PEKIN, Ill., Sept. 11, 2007 (PRIME NEWSWIRE) -- Aventine Renewable Energy Holdings, Inc. (NYSE:AVR), a leading producer, marketer and end-to-end provider of clean renewable energy, today announced that Aberdeen Energy, LLC has joined its marketing alliance.
Aberdeen Energy, LLC, of Mina, South Dakota, is a wholly owned subsidiary of Glacial Lakes Energy, LLC. The Aberdeen facility is currently under construction on 287 acres in Mina. The facility will produce 100 million nameplate gallons of ethanol annually when completed. The facility is expected to come on-line during the second quarter of 2008.
Ron Miller, President and Chief Executive Officer of Aventine said, "We are excited that we have been selected to market the ethanol from the newest plant addition to the Glacial Lakes family. We have a long history of successfully partnering with the good folks at Glacial Lakes. The new facility, along with the on-going expansion at their flagship Watertown facility, will make Glacial Lakes one of top ethanol producers in the industry."
Tom Branhan, Chief Executive Officer of Glacial Lakes Energy, LLC, added, "Aventine is the premier ethanol marketer in the U.S. Since they were already successfully marketing the ethanol from our Watertown facility, adding the new Aberdeen facility was an easy decision. We already have a working relationship between our two companies, and adding the new Aberdeen facility will be an easy transition. We look forward to this new facility coming online."
Aventine currently markets 361 million gallons of annual ethanol production from producing marketing alliance partners, in addition to its own production capacity of 207 million gallons. In addition, Aventine expects another 400 million gallons of nameplate ethanol production capacity currently under construction from new and existing marketing alliance partners to come online by the end of the second quarter of 2008.
About Aventine
Aventine is a leading producer, marketer and end-to-end distributor of ethanol to many leading energy companies in the United States. Aventine is also a marketer and distributor of biodiesel. In addition to ethanol, Aventine also produces distillers grains, corn gluten feed, corn germ and brewers' yeast. Our internet address is www.aventinerei.com.
About Glacial Lakes Energy, LLC
Glacial Lakes Energy, LLC is owned by Glacial Lakes Corn Processors of Watertown, South Dakota, a member cooperative with over 3,900 members. Glacial Lakes's existing facility, Glacial Lakes Energy, LLC, is a 50 million gallon nameplate capacity plant located in Watertown, South Dakota. Glacial Lakes is currently doubling the size of its Watertown facility, to 100 million gallons of annual nameplate capacity. In addition, Glacial Lakes is constructing another 100 million gallon nameplate ethanol facility in Mina, South Dakota (Aberdeen Energy, LLC). When both the Watertown expansion and the new Aberdeen plants have been completed, Glacial Lakes will have total nameplate production capacity of 200 million gallon annually. In addition, Glacial Lakes currently owns 20.9% of Granite Falls Energy, LLC, of Granite Falls, Minnesota, and has an 8% ownership interest in Redfield Energy, LLC, of Redfield, South Dakota. Our internet address is www.glaciallakesenergy.com.
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. All statements, other than statements of historical facts, included in this press release, are forward looking statements. Any forward looking statements are not guarantees of Aventine's future performance and are subject to risks and uncertainties that could cause actual results, developments and business decisions to differ materially from those contemplated by such forward looking statements. Aventine disclaims any duty to update any 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 the following:
* Changes in or elimination of laws, tariffs, trade or other
controls or enforcement practices such as:
-- National, state or local energy policy;
-- Federal ethanol and biodiesel tax incentives;
-- Regulation currently proposed and/or under consideration
which may increase the existing renewable fuel standard
and other legislation mandating the usage of ethanol or
biodiesel;
-- State and federal regulation restricting or banning the
use of Methyl Tertiary Butyl Ether;
-- Environmental laws and regulations applicable to
Aventine's operations and the enforcement thereof;
* Changes in weather and general economic conditions;
* Overcapacity within the ethanol, biodiesel and petroleum
refining industries;
* Total United States consumption of gasoline;
* Availability and costs of products and raw materials,
particularly corn, coal and natural gas;
* Labor relations;
* Fluctuations in petroleum prices;
* The impact on margins from a change in the relationship
between prices received from the sale of co-products and the
price paid for corn;
* Aventine's or its employees' failure to comply with
applicable laws and regulations;
* Aventine's ability to generate free cash flow to invest in
its business and service any indebtedness;
* Limitations and restrictions contained in the instruments
and agreements governing Aventine's indebtedness;
* Aventine's ability to raise additional capital and secure
additional financing, and our ability to service such debt,
if obtained;
* Aventine's ability to retain key employees;
* Liability resulting from actual or potential future
litigation;
* Competition;
* Plant shutdowns or disruptions at our plant or plants whose
products we market;
* Availability of rail cars and barges;
* Renewal of alliance partner contracts;
* Our ability to receive and/or renew permits to construct
and/or commence operations of our proposed capacity additions
in a timely manner, or at all; and
* Fluctuations in earnings resulting from increases or decreases
in the value of ethanol or biodiesel inventory