SOURCE: ICrystal, Inc.

May 02, 2007 16:57 ET

ICRI Board Approves Forward Stock Split

Holders to Receive One New Share for Every Two Shares Owned; Record Date Set as May 14, 2007

JOHNSTON, IA -- (MARKET WIRE) -- May 2, 2007 -- ICrystal, Inc. (PINKSHEETS: ICRI), a Johnston, Iowa-based ethanol company that is to change its name to "ALL Fuels & Energy Company," today announced that its board of directors had approved a forward split of its outstanding shares of common stock on a one-new-share-for-every-two-shares-owned basis. The record date for the forward stock split is the close of business on May 14, 2007.

"Our board believes this forward stock split will add value to the ownership of our stock as we continue our strategies building and acquiring 500 million gallons of annual ethanol production," said Dean Sukowatey, ICRI's President.

Mr. Sukowatey further explained that shareholders would not be required to take any action in order to receive the additional shares of common stock.

About the ICRI

ICRI expects that it will change its corporate name to "ALL Fuels & Energy Company" on or about May 3, 2007.

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The company was organized to operate as an ethanol producer, focusing primarily on the production and sale of ethanol and its co-products. To date, the company 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 ICRI'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 AEC and/or ICRI to obtain needed financing, as well as the financial performance of ICRI, which could cause actual results to differ materially from those anticipated. Although ICRI 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 ICRI does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Contact Information

  • Contact:
    ICrystal, Inc.
    Dean Sukowatey