SOURCE: ICrystal, Inc.

April 10, 2007 09:47 ET

ICRI Closes Acquisition of Iowa-Based Ethanol Firm ALL Energy Company

Company to Change Name to "ALL Fuels & Energy Company"

JOHNSTON, IA -- (MARKET WIRE) -- April 10, 2007 -- ICrystal, Inc. (PINKSHEETS: ICRI) today announced that it has completed its acquisition of ALL Energy Company (AEC), a Johnston, Iowa-based ethanol company. The acquisition was made solely for ICRI common stock. The company will continue to pursue the ALL Energy Company business objective of acquiring and constructing 500 million gallons of ethanol production per year.

"We believe that our bringing the ALL Energy vision to the public arena will positively impact our existing and future ethanol business opportunities," said ICRI's President, Dean Sukowatey. "We've completed the first major step towards fulfilling our stage one objective: to become a producer of 500 million gallons of ethanol per year."

The company has purchased 150 acres of land recently annexed by the City of Manchester, Iowa, on which to build its proposed 100 million gallon per year ethanol production facility, with engineering and permitting being processed for air and water permits for the facility.

Also, the company is negotiating to acquire Ace Ethanol, LLC, the operator of a 43 million gallon per year ethanol production facility.

The company has not received a commitment for the funding required to build the Manchester facility or to purchase Ace Ethanol.

About the ICRI

ICRI expects that it will change its corporate name to "ALL Fuels & Energy Company" on or about April 17, 2007.

Visit the company online at:

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