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Ethanex Energy, Inc. Announces the Appointment of Former Duke Energy Executive John F. Norris, Jr. to the Company's Board of Directors
BASEHOR, Kan., Sep 08, 2006 (BUSINESS WIRE) -- Ethanex Energy, Inc. (EHNX.OB), an alternative energy company whose mission is to become the ethanol industry's low-cost producer, today announced the appointment of former Duke Energy Corporation (NYSE:DUK) executive John F. Norris, Jr. to the Company's Board of Directors. During his 16 year tenure at Duke Energy, Mr. Norris held various executive management positions and as President and CEO of Duke Engineering & Services led this unregulated company to a period of impressive growth from 43 employees and $7.5million of revenue in 1989 to over 3,000 employees and $430 million of revenue in 1996. In 1998 he was named Senior Vice President of Duke Energy Corporation and Chairman and CEO of Duke Energy Global Asset Development.
"We are very pleased to announce the addition of John Norris to the Ethanex Board of Directors. John has terrific credentials and a wealth of experience in the energy industry and will be a tremendous resource for Ethanex as it continues to focus on developing and operating efficient, low cost ethanol production facilities and creating value and earnings for our shareholders. We welcome John's breadth of industry knowledge and business and engineering acumen," said Al Knapp, President and Chief Executive Officer of Ethanex. "John's addition is a key milestone in our effort to develop a highly qualified Board with extensive energy industry experience," Knapp added. Mr. Norris joins the current Board of Directors of Ethanex composed of Ethanex executives, Al Knapp (President and CEO), Robert Walther (Executive Chairman of the Board), Randy Rahm (co-COO), and Bryan Sherbacow (co-COO).
In 1999 Mr. Norris left Duke Energy to become President and COO of the American Bureau of Shipping Group before joining American Electric Power (NYSE:AEP) as Senior Vice President, Operations and Technical Services, which included responsibility for the operation of all of AEP's non-nuclear wholesale assets, including over 40,000 megawatts of fossil, wind and hydro power generation. Mr. Norris left AEP in 2003 to become a consultant to companies in energy-related industries. In April 2005, Mr. Norris became an Executive Consultant to Fuel-Tech, N.V. (NASDAQ: FTEK), and in June 2006 he was named President and CEO of Fuel-Tech N.V. Mr. Norris also serves as managing director of Fuel-Tech N.V.
Mr. Norris has served on the Board of Directors of a number of companies and not-for-profit organizations, including his current role on the Board of Advisors to the College of Engineering and the Department of Nuclear Engineering at North Carolina State University. Mr. Norris is a registered professional engineer in Ohio, North Carolina and Alabama. He is also a member of the American Nuclear Society, American Society of Mechanical Engineers, and the National Society of Professional Engineers.
Mr. Norris received a B.S. degree in Nuclear Engineering from North Carolina State University in 1971.
About Ethanex Energy, Inc.
Ethanex Energy, Inc. is an alternative energy company whose mission is to become the industry's low-cost producer. The company expects to achieve this industry position through the application of next-generation feedstock technologies and use of alternative energy sources. Ethanex Energy is currently developing three ethanol production facilities located in the mid-west, with a combined production capacity of approximately 300 million gallons of ethanol per year. The Company expects these three plants to be operational in 2008. Ethanex Energy is concentrating its geographic focus in areas that allow access to abundant supplies of corn, alternative energy sources, transportation infrastructure and the potential for expedited permitting. Ethanex Energy's acquisition and brownfield development strategies afford it rapid capacity development with significant operating cost advantages. The Company's senior management has over eighty years of experience in the energy sector including the design, construction and operation of hundreds of power generation facilities. Ethanex Energy is based in Basehor, Kansas with offices in Santa Rosa, California and Charleston, South Carolina. For more information about Ethanex Energy, visit www.ethanexenergy.com.
Forward Looking Statements: This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, including without limitation those statements regarding the Company's ability to exploit ethanol development and production opportunities. These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished. Although the forward-looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, our inability to generate sufficient operating cash flow to construct and adequately maintain our production facilities and service our anticipated debt, commodity pricing, environmental risks and general economic conditions. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release, other than as may be required by applicable law or regulation. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including those risks set forth in the Company's Current Report on Form 8-K filed on September 6, 2006, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. We undertake no obligation to update these forward-looking statements.
SOURCE: Ethanex Energy, Inc.
CONTACT: Ethanex Energy, Inc. Bryan Sherbacow, 202-337-2200 b.sherbacow@ethanexenergy.com www.ethanexenergy.com or Investor Relations Strategic Growth International Jennifer K. Zimmons, Ph.D., 212-838-1444 jzimmons@sgi-ir.com www.sgi-ir.com
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