GULF ALTERNATIVE ENERGY CORP. TO PURCHASE ETHANOL PLANT

BLAIRSTOWN, IOWA — Gulf Alternative Energy Corp. (GAEC) has agreed to purchase an ethanol production plant located in Blairstown. The facility, which is presently owned by Xethanol Biofuels, has the capacity to produce up to 6 million gallons of ethanol per year. GAEC plans to convert the plant to produce ethanol from cellulosic plant materials such as corn stalks and cobs, switchgrass, and agricultural waste. The facility previously produced ethanol from food and feedstock-based materials such as corn. The acquisition is scheduled to close this fall.