Alto Ingredients, Inc. Restarts its Magic Valley Facility
15 December 2021 - 12:30AM
Alto Ingredients, Inc. (NASDAQ: ALTO), a leading
producer of specialty alcohols and essential ingredients, announced
it restarted its ethanol production at its Magic Valley, Idaho
facility in November 2021.
Michael Kandris, Alto Ingredients’ president and
CEO, stated, “Resuming production at our Magic Valley dry mill is
an important next step in the reorientation of our company toward
higher value products and improved profitability. As planned, we
restarted ethanol production in Magic Valley prior to year-end,
which was timely given the currently strong ethanol margins.”
“The installation of the protein project at our
dry mill in Magic Valley will also enhance the profitability and
sustainability of the facility. Harvesting Technology’s patented
CoPromax™ system is extremely well suited for Magic Valley due to
the growing demand for high protein feed in nearby cattle, poultry,
pork, and aquaculture markets. This is our first plant
reorientation with this new protein system, and we are on target
and on budget. We expect to commission the project by mid-
2022.”
CoPromax System Expectations upon
Completion:
- Produce 33,000+
tons of feed annually with a protein content greater than 50%;
- Increase corn
oil yields by approximately 50%, or nearly 9 million pounds
annually; and
- Contribute over
$9.0 million annually in Adjusted EBITDA based on current market
prices and the combination of additional sales of corn oil and
high-value proteins.
Management expects to roll out the CoPromax
system at the company’s three other dry mills after the successful
completion at Magic Valley.
About Alto Ingredients,
Inc.
Alto Ingredients, Inc. (ALTO), formerly known as
Pacific Ethanol, Inc., is a leading producer of specialty alcohols
and essential ingredients. The company is focused on products for
four key markets: Health, Home & Beauty; Food & Beverage;
Essential Ingredients; and Renewable Fuels. The company’s customers
include major food and beverage companies and consumer products
companies. For more information, please visit
www.altoingredients.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
Statements and information contained in this
communication that refer to or include Alto Ingredients’ estimated
or anticipated future results or other non-historical expressions
of fact are forward-looking statements that reflect Alto
Ingredients’ current perspective of existing trends and information
as of the date of the communication. Forward looking statements
generally will be accompanied by words such as “anticipate,”
“believe,” “plan,” “could,” “should,” “estimate,” “expect,”
“forecast,” “outlook,” “guidance,” “intend,” “may,” “might,”
“will,” “possible,” “potential,” “predict,” “project,” or other
similar words, phrases or expressions. Such forward-looking
statements include, but are not limited to, the cost, timing and
effects of, including the financial results deriving from, Alto
Ingredients’ capital improvement projects and initiatives such as
the installation and operation of the CoPromax system; and Alto
Ingredients’ other plans, objectives, expectations and intentions.
It is important to note that Alto Ingredients’ plans, objectives,
expectations and intentions are not predictions of actual
performance. Actual results may differ materially from Alto
Ingredients’ current expectations depending upon a number of
factors affecting Alto Ingredients’ business and its production
facility enhancement initiatives. These factors include, among
others, Alto Ingredients’ ability to timely and effectively
complete its capital improvement and other projects and
initiatives, and to operate them as expected; adverse economic and
market conditions, including for specialty alcohols and essential
ingredients; export conditions and international demand for the
company’s products; fluctuations in the price of and demand for oil
and gasoline; raw material costs, including production input costs,
such as corn and natural gas; and the effects – both positive and
negative – of the coronavirus pandemic and its resurgence or
abatement. These factors also include, among others, the inherent
uncertainty associated with financial and other projections; the
anticipated size of the markets and continued demand for Alto
Ingredients’ products; the impact of competitive products and
pricing; the risks and uncertainties normally incident to the
specialty alcohol production and marketing industries; changes in
generally accepted accounting principles; successful compliance
with governmental regulations applicable to Alto Ingredients’
facilities, products and/or businesses; changes in laws,
regulations and governmental policies; the loss of key senior
management or staff; and other events, factors and risks previously
and from time to time disclosed in Alto Ingredients’ filings with
the Securities and Exchange Commission including, specifically,
those factors set forth in the “Risk Factors” section contained in
Alto Ingredients’ Quarterly Report on Form 10-Q filed with the
Securities and Exchange Commission on November 12, 2021.
Media Contact:
Bryon McGregor, Alto Ingredients, Inc.,
916-403-2768, mediarelations@altoingredients.com
Company IR Contact:
Michael Kramer, Alto Ingredients, Inc.,
916-403-2755, Investorrelations@altoingredients.com
IR Agency Contact:
Kirsten Chapman, LHA Investor Relations,
415-433-3777, Investorrelations@altoingredients.com
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