Southridge Enterprises, Inc. (OTCBB: SORD) (the "Company") today announced that Southridge Environmental, Inc., its wholly owned subsidiary, has closed on the purchase of an industrial plant facility located in Quitman County, Mississippi. The incentives offered by the Quitman County Economic Development Council and the State of Mississippi, along with the operational and logistical benefits of the region, were instrumental factors for the Company to locate its planned ethanol plant in this facility. This ethanol plant will create a significant economic benefit and many jobs for Mississippi.
The plant is situated on 37 acres strategically located in the northwest region of the state, which is in the lower portion of the Mid-West corn belt, enabling inexpensive and abundant access to the corn supply. Adjacent to the facility is the largest rail line by volume in the U.S., providing the Company with immediate and direct access to world markets. Access to this rail line allows for the import of raw materials and the export of our ethanol and co-products via our 144,000 sq.ft. concrete rail loading dock on site, built specifically for large scale operations like Southridge. With this infrastructure, the Company has access to 15 grain elevators and 5 oil refineries within the State of Mississippi ensuring consistent delivery of raw material and distribution of finished products. An additional logistical benefit of the facility is its proximity to the Mississippi River, allowing for raw material and finished product to be shipped by barge and delivered a short distance to and from the facility. By having both of these logistical options, Southridge is in an advantaged position to be a competitive ethanol producer.
The facility has a 76,000 sq.ft. industrial structure that will be converted to house equipment for ethanol production. By utilizing the pre-existing structure and modifying it rather than undertaking new construction, Southridge is able to save millions in costs and years in time. The plant has 10,000 sq.ft. of office and administration space which is to be used for the Company's research and development laboratory. Another benefit of the site is the water tower and auxiliary water tank ensuring abundant water supply, which is vital in the production of ethanol.
The President of the Company, Mr. Alex Smid, said, "I am extremely excited about the new facility in Quitman County and believe it will be the core foundation from which to build enormous shareholder value. We aspire to be the fastest growing ethanol producer in the southern U.S.," and, "We appreciate the cooperative business environment of Quitman County and the State of Mississippi and look forward to a bright and prosperous future together."
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 with a planned capacity of 60 million gallons per year and anticipates start-up of the first phase of these operations in 2007. Southridge Enterprises is headquartered in Dallas, Texas.
SOURCE: Southridge Enterprises, Inc.