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DALLAS, Sept. 4 /PRNewswire-FirstCall/ -- Southridge Enterprises, Inc.
(OTC Bulletin Board: SRDG; the "Company") announced today that it has signed
an agreement with Beijing-based investment firm, Shenyang Rrzk Co., Ltd., to
sell a 20% interest in the Company's El Salvador ethanol facility for $4
million. This foreign investment participation in the El Salvador plant stems
directly from the effectiveness of our Asian market awareness program
currently being implemented by marketing firm Kikomaki Corp.
The Company began construction of the ethanol manufacturing plant in El
Salvador in February 2008. The new plant will have a maximum annual capacity
of 20 million gallons per year and for a total cost of approximately $20
million. The construction of the first phase of the facility is expected to
be completed by early 2009 with the entire plant operational near the end of
2009 or early in 2010.
"The completion of the El Salvador facility will solidify Southridge as a
significant US-based ethanol producer with a strong international presence in
the ethanol industry. In addition, the rapid development towards the
completion of our plant in Brazil will further launch the Company towards its
goal of becoming a major global supplier of ethanol," commented Southridge
President, Ken Milken.
Dallas-based Southridge is developing ethanol plants in Brazil and El
Salvador.
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
start-up 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.
SOURCE Southridge Enterprises, Inc.
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