Job Creation, Air Pollution Reduction and Lower Carbon Emissions Support the Waiver
CUPERTINO, CA, Jan. 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Aemetis, Inc. (“Aemetis” or the “Company”) (AMTX) announced today that the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA) awarded the Aemetis Riverbank Advanced Biofuels Project an exclusion from the payment of California sales and use taxes valued at $12.7 million. The CAEATFA financial assistance program provides for up to $100 million per year of California state funding support for projects that enhance job creation and advance other state goals, including reducing air pollution, improving the environment and lowering carbon emissions.
“We appreciate the work by the CAEATFA staff and board in reviewing the Aemetis Riverbank Advanced Biofuels Project near Modesto and providing a significant contribution towards the construction of the plant,” stated Eric McAfee, Chairman and CEO of Aemetis. “The sales and use taxes exemption program is important to the growth of investment and jobs in California. The Aemetis Riverbank Advance Biofuels Project is fortunate to be selected as a recipient of about 12% of the program’s funding for year 2018.”
“Each year California produces about 3 billion pounds of waste almond and walnut wood from 1.5 million orchard acres,” McAfee noted. “Instead of burning this wood waste, as well as vineyard, forest, construction and other wood waste, the Aemetis Riverbank plant is designed to convert the waste biomass into ethanol that is needed to meet California air quality mandates.”
The CAEATFA award is an exemption from California sales and use taxes that would otherwise be due on purchases for the construction of the planned $175 million cellulosic ethanol plant at the former Riverbank ammunition plant in Riverbank, California. The tax exemption directly reduces the amount of funding required to construct the Riverbank facility.
Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallon per year ethanol production facility in California’s Central Valley, near Modesto. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India, the US and Europe. Aemetis operates a research and development laboratory, and holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to the construction and operation of the cellulosic production facility in Riverbank, California, the achievement of certain cost advantages for the construction of the cellulosic facility, and the costs to construct the cellulosic facility. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2017, and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
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