Orion Ethanol, Inc., (OTC Bulletin Board: OEHL), said today that Douglas Donaghue has been appointed Chief Accounting Officer, effective February 5, 2007.
Pratt Kansas, February 26, 2007 - Mr. Donaghue joins Orion Ethanol from Synchronous Aerospace, a diversified aerospace manufacturer, where he served in Corporate and Divisional Controller capacities, since April of 2001. A certified public accountant, Mr. Donaghue, age 43 joins Orion Ethanol with over 17 years' experience in manufacturing operations, finance, and accounting. He has worked for Ernst & Young LLP as an auditor of both small and multinational Fortune 500 companies. His experience in public accounting also included work on several mergers and acquisitions.
"I am extraordinarily pleased to welcome Doug to our Company's management team," said Orion Ethanol's Chief Financial Officer, Lane Hamm. "Doug has an excellent background and knowledge of the financial and management needs of a manufacturing company such as Orion Ethanol. He also brings important expertise in SEC reporting, multi-location financial reporting, and corporate governance programs. I am confident he will add valuable expertise to our Company as we continue to execute our business plan. " About Orion Ethanol, Inc. Orion Ethanol is currently constructing a 55 million gallon per year dry mill ethanol plant in Pratt, Kansas. The Pratt facility, which is fully funded, is scheduled to begin production in July of 2007. Each of Orion Ethanol's facilities has been designed to be expandable up to 110 million gallons per year.
In addition to its Pratt, Shattuck, and Enid locations, Orion Ethanol has also secured land and water rights for three additional ethanol projects. Orion Ethanol's corporate goal is to produce 660 million gallons of ethanol per year by 2010. Safe Harbor Statement This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
The forward-looking statements are based on Orion Ethanol's current intent, belief and expectations. These statements are not guarantees of future performance and are subject to certain risks and uncertainties that are difficult to predict. Actual results may differ materially from these forward-looking statements because of the Company's unproven business model, its dependence on new technologies, the Company's ability to develop and commercialize products, its dependence on collaborators for services and revenue, its indebtedness and lease obligations, its changing requirements and costs associated with planned facilities, intense competition, the Company's dependence on key management and key suppliers, the uncertainty of regulation of products, the impact of future alliances or transactions and other risks described in the Company's filings with the Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date. Orion Ethanol, Inc., undertakes no obligation to update or revise the information contained in this announcement whether as a result of new information, future events or circumstances or otherwise.
