SOURCE: ICrystal, Inc.

March 07, 2007 09:26 ET

ICRI's ALL Energy Signs Letter of Intent to Acquire Privately Held ACE Ethanol

Operator of 30 Million Gallon Plant Slated to Be ALL Energy's First Acquisition

JOHNSTON, IA and MINNEAPOLIS, MN -- (MARKET WIRE) -- March 7, 2007 -- ICrystal, Inc. (PINKSHEETS: ICRI), a Johnston, Iowa-based ethanol company that is to acquire privately held ALL Energy Company, today announced that ALL Energy had signed a letter of intent to acquire ACE Ethanol, LLC, the operator of a 30 million gallon (per year) nameplate ethanol production facility in Stanley, WI, with 2006 production of approximately 43 million gallons. The anticipated all-cash acquisition is subject to the approval of the ACE Ethanol members and negotiation of the definitive acquisition agreement. Management expects that this process will take approximately 45 days to complete.

"Our team has, from the start, been committed to taking advantage of opportunities in the ethanol space when they present themselves, and this transaction with ACE is a great example of that commitment," said ICRI's President and ALL Energy's Chairman Dean Sukowatey. "We fully expect that our acquiring this $100 million a year, state-of-the-art ethanol plant will provide a strong jump-start for our company," added Mr. Sukowatey. Mr. Sukowatey next noted that ALL Energy, in recent days, had acquired the approximately 150 acres near Manchester, IA required for the company to construct its proposed 100 million gallon (per year) ethanol plant.

In the near future, ICRI will change its corporate name to "ALL Fuels & Energy Company."

About ALL Energy Company

Visit ALL Energy Company online at:

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.

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