SOURCE: Green Plains Renewable Energy

April 16, 2007 07:00 ET

Green Plains Renewable Energy, Inc. Announces Departure of Brian Larson

SHENANDOAH, IA -- (MARKET WIRE) -- April 16, 2007 -- Green Plains Renewable Energy, Inc. (the "Company") (NASDAQ: GPRE) (AMEX: GPRE) today announced that Brian L. Larson, the Company's Chief Financial Officer, is stepping down from his position as CFO and as an employee of the Company, effective June 8, 2007. Brian has accepted another employment offer outside of the ethanol sector.

Wayne Hoovestol, the Company's CEO, said today, "We want to thank Brian for his contribution to the Company. He began commuting to our Las Vegas office as a consultant and then commuting to our Shenandoah office, and we realize all of the traveling has been difficult. We understand Brian's decision and are supportive of it, and we appreciate all he has done for the Company. This is a very amicable exit, and I appreciate that Brian has given us a 90-day notice. This should be long enough for an orderly transition to a new CFO. Brian has been a great asset to the Company in our start-up phase, and we wish him the best in his new position. He has helped us lay the foundation for our accounting systems, internal controls and financial reporting. We are now actively searching for a new CFO."

About Green Plains Renewable Energy, Inc.

GPRE is currently building two 50 million gallon name-plate ethanol facilities in Iowa. The first is being built in Shenandoah, Iowa. The second is being built near Superior, Iowa. Start-up of the Shenandoah plant is expected in mid-2007. The Superior plant is anticipated to begin production near the end of 2007. Once both plants are completed, the Company anticipates that it will have approximately 110 million gallons of ethanol production (10% over name-plate) in 2008. The Company intends to expand the production capacity at both of these plants in the future and may build other plants at other locations.

This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Such statements are identified by the use of words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," 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. GPRE may experience significant fluctuations in future operating results due to a number of economic conditions, including, but not limited to, competition in the ethanol industry, risks associated with plant construction, technology development, and commodity prices. Additional information with respect to these risks and other factors, which could materially affect GPRE and its operations, are included on certain forms GPRE has filed with the SEC. GPRE assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

www.gpreethanol.com

Contact Information

  • Contact:
    Green Plains Renewable Energy, Inc.
    712.246.2932