SOURCE: ICrystal, Inc.

February 09, 2007 09:00 ET

ICRI's ALL Energy Company Provides Correction

JOHNSTON, IA -- (MARKET WIRE) -- February 9, 2007 -- ICrystal, Inc. (PINKSHEETS: ICRI), a Johnston, Iowa-based ethanol company that is to acquire privately held ALL Energy Company, today clarified its January 31, 2007 press release wherein it announced that Dougherty & Company LLC (Dougherty), a Minneapolis-based full-service investment banking firm, had agreed to provide the financing necessary to fund acquisition-related capital requirements. That statement was incorrect and should have indicated that Dougherty had agreed to assist with acquisition strategy and asset valuation, as well as capital structure, on a best-efforts basis only.

About ALL Energy Company

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ICRI is to close on the acquisition of ALL Energy Company in the near future, there being no impediments to such closing. ALL Energy Company was organized to operate as an ethanol producer, focusing primarily on the production and sale of ethanol and its co-products. To date, ALL Energy Company has made the following important progress toward its objectives: obtained $2 million in private equity funding; acquired an option to purchase the necessary land for ALL Energy Company's proposed ethanol production facility in Manchester, Iowa; signed 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.

The Ethanol Industry

In general, public policy currently is strongly in favor of the development of sources of renewable fuels. The ethanol industry has grown significantly over the last few years, expanding production capacity at a compounded annual growth rate of approximately 20% from 2000 to 2006, and is expected to continue to grow as a result of its favorable production economics relative to gasoline, due to ethanol's clean burning characteristics, a shortage of domestic petroleum refining capacity, geopolitical concerns and federally mandated renewable fuel usage, like those proposed by President Bush in his State of the Union Address on January 23, 2007. According to the Renewable Fuels Association (RFA), domestic ethanol production has increased from 1.3 billion gallons in 1997 to a current production capacity of approximately 5.4 billion gallons.

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 ALL Energy Company 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