All Fuels & Energy has secured an extension of its period of exclusivity to negotiate and sign an agreement to purchase an ethanol plant located in the Midwest US.
The exclusivity period now extends through the middle of July 2010. The company said that it has made substantial progress in its due diligence efforts and is currently in the process of finalizing the necessary financing.
Dean Sukowatey, CEO and president of All Fuels & Energy, said: “We are very encouraged with the progress we’ve made so far on this transaction. We continue to work with our valuable industry partners who participated in our qualified bid at the Renew bankruptcy auction and who are important in our finalizing the necessary financing.
“We look forward to completing this transaction with our industry partners, as well as other targeted ethanol production acquisitions.”
All Fuels & Energy is a development-stage ethanol company, focusing primarily on the production and sale of alternative fuels including ethanol and its co-products.