Southridge Announces Groundbreaking of El Salvador Plant
February 26 2008 - 10:26AM
PR Newswire (US)
DALLAS, Feb. 26 /PRNewswire-FirstCall/ -- Southridge Enterprises,
Inc. (OTC:SORD) (BULLETIN BOARD: SORD) (the "Company") announced
that the Company had a ground breaking ceremony today on a new
ethanol manufacturing plant in El Salvador. Announced in Dec. 2007,
the new plant will have an expected maximum annual capacity of 20
million gallons per year. Today's groundbreaking puts Southridge on
track to complete plant construction by early 2009. The company
further stated that it expects to begin construction, which should
take approximately 12 months, within the next thirty days. First
phase will have the capacity to dry up to 15MMGY of hydrous ethanol
to be imported into the United States. The second phase would be to
build the plant capable of producing 5MMGY of ethanol using sugar
cane as feedstock. Having the capability to use feedstock grown and
cut straight on land owned by the Company will give it a huge
advantage. Bagasse, the fibrous material that remains from sugar
cane, will be burned as fuel and cut down our energy costs by 60%.
Lower energy and feedstock costs will bring our profits to record
highs in the industry. CEO, Ken Milken commented, "This
groundbreaking represents an important step in our mission to
accelerate the commercial adoption of renewable energy such as
ethanol." Southridge plans to export ethanol from Brazil and import
it into the United States via its facility in El Salvador where the
company can take advantage of the Caribbean Basins Initiative
(CBI), a trade agreement signed in 2000 that allows Caribbean and
Central American countries to export ethanol into the United States
duty-free. The new site in El Salvador is located in close
proximity to a river making it easily accessible to transport
product to an ocean local port for transport to the United States.
The site has 25,000 mz (approx. 4,500 acres) of land and access to
abundant sugar cane production capacity. With an average yield of
30 to 40 tons per acre grown on site, the location will be more
than capable of supplying the 5 million gallon per year production
plant. Southridge is very encouraged by this strategic new facility
in El Salvador as it will allow the Company to become one of the
lowest cost producers in the industry through the benefits of
export incentives and supply of its own raw materials. This
comparative advantage of vertical integration and production
diversification will act as a hedge against rising costs and will
ensure the stability of future production levels. About Southridge
Enterprises, Inc. Southridge Enterprises is a renewable energy
company with a mission to become the ethanol producer of choice in
the southeastern region of the United States. The Company is
focusing its efforts in an area which offers abundant supplies of
corn, superior transportation infrastructure and expedited
permitting processes. The Company is actively acquiring and
developing ethanol production facilities and anticipates start-up
of the first phase of these operations in 2009. Southridge
Enterprises is headquartered in Dallas, Texas. For more
information, please visit our website:
http://www.southridgeethanol.com/ Forward-Looking Statements This
news release contains "forward-looking statements," as that term is
defined in Section 27A of the Act and Section 21E of the Securities
Exchange Act of 1934. Statements in this press release, which are
not purely historical, are forward-looking statements and include
any statements regarding beliefs, plans, expectations, or
intentions regarding the future. Such forward-looking statements
include, among other things, successfully equipping the El Salvador
plant for the production of ethanol, and the startup of production
of in 2009, if at all. Actual results could differ from those
projected in any forward-looking statements due to numerous
factors. Such factors include, among others, the inherent
uncertainties associated with the development of an early stage
company in the alternative energy industry, its products, and the
entry into new markets for such products. These forward-looking
statements are made as of the date of this news release, and the
Company assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although the Company believes that the beliefs, plans,
expectations, and intentions contained in this press release are
reasonable, there can be no assurance those beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consider all of the information set forth herein and should
also refer to the risk factors disclosed in the Company's current
and periodic reports filed from time to time with the Securities
and Exchange Commission. Southridge Enterprises, Inc. Bruce
Kennard, 888-862-2192, ext. 3 http://www.southridgeethanol.com/
DATASOURCE: Southridge Enterprises, Inc. CONTACT: Bruce Kennard of
Southridge Enterprises, Inc., 1-888-862-2192, ext. 3 Web site:
http://www.southridgeethanol.com/
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