Press Release Source: Originally New York, Inc.
Diversified Ethanol A Division of Originally New York, Inc Expands with 14-Acre Purchase On Schedule
Wednesday January 3, 8:43 am ET
CHICAGO--(BUSINESS WIRE)--Diversified Ethanol, a division of Originally New York, Inc (OTCBB:ONYI - News) today closes on the purchase of a 14 acre site where it intends to build one of its ethanol plants. This will bring the young but aggressively expanding company's inventory from one plant to two. After that plant is completed, the company intends to expand again. The ethanol industry has seen rapid growth taking place as lawmakers are legislating ethanol blending into business. Diversified Ethanol seeks to market new technology that it hopes will make the biofuels industry more cost effective.
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The 14-acre purchase features grain storage bins, steel tanks, hoppers, augers, a steel building to house equipment, a building that will become the lab, storage buildings, and its own well.
The company's pilot plant now stands ready to run, awaiting permits. Once permits are in place, the process of optimizing the plant will begin, which usually takes several months.
Regarding merger rumors, the company denies rumors that any definitive agreements have been reached, but acknowledges that it has been in talks with multiple companies. CEO Taylor Moffitt stated, "If anything happens, we will put out a press release as soon as we have any solid news that can benefit our shareholders."
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Auf ein gutes,reiches neues 2007 !!
Euer Mathi0304
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