Rex has agreed pay $9.2m and has committed an additional $6.5m depending on the future profitability of NuGen, for the acquisition of ownership interest.

With this investment, Rex will raise its overall ownership interest in annual the capacity ethanol production by approximately 33%. Rex intends to fund its initial investment from cash on hand.

The acquisition will enable Rex to have ownership interests in seven ethanol production facilities representing approximately 191 million gallons per year of annual nameplate capacity, 632 million gallons per year being the total annual capacity of ethanol production facilities in which Rex has ownership interests.

The execution of the transaction is subject to the satisfaction of customary conditions and is likely to occur by the end of July 2010.