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FOR
IMMEDIATE RELEASE
Ray Griffin (517)
795-5010
November 10, 2003
Great
Lakes Ethanol, LLC Announces Plans to Build New Ethanol Plant
ADRIAN, MICH.—
Great Lakes Ethanol, LLC (GLE) announced today that it plans to build
a 40 to 50 million gallon per year ethanol plant in southeastern Michigan.
GLE has selected Delta-T Corporation, based in Williamsburg, Virginia,
together with T.E. Ibberson, of Hopkins, Minnesota, and TIC-The Industrial
Company, of Steamboat Springs, Colorado as the design build firm for
the proposed plant. Together with Delta T/Ibberson/ TIC, GLE intends
to investigate and select an appropriate site for the plant. Depending
upon the results of its financing efforts, GLE expects that construction
of the plant will commence in 2004, and the plant will be operational
in 2005. GLE expects that plant construction and overall project cost
will range from approximately 60 to 70 million dollars, depending on
the size and site selected.
GLE is a Michigan
limited liability company. GLE grew out of a community-based process
facilitated by MSU Extension to identify strategies for agricultural
economic development. Support from the Corn Marketing Program of Michigan,
the Lenawee County Chamber of Commerce, the Lenawee MSUE Agricultural
Advisory Group, and the Lenawee County Board of Commissioners has been
important during the initial phase of company formation.
GLE has made a filing
with the Department of Consumer and Industry Services of the Michigan
Office of Financial and Insurance Services for an offering of a minimum
of 10 million dollars and a maximum of 35 million dollars of its equity
units. The base price per unit in the offering has been set at $2.00,
subject to certain incentive pricing for early subscribers. The offering
is subject to various conditions including GLE’s receipt of necessary
debt financing. GLE plans to begin conducting meetings with potential
investors approximately 30 days following completion of the clearance
process with the Michigan Office of Financial and Insurance Services.
A filing relating
to these securities has been made with the Michigan Office of Financial
and Insurance Services but the clearance process has not yet been completed.
These securities may not be sold nor offers to buy be accepted prior
to such completion. This communication shall not constitute an offer
to sell or the solicitation of an offer to buy nor there be any sale
of these securities in any state in which such an offer, solicitation,
or sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
For additional information
on Great Lakes Ethanol, LLC, please contact Ray Griffin, the President
of the Board, by calling 517-795-5010 or contact us by mail at 202 N.
Main Street, Suite A, Adrian, Michigan 49221.
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