Aventine Announces Reopening of Aurora East Plant & Promotion of Officer
26 Juillet 2011 - 9:26PM
Aventine Renewable Energy Holdings, Inc. (OTCBB:AVRW) a leading
producer and marketer of ethanol and related products announced
that it has taken two additional steps on its path toward a
stronger financial future: the company expects to restart
production at one of its idled ethanol facilities, Aurora East,
located in Nebraska, and it has promoted its Chief Financial
Officer.
The company has completed improvements to the fermentation
process at its Aurora East plant in Nebraska. It expects to resume
production the week of July 25, 2011. The plant's production
has been idled since late April.
The company has also promoted John Castle to Executive Vice
President, Chief Operating Officer and Chief Financial
Officer. Castle, responsible for the finance function of the
business, will also assume responsibility for business
operations. Prior to his position at Aventine, Castle served
in a number of financial leadership positions, including in the
ethanol industry as the Senior Vice President of Operations, Chief
Financial Officer and Secretary of White Energy. Castle brings to
his new duties his experiences at several companies, including as
director of accounting for Dresser, Inc., global manufacturer of
highly engineered energy infrastructure and oilfield products, his
work as Chief Financial Officer at Rohn Industries, as well as the
Vice President-Treasurer and Corporate Controller of Telxon
Corporation. Castle is a Certified Public Accountant with a
master's degree in business administration from Xavier University
and a bachelor of science in accounting from Eastern Illinois
University.
"Castle's CFO expertise at Aventine has proven his ability to
manage many moving parts through the company's transition. He
has managed complicated financial details in extremely difficult
circumstances and John now will apply his leadership skills to the
manufacturing side of our business with the goal being to maximize
production at all plants," said Aventine's CEO, Thomas Manuel.
"Our operational focus is to implement identified changes to
bring the Mount Vernon plant closer to full
capacity. Resolving new plant production issues will help us
move forward with the start-up of the Aurora West facility, an
identical twin of the Mount Vernon facility. We are also
working through the mechanical systems of the Canton, Ill. facility
in preparation of starting that plant later in the year," said
Castle.
For further information, please refer to information filed with
the Securities Exchange Commission.
Forward Looking Statements
Certain information included in this press release may be deemed
to be "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. In some cases, you can
identify these statements by forward-looking words such as "may,"
"might," "will," "should," "expect," "plan," "anticipate,"
"believe," "estimate," "predict," "potential" or "continue," and
the negatives of these terms and other comparable terminology.
These forward-looking statements, which are subject to known and
unknown risks, uncertainties and assumptions about us, may include
the timing of completion of improvements and restarting operations
at our Aurora, Nebraska dry mill plant; the enhanced production of
the Mr. Vernon facility; the start up of the plant in Canton,
Illinois; projections of our future financial performance; and the
performance of our management team. These statements are only
predictions based on our current expectations and projections about
future events. There are important factors that could cause our
actual results, level of activity, performance or achievements to
differ materially from the results, level of activity, performance
or achievements expressed or implied by the forward-looking
statements.
Some of the factors that may cause the Company's actual results,
developments and business decisions to differ materially from those
contemplated by such forward looking statements include our ability
to obtain and maintain normal terms with vendors and service
providers, our ability to maintain contracts that are critical to
our operations, our ability to attract and retain customers, our
ability to fund and execute our business plan and any ethanol plant
expansion or completion projects, our ability to receive or renew
permits to construct or commence operations of our capacity
additions or other facilities in a timely manner, or at all, laws,
tariffs, trade or other controls or enforcement practices
applicable to our operations, changes in weather and general
economic conditions, overcapacity within the ethanol, biodiesel and
petroleum refining industries, availability and costs of products
and raw materials, particularly corn, coal and natural gas and the
subsequent impact on operations, changes in weather and general
economic conditions, overcapacity within the ethanol, biodiesel and
petroleum refining industries, availability and costs of products
and raw materials, particularly corn, coal and natural gas and the
subsequent impact on margins, our ability to raise additional
capital and secure additional financing, our ability to service our
debt or comply with our debt covenants, our ability to attract,
motivate and retain key employees, liability resulting from actual
or potential future litigation or the outcome of any litigation
with respect to our auction rate securities or otherwise, and plant
shutdowns or disruptions.
CONTACT: Calvin Stewart, Chief Accounting & Compliance Officer
(214) 451-6766
Calvin.Stewart@aventinerei.com
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