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October 2006

 

Earth Biofuels acquires ethanol facility

Earth Biofuels, Inc. announced that, its wholly-owned subsidiary, Earth Ethanol, Inc., executed an agreement between Earth Ethanol, Inc., HPS Development, LLC, (HPS), and South Louisiana Ethanol, LLC, (SLE) to acquire a 50 percent membership interest in SLE, which owns a former ethanol production facility in Plaquemines Parish, located approximately nine miles southeast of New Orleans on the Mississippi.

“Following scheduled reconstruction, we believe that this state-of-the-art facility will be capable of producing significant quantities of corn-based ethanol that can be directly blended with gasoline and thereby extend our nation’s fuel supply with a resource that is cleaner-burning, renewable, and domestically produced,” said Dennis McLaughlin, chairman and chief executive officer of Earth Biofuels, Inc.

Interim funding for necessary renovations has been provided by Earth Biofuels, Inc., although the Company plans for the majority of the reconstruction funding to be provided through a financing spearheaded by Morgan Keegan & Company, Inc. The reconstruction is expected to be completed in the third quarter of 2007, and the facility’s production capacity is projected to be at least 65 million gallons per year.


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