To close this acquisition, Southridge will use the proceeds of an equity financing from an Asia-based investment transaction nearing completion.
The purchase is expected to close in 30 days, subject to certain conditions, including but not limited to completion of satisfactory due diligence by the company, the negotiation and completion of a definitive acquisition agreement, approval of the company and Bronsiacco Industrial boards of directors and other customary conditions.
Ken Milken, president of Southridge Ethanol, said: The opportunity to acquire this plant has given Southridge a tremendous advantage to be a large producer of ethanol in Brazil. By purchasing an existing plant, we will be able to produce 50 million gallons per year by May 10, 2009.
