Over
$24 million committed toward goal of $25 million
That’s
the word from North Prairie Productions, LLC. The announcement
appeared in a letter recently sent to over 650 subscribers
from Wisconsin who have already committed to the 45 million
gallon per year biodiesel project in Evansville. “The
amount of investment activity we have encountered since
the first of the year is remarkable,” said North
Prairie Productions Vice President Jeff Pieterick in commenting
on the announcement. “We had a successful harvest
in the state, and we’ve seen a lot of commitments
coming from farm producers as they look to invest year-end
profits in value-added opportunities for their grain crops.
Landmark Services Cooperative’s decision to step
forward with an additional $1 million in equity commitment
seems to have triggered interest, as well.”
North
Prairie Productions purchased the land for their biodiesel
plant from the Cottage-Grove based farm cooperative in
a previously announced land-for-equity swap. With the
additional investment, Landmark appears to further commit
to developing their Evansville holdings into an important
hub for bioindustry in Wisconsin.
Landmark
announced in December its intention to attract Wisconsin’s
first commercial soybean processing facility to its Evansville
location. The facility plans to crush Wisconsin-grown
soybeans into meal that is primarily used in the dairy
and poultry markets, and give the soy oil by-product to
North Prairie Productions to convert into biodiesel.
“We anticipate increased interest in the Offering
over the next days as potential investors see that the
end of this equity drive is in sight,” says Pieterick.
“I fully expect reaching our objective of $25 million
in commitments in the very near future so we can close
the offering soon. This keeps us on our anticipated schedule
for groundbreaking in March and to begin commissioning
the plant sometime around Thanksgiving.” The Evansville
biodiesel company has already announced the completion
of preliminary engineering and permitting requirements.
“It’s
exciting to see this level of support for this project
from within Wisconsin, primarily from the farm producers
who are in the vanguard of this nation’s effort
to promote renewable energy and to relieve our reliance
upon foreign oil. They, as much as anyone, see the opportunity
biodiesel presents in terms of rural economic development,
and we look forward to closing on this Offering within
the coming days so we can remain on schedule in creating
the next leap forward in Wisconsin’s bioindustry.”
For
meeting information or to receive an Offering Memorandum,
please call (877)299-2435 or e-mail us at info@npnrg.com.
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Notice Regarding Forward-Looking
Statements
This press release includes forward-looking statements.
All statements regarding North Prairie Products, LLC’s
expected operations, financing plans, business strategy,
budgets, projected capital expenditures, products and
services, competitive positions, growth opportunities,
plans and objectives of management for future operations,
as well as statements that include words such as “anticipate,”
“if,” “believe,” “plan,”
“estimate,” “expect,” “intend,”
“may,” “could,” “should,”
“will” and other similar expressions are forward-looking
statements. Please recognize that all forward-looking
statements involve a number of risks and uncertainties
that could cause our actual results to differ materially
from the estimates, expectations, beliefs, intentions,
projections and strategies reflected in or suggested by
the forward-looking statements. NPP disclaims any intention
or obligation to update any forward-looking statements
as a result of developments occurring after the date of
this press release.
