OMAHA, Neb., June 3, 2013 (GLOBE NEWSWIRE) -- Green Plains Renewable Energy, Inc. (Nasdaq:GPRE) announces today that it has signed a purchase agreement to acquire the membership interests of Choice Ethanol Holdings, LLC, the entity that owns the former NEDAK Ethanol, LLC ethanol plant located in Atkinson, Neb. and an ethanol storage and loading facility located approximately 15 miles east of the plant. The dry-mill ethanol plant will add approximately 50 million gallons of operating capacity to Green Plains' current annual production capacity of 740 million gallons.
"The acquisition of the plant in Atkinson expands our ethanol production platform and aligns with our ongoing strategy of growing our business and enhancing long-term shareholder value," said Todd Becker, Green Plains' President and Chief Executive Officer. "The plant meets our disciplined acquisition criteria and we have a deep understanding of this technology, size and geographic area. We believe we can rapidly improve the overall performance of this plant."
The ethanol plant utilizes Delta-T processing technology. The ethanol storage facility holds approximately 24,000 barrels of ethanol and is located on the BNSF rail line. Green Plains plans to staff and re-start the plant within the next four weeks. Once the transaction closes, the Company plans to begin installing corn oil extraction technology, which should be completed in the fourth quarter of 2013. Completion of this transaction is subject to standard and customary closing conditions.
Carl Marks Advisory Group served as exclusive financial advisor to Choice Ethanol Holdings, LLC.
About Green Plains Renewable Energy, Inc.
Green Plains Renewable Energy, Inc. (Nasdaq:GPRE), which is North America's fourth largest ethanol producer, markets and distributes approximately one billion gallons of ethanol annually. Green Plains owns and operates grain storage assets in the corn belt and biofuel terminals in the southern U.S. Green Plains is a joint venture partner in BioProcess Algae LLC, which was formed to commercialize advanced photo-bioreactor technologies for growing and harvesting algal biomass.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements are identified by the use of words such as "anticipates," "believes," "estimates," "expects," "goal," "intends," "plans," "potential," "predicts," "should," "will," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such statements are based on management's current expectations and are subject to various factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such forward-looking statements. Green Plains may experience significant fluctuations in future operating results due to a number of economic conditions, including, but not limited to, competition in the ethanol and other industries in which the Company operates, commodity market risks including those that may result from current weather conditions, financial market risks, counter-party risks, risks associated with changes to federal policy or regulation, risks related to closing, successful start-up and achieving anticipated results from acquisitions, risks associated with the joint venture to commercialize algae production and the growth potential of the algal biomass industry, and other risks detailed in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2012, and in the Company's subsequent filings with the SEC. In addition, the Company is not obligated, and does not intend, to update any of its forward-looking statements at any time unless an update is required by applicable securities laws.
CONTACT: Jim Stark Vice President - Investor and Media Relations Green Plains Renewable Energy, Inc. (402) 884-8700
Source:Green Plains Renewable Energy