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Biofuels, LLC, Completes Equity Drive, FOR IMMEDIATE RELEASE: July 8, 2005 JEFFERSON CITY, Mo. – An equity drive sponsored by Biofuels, LLC, has prompted farmers across the state to reach for their pocketbooks to invest in the future of the biodiesel and soybean industries. The 600-share equity drive closed July 5, based on commitments from 372 Missouri agricultural producers. Biofuels, LLC, raised $9 million for the construction of Missouri’s first major biodiesel production facility, which will be majority-owned by Missouri farmers. Mid-America Biofuels, LLC, is a joint venture of Biofuels, LLC, MFA Oil Company, Ray-Carroll County Grain Growers, Growmark and Archer Daniels Midland. Dale R. Ludwig, Missouri Soybean Association (MSA) executive director/CEO said, “Missouri soybean farmers took the lead in researching the viability of biodiesel over a decade ago. Our farmers’ response to this equity drive cements Missouri’s position as a leader in biodiesel production.” Funds raised in the equity drive will be used to finance the construction of the 30-million-gallon biodiesel plant. Land is currently being purchased in Mexico, Mo., where the plant will be located. The eagerly anticipated groundbreaking and construction of the plant is tentatively scheduled for Sept. 2005. “The amount of money we raised in such a short timeframe is a testament to biodiesel’s emerging status in the agriculture industry,” said Warren Stemme, president of Mid-America Biofuels, LLC. “Biodiesel demand is growing rapidly, and we believe now is the time to embrace this demand. Missouri farmers are prepared to meet this need.” John Kleiboeker, MSA director of field services, opened the equity drive, June 17, by hosting statewide meetings to educate farmers about the investment opportunity. “I was met with tremendous support from Missouri farmers for this project,” Kleiboeker said. “The equity drive has been a great success. Missouri’s soybean producers are clearly just as enthusiastic as we are about this exciting opportunity.” Biodiesel, produced from renewable fats and oils such as soybean oil, works in any diesel engine with few or no modifications. It helps reduce our nation’s dependence on foreign oil because it is produced from the oil of domestically-grown soybeans. Biodiesel is a non-toxic, biodegradable, renewable fuel that can be used in its pure form (B100) or blended with petroleum diesel at any percentage level. ###
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© Missouri Soybean Programs |