SOURCE: ALL Fuels & Energy Company

May 24, 2007 06:30 ET

AFSE Receives Over $17 Million in Infrastructure Improvements, Tax Credits and Tax Abatements

City of Manchester, State of Iowa Support Company's Proposed 100 Million Gallon Ethanol Plant

JOHNSTON, IA -- (MARKET WIRE) -- May 24, 2007 -- ALL Fuels & Energy Company (PINKSHEETS: AFSE) announced today that its subsidiary, ALL Energy Manchester, LLC (the "Manchester Subsidiary"), has received in excess of $17 million in infrastructure improvements, tax credits and property tax abatements from the City of Manchester, IA, and the State of Iowa in support of AFSE's proposed 100 million gallon per year ethanol production facility. The City has agreed to provide the Manchester Subsidiary with sewer service to the facility site, roadway improvements in and around the facility site and a 10-year property tax abatement, a total incentive package in excess of $6.6 million. In addition, the Iowa Department of Economic Development has awarded the Manchester Subsidiary a sales and use tax credit in an amount in excess of $10.4 million for High Quality Job Creation.

"The City of Manchester and the State of Iowa are truly great partners in this project. We are proud to be building our first plant in the State of Iowa, in the Manchester community," said Dean Sukowatey, President, All Fuels & Energy Company.

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ALL Fuels & Energy Company (PINKSHEETS: 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 150 acres on which 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; engaged Yaggy-Colby to handle air-related environmental matters 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.

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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