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ALL Fuels & Energy Receives $20 Million Funding Term Sheet to Further the Company's Growth Strategy
DES MOINES, Iowa-(Business Wire)-June 18, 2008 - ALL Fuels & Energy Company (AFSE) announces it has received a $20 million term sheet which will further the company's growth strategy including the development of its "super enzyme" project. The company has made significant progress in identifying and testing an enzyme process that could bring substantial savings to the $85 billion dollar ethanol industry. This funding would provide the necessary capital to bring the "super enzyme" through the development and testing phase and if successful to the market. All final funding agreements remain subject to negotiation and appropriate due diligence efforts.
"We are pleased to have received this vote of confidence from such a respected funding institution," said Dean Sukowatey, AFSE President, "Now is the time a for a new technology to be introduced which could greatly impact today's energy crisis and we are very excited to have the opportunity to be developing this "super enzyme" process which could be part of the solution."
About ALL Fuels & Energy Company
Visit the company online at: www.allenergycompany.com.
ALL Fuels & Energy Company (AFSE) recently acquired ALL Energy Company, a development-stage ethanol company organized to operate as an ethanol producer, focusing primarily on the production and sale of ethanol and its co-products. AFSE has adopted the business plan of ALL Energy Company. To date, AFSE has: obtained $2 million in private equity funding; purchased 154 acres to build its proposed ethanol production facility in Manchester, Iowa; signed a five-plant engineering and design agreement with Delta-T Corporation (Delta-T is a Virginia-based company with over twenty years of experience in the ethanol industry that management believes possesses superior expertise and superior technologies in the ethanol production space); engaged Natural Resources Group to handle water-related environmental matters relating to the proposed Manchester ethanol production facility; through the efforts of its air-related environmental consultant, Yaggy-Colby, obtained the final Air Quality Construction Permit, relating to the proposed Manchester ethanol production facility; and investigated and become involved in the potential acquisition of one or more existing ethanol production facilities, including Ace Ethanol. All Fuels & Energy Company has retained Dougherty & Company as its Mergers & Acquisitions advisor.
Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements". These forward-looking statements can generally be identified as such because the context of the statement will include words such as "expects", "should", "believes", "anticipates" or words of similar import. Similarly, statements that describe AFSE's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the ability of AFSE to obtain needed financing, as well as the financial performance of AFSE, which could cause actual results to differ materially from those anticipated. Although AFSE believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that such expectations will be fulfilled. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release, and AFSE does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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