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For Immediate Release Altra Inc. COMPLETES ACQUISITION OF MAJOR ETHANOL PRODUCTION FACILITY Los Angeles (July 05, 2006) – AltraBiofuels, a California-based developer of renewable fuel products, announced today that it has completed the acquisition of California's only large scale operating ethanol plant, based in Goshen, CA, from Phoenix Bio-Industries, LLC. Completing the acquisition of the Goshen facility represents a major step forward in Altra’s current phase of its strategic projects and continues the Company’s execution of its strategy and overarching plan of building five hundred million gallons of biofuel production capacity through the acquisition of existing operating assets and the development of strategically located permitted facilities across the nation with state-of-the-art biofuel refining technology. Strategically located in the center of California’s San Joaquin Valley, one of the most productive agriculture regions in the country, the Goshen Ethanol facility’s annual production capacity currently reaches 27 million gallons per year (MGPY), which Altra aims to expand to 35 MGPY, making the Goshen facility the largest existing ethanol production center in the western United States. “Given the high demand for biofuels within California, triggered by aggressive clean-air initiatives and the lack of existing or planned alternative fuel production facilities in the state, the acquisition of the Goshen facility is a major milestone as we create a nationwide ethanol production footprint by acquiring and 'speeding up' existing, traditional corn-to-ethanol plants and by 'starting up' new ones,” said Larry Gross, CEO of AltraBiofuels “This acquisition is an important part of our strategy as we acquire and construct additional biofuel ‘hubs’ nationwide.” About AltraBiofuels |
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