Southridge Ethanol Announces $6.6 Million Financing Closed
DALLAS, April 2, 2008 -- Southridge Enterprises, Inc. (OTC Bulletin Board: SRDG - News; the "Company") is pleased to report that the private placement announced on February 22, 2008 with investment firm Nexus Lotts Capital Corporation (NLCC) has closed.
The net proceeds from the offering will be used for the construction of the Company's previously announced sugarcane-based ethanol plant in El Salvador and a land purchase in Texas.
Commenting on the financing, Ken Milken the CEO stated, "We are very pleased to have concluded this funding especially during a time of great uncertainty in the financial markets. These funds will provide the necessary capital to continue to grow our existing businesses and expand our revenue streams."
In addition, the Company is finalizing a $25 million financing while awaiting permits for its ethanol plant construction in Quitman County Mississippi.
About Southridge Enterprises, Inc.
Southridge Enterprises 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 and anticipates start-up of the first phase of these operations in 2009. Southridge Enterprises is headquartered in Dallas, Texas. For more information, please visit our website: http://www.southridgeethanol.com.
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, successfully equipping the Quitman County plant for the production of ethanol, and the startup of production of in 2009, if at all.
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.
