KANSAS CITY, Mo., March 20, 2007 (PRIME NEWSWIRE) -- Kansas City-based Alternative Energy Sources Inc. (OTCBB:AENS) announced today that in its first nine months in business the company has reached major milestones toward the goal of becoming a leading ethanol producer:
Site Selection: AENS has met its objective of having two sites in development, one near Ogden, Iowa, and one in Kankakee, Ill., plus a third site under option in Greenville, Ill. AENS has also identified a potential fourth site, which has a completed air permit. Each site will have a 100-million-gallon plant on a large footprint that will also accommodate significant rail infrastructure.
Technology: AENS intends to use standardized plant technology for 100-million-gallon facilities at each site, further driving operational efficiency and low-cost producer status.
EPC Construction Firms: AENS is in final discussions with two premier engineering procurement and construction (EPC) firms for plant construction, and is also considering opportunities to acquire plant option build slots being traded in the secondary market as well as evaluating other permitted sites.
Permitting: AENS has submitted applications for permits for both the Ogden and Kankakee facilities. In addition, AENS is pursuing state grants, county tax abatement and other financial incentives provided through government programs for each facility.
Capitalization: The company is in discussion with equity and debt-financing sources, and has received proposals from four AA-rated banks. AENS is working with its financial advisers to structure a financing that best meets AENS' needs.
AENS was very encouraged by the USDA's March 1 Agricultural Outlook Forum announcement that an estimated 87 million acres of corn will be planted for the 2007/2008 crop year. The company continues to believe there will be a significant expansion in the acreage dedicated to corn in the next decade, which -- coupled with substantive improvements in seed technology -- will continue to support the substantial growth in ethanol production while also supporting a strong livestock industry and robust corn exports.
AENS is developing "greenfield" sites, including constructing, owning and operating fuel-grade ethanol plants. For information: www.aensi.com.
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Forward-Looking Statements: This release contains "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 statements are based on management's expectations, estimates, projections and assumptions. You can identify these statements by the fact that they do not relate strictly to historic or current facts. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast" and similar words in connection with any discussion of future operating or financial performance. Forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed including, but not limited to, our inability to secure or generate sufficient operating cash flow to adequately maintain our generating facilities and service our debt, commodity pricing, intense competition for undervalued generating assets, environmental risks and general economic conditions and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC filings. Any forward-looking statements speak only as of the date of this release. We assume no obligation to update any forward-looking statements to reflect any event or circumstance that may arise after the release date.