SOURCE: Southridge Enterprises, Inc.

October 06, 2006 13:49 ET

Southridge Enterprises Secures $10 Million Financing

DALLAS, TX -- (MARKET WIRE) -- October 6, 2006 -- Southridge Enterprises, Inc. (OTCBB: SORD) (the "Company") today announced that it has secured a Line of Credit financing for up to $10 Million with a Private Energy Fund. The Company has already drawn $550,000 from the Line of Credit for acquisitions and operations.

ABOUT SOUTHRIDGE ENTERPRISES, INC.

Southridge Enterprises, Inc. is a renewable energy company with a mission to become the ethanol producer of choice in the southeastern region of the United States. The Company is focusing its efforts in an area which offers abundant supplies of corn, superior transportation infrastructure and expedited permitting processes. The Company is actively acquiring and developing ethanol production facilities with a planned capacity of 60 million gallons per year and anticipates start-up of the first phase of these operations in 2007. Southridge Enterprises is headquartered in Dallas, Texas.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development of two ethanol production facilities, any related ethanol production capability, or when any ethanol plant may become operational.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the development of an early stage company in the alternative energy industry, its products and the entry into new markets for such products. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's current and periodic reports filed from time to time with the Securities and Exchange Commission.

On behalf of the Board of Directors,

Southridge Enterprises, Inc.

Alex Smid, President and Director

Contact Information

  • CONTACT:
    Alex Smid
    President and Director
    Tel: 877-729-3835