KANSAS CITY, Mo., April 16, 2007 (PRIME NEWSWIRE) -- Kansas City-based Alternative Energy Sources Inc. (OTCBB:AENS) today announced the Boone County (Iowa) Board of Supervisors awarded a $7.5 million tax abatement over the next 12-1/2 years on its 110-million-gallon ethanol plant near Ogden, Iowa.
"It is with great enthusiasm and anticipation that Boone County has offered an economic development incentive package to Alternative Energy Sources to locate a new ethanol plant in our county," said Mike O'Brien, Boone County supervisor. "We perceive Alternative Energy Sources' intent to build a $285 million production facility as an opportunity for Boone County to participate in a growth industry that has the ability to offer real economic development for the area, provide an additional outlet for area grains and, in the long run, aid our nation in its effort to decrease its dependence on foreign oil. We are looking forward to a long-term productive relationship with the firm that will be beneficial to all entities."
With regards to the award, Jim Robbins, Boone County attorney, stated, "Alternative Energy Sources and the team of professionals associated with this project have demonstrated unmatched management abilities; the business plan presented by AENS clearly shows their ability to achieve longevity."
"We are very pleased by the support of the Board of Supervisors and the Economic Development Committee's recommendation for the award," says J.B. Voss, AENS's vice president of business development. "This award is a great testament to our partnership and our mutual commitment to the area's agricultural economy."
The award will be used to defer local property taxes.
AENS plans to break ground for the plant in early summer and have it in operation by late fall 2008.
AENS is developing "greenfield sites," including constructing, owning and operating fuel-grade ethanol plants. For information: www.aensi.com
The Alternative Energy Sources Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2961
Forward-Looking Statements: This release contains "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 statements are based on management's expectations, estimates, projections and assumptions. You can identify these statements by the fact that they do not relate strictly to historic or current facts. They use words such as "will," "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target," "forecast" and similar words in connection with any discussion of future operating or financial performance. Forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed including, but not limited to, our inability to secure or generate sufficient operating cash flow to adequately maintain our generating facilities and service our debt, commodity pricing, intense competition for undervalued generating assets, environmental risks and general economic conditions and other financial, operational and legal risks and uncertainties detailed from time to time in the Company's SEC filings. Any forward-looking statements speak only as of the date of this release. We assume no obligation to update any forward-looking statements to reflect any event or circumstance that may arise after the release date.