CE&P Press Releases

First US Sugarcane Ethanol Company Awarded 3.1M Tax Credit

News | June 27, 2014

For Immediate Release

 

Imperial County, California – June 27, 2014 - California Ethanol & Power, LLC (CE&P) today announced that it was awarded a $3.1 million income tax credit as part of the California Governor’s Office of Business and Economic Development (GO-Biz) California Competes program.

 

“CE&P is extremely pleased to learn today that our application for a $3.1 million income tax credit was approved by the California Competes Tax Credit Committee,” stated CE&P President & CEO David Rubenstein. “We were honored to have our company selected as one of 31 companies recommended to the Committee from a highly competitive pool of almost 400 applicants."

 

The California Competes program is designed to encourage businesses to expand or relocate their business in California in an effort to generate new jobs and stimulate economic development. GO-Biz evaluated the most competitive applications based on 11 factors required by statute, including total jobs created, total investment, average wage, strategic importance, economic impact and more.

 

“CE&P is already actively working toward reaching our agreed upon milestones for the California Competes program of expanding our sugarcane acreage, improving our agricultural equipment and investing in the construction of our proposed new facility in Brawley,” said Rubenstein. “We estimate by our first year of operations CE&P will generate about 222 full-time equivalent jobs.”

 

“CE&P intends to contribute positively and with substantial impact on the Imperial Valley economy, which consistently demonstrates one of the highest unemployment rates and lowest economic health ratings in the U.S.,” he added.

 

 

The Governor’s Office of Business and Economic Development (GO-Biz) serves as California’s single point of contact for economic development and job creation efforts. GO-Biz offers a range of services to business owners including: attraction, retention and expansion services, site selection, permit streamlining, clearing of regulatory hurdles, small business assistance, international trade development, assistance with state government, and much more. For more information visit: www.business.ca.gov

 

The California Competes Tax Credit is an income tax credit available to businesses that want to come to California or stay and grow in California. Tax credit agreements will be negotiated by GO-Biz and approved by a newly created “California Competes Tax Credit Committee,” consisting of the State Treasurer, the Director of the Department of Finance, the Director of GO-Biz, one appointee each by the Speaker of the Assembly and Senate Committee on Rules. For more information visit: http://www.business.ca.gov/Programs/CaliforniaCompetesTaxCredit.aspx

 

California Ethanol & Power, LLC (www.CaliforniaEthanolPower.com) intends to produce sustainable low-carbon energy in California for use in California from sugarcane. CE&P intends to develop, finance, install, own and operate a series of Projects in the Imperial Valley that grow sugarcane, extract and ferment the juice into fuel-grade ethanol, convert the remaining biomass into electricity, produce biomethane and fertilizer feedstock from the fermentation process residue, and sell the field residue for forage or electricity generation. For more information, contact VP Marketing and Public/Investor Relations Camille Soriano at CSoriano@CaliforniaEthanolPower.com or 760/344-1004 or cell: 310/560-9418.

 

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are identified by the use of forward-looking terminology such as may, will, could, should, expect, anticipate, intend, plan, estimate, or continue or the negative thereof, or other variations thereof.  Each forward-looking statement, including, without limitation, any financial projections, speaks only as of the date on which it is made, and CE&P does not undertake an obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made, or to reflect the occurrence of anticipated or unanticipated events or circumstances.  The forward-looking statements are necessarily based on assumptions and estimates, and are inherently subject to various risks and uncertainties.  Actual results may vary materially as a result of changes or developments in social, economic, business, market, legal and regulatory circumstances or conditions, both domestically and globally, as well as due to actions by customers, clients, suppliers, business partners, or government bodies.  Performance is subject to numerous factors, including demand for renewable fuels and the availability of, private and public sector funding. Results may also vary as a result of difficulties or delays experienced in the execution of contracts or implementation of strategic initiatives.

 

END

# # #