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Posted on  

November 10, 2003

Great Lakes Ethanol, LLC Announces Plans to Build New Ethanol Plant

ADRIAN, MICH.— Great Lakes Ethanol, LLC (GLE) announced today that it plans to build a 40 to 50 million gallon per year ethanol plant in southeastern Michigan. GLE has selected Delta-T Corporation, based in Williamsburg, Virginia, together with T.E. Ibberson, of Hopkins, Minnesota, and TIC-The Industrial Company, of Steamboat Springs, Colorado as the design build firm for the proposed plant. Together with Delta T/Ibberson/ TIC, GLE intends to investigate and select an appropriate site for the plant. Depending upon the results of its financing efforts, GLE expects that construction of the plant will commence in 2004, and the plant will be operational in 2005. GLE expects that plant construction and overall project cost will range from approximately 60 to 70 million dollars, depending on the size and site selected.

GLE is a Michigan limited liability company. GLE grew out of a community-based process facilitated by MSU Extension to identify strategies for agricultural economic development. Support from the Corn Marketing Program of Michigan, the Lenawee County Chamber of Commerce, the Lenawee MSUE Agricultural Advisory Group, and the Lenawee County Board of Commissioners has been important during the initial phase of company formation.

GLE has made a filing with the Department of Consumer and Industry Services of the Michigan Office of Financial and Insurance Services for an offering of a minimum of 10 million dollars and a maximum of 35 million dollars of its equity units. The base price per unit in the offering has been set at $2.00, subject to certain incentive pricing for early subscribers. The offering is subject to various conditions including GLE’s receipt of necessary debt financing. GLE plans to begin conducting meetings with potential investors approximately 30 days following completion of the clearance process with the Michigan Office of Financial and Insurance Services.

A filing relating to these securities has been made with the Michigan Office of Financial and Insurance Services but the clearance process has not yet been completed. These securities may not be sold nor offers to buy be accepted prior to such completion. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor there be any sale of these securities in any state in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

 

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