewable Energy
Aventine is a leading producer of ethanol. Through our production facilities, we market and distribute ethanol to many of the leading energy companies in the U.S. In addition to producing ethanol, our facilities also produce several by-products, such as distillers grain, corn gluten meal and feed, corn germ and grain distillers dried yeast, which generate revenue and allow us to help offset a significant portion of our corn costs.
Forward Looking Statements
Certain information included in this press release may be deemed to be "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. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negatives of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, include the anticipated benefits of the Restructuring Agreement and the related transactions, expected timing of the completion of the transactions contemplated by the Restructuring Agreement and other aspects of the proposed restructuring, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.
Some of the factors that may cause Aventine's actual results, developments and business decisions to differ materially from those contemplated by such forward looking statements include our ability to reach agreement with our stakeholders on, and successfully complete negotiations with respect to, definitive documents effectuating the transactions contemplated by the Restructuring Agreement and to satisfy all the conditions precedent to the consummation of all the transactions contemplated by the Restructuring Agreement in a timely manner, or at all, our ability to obtain and maintain normal terms with vendors and service providers, our ability to estimate allowed general unsecured claims, unliquidated and contingent claims and future distributions of securities and allocations of securities among various categories of claim holders, our ability to maintain contracts that are critical to our operations, our ability to attract and retain customers, our ability to fund and execute our business plan and any ethanol plant expansion or completion projects, our ability to receive or renew permits to construct or commence operations of our proposed capacity additions in a timely manner, or at all, laws, tariffs, trade or other controls or enforcement practices applicable to our operations, changes in weather and general economic conditions, overcapacity within the ethanol, biodiesel and petroleum refining industries, availability and costs of products and raw materials, particularly corn, coal and natural gas and the subsequent impact on margins, our ability to raise additional capital and secure additional financing, our ability to service our debt or comply with our debt covenants, our ability to attract, motivate and retain key employees, liability resulting from actual or potential future litigation or the outcome of any litigation with respect to our auction rate securities or otherwise, and plant shutdowns or disruptions. We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this release or to reflect any change in our expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based except as required by law.