Southridge and ITEC Refining — Agreement on Ethanol Marketingadmin
Southridge Enterprises, Inc. is pleased to announce that Southridge Ethanol Inc. (“Southridge”), the Company’s wholly owned subsidiary, has entered into an ethanol sales and marketing agreement (the “ITEC Agreement”) with ITEC Refining and Marketing Company Ltd. (“ITEC”) of Barrington, Illinois, USA, in relation to the ethanol produced in the Southridge plant in Sledge, Mississippi.
ITEC is dedicated to marketing fuel, industrial and beverage grade alcohols and derivative products through trading partnerships with local producers and distributors throughout Europe, Asia, Africa, Far East, North and South America. Optimization of both the financial aspects and safety in transporting container and bulk liquid products across oceans and borders is critical in maintaining a competitive and profitable edge. ITEC markets and distributes ethanol products in wide-reaching regions all around the globe and has relationships with major storage and transportation organizations.
The ITEC Agreement will provide for the following:
– the purchase of the entire ethanol output of the plant – the safe transportation of ethanol products – rail car leasing – the establishment of a marketing committee made up of representatives of Southridge and ITEC – detailed pricing and payment scheduling – minimum quantity and quality standards
– proper standards for record-keeping
The ITEC Agreement ensures that Southridge will have a ready market and guaranteed payment scheduling for its ethanol production.
Mr. Alex Smid, President of Southridge Ethanol, Inc. stated: “This contract is another in a series of forward initiatives being taken by our company to ensure that we will be able to move into full production and profitability without undue disruption. The importance of marketing and transportation arrangements in this process cannot be overestimated and, in this regard, our expansive rail docking facility, acquired with the Sledge plant, will prove to be a very valuable and useful part of our operation.”
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 2007. Southridge Enterprises is headquartered in Dallas, Texas. For more information, please visit our website: www.southridgeethanol.com
Notice Regarding 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, the development of Southridge’s two-phase ethanol production facility, any ethanol production, or when any ethanol plant may become operational. 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.
On behalf of the Board of Directors,
Southridge Enterprises Inc.
Alex Smid, President and Director
Contact: Southridge Enterprises, Inc.
Source: Southridge Enterprises, Inc.