Press Release
E3 BioFuels Clarifies Management Structure as its Closed-loop Ethanol Plant Nears Production
This press release was updated on February 8, 2007
MEAD, Neb., Nov. 1, 2006 – Dennis Langley, Chairman and CEO of E3 BioFuels, issued a statement today clarifying the management of the Genesis plant located in Mead, Nebraska. The plant, scheduled for launch in February 2007, is the first-ever commercially viable closed-loop system to produce ethanol without use of fossil fuels.
Statements in the media and on some websites may have created serious confusion...about the leadership of the sole, self-sustaining, closed-loop facility in Mead—the Genesis plant.
— E3 BioFuels CEO Dennis Langley
"Statements in the media and on some websites may have created serious confusion, even among sophisticated readers, about the leadership of the sole, self-sustaining, closed-loop facility in Mead—the Genesis plant," Langley explained."Specifically, several media accounts have stated or implied the facility is owned and operated by Prime BioSolutions. This is incorrect. The Mead plant is entirely owned and operated by E3 BioFuels-Mead and its affiliates."
David Hallberg, CEO of Prime BioSolutions, is a former employee of an E3 BioFuels subsidiary. His employment with the subsidiary was terminated in June 2006. "Hallberg no longer speaks for E3 BioFuels or its subsidiaries," Langley said.
"Through one of his other companies, Hallberg retains a non-voting, minority interest in only one of several holding companies involved with the Mead plant, but not in E3 BioFuels-Mead, LLC, which is the only owner of the Mead facility." Langley said. "Prime BioSolutions employs no one at the Mead plant and has no ownership interests here. Additionally, Prime BioSolutions has no third-party rights in or to E3 BioFuels-Mead, LLC, and/or its facilities."
Affiliates of E3 BioFuels and Prime BioSolutions both own rights to a patent on the closed-loop technology, which was licensed to the Mead facility.
"We wish David well in his new ventures," Langley said. "However, we are confident E3 BioFuels' operational expertise in the patented closed-loop technology and proven success in the energy industry will ensure the company remains a front-runner in the ethanol and agricultural industries."
Recent statements in the media and on the website of Prime BioSolutions prompted this clarification. Such statements include:
- Media reports after June 2006 that incorrectly cited Hallberg as CEO of E3 BioFuels.
- Media reports that incorrectly referred to the Mead facility as a "Prime BioSolutions plant."
- Repeated use of misleading phrases on Prime's web site such as the "Prime complex" or the "Prime...facility" in Mead.
"These statements are clearly misleading and more than technically incorrect," Langley said. "It's time to set the record straight."
Updated February 8, 2007