All Fuels & Energy also said that the definitive purchase agreement is to be negotiated within its current exclusivity period, which extends through the middle of July 2010, with a closing to be held approximately 30 days after the execution of the definitive agreement.
The company has nearly completed its due diligence efforts and is currently in the process of finalizing the necessary financing.
Dean Sukowatey, CEO and president of All Fuels & Energy, said: “We are extremely excited to have the opportunity to acquire this state-of-the-art ethanol plant that is part of such a high quality organization.
“Our valuable industry partners who are important in our finalizing the necessary financing continue to support us, and we look forward to a successful conclusion to this transaction.”
