TexCom Biodiesel Plant Completes $19.2 Million Debt Facility

    HOUSTON, Dec. 6 /PRNewswire-FirstCall/ -- TexCom, Inc. (OTC Pink
 Sheets: TEXC) and Houston Biodiesel, LLC today announced that Houston
 Biodiesel, a subsidiary of TexCom, Inc., has closed on Senior Debt of $14.2
 Million and a Revolving Credit Facility of $5 Million from Stearns Bank
 National Association of St. Cloud, Minnesota for construction and operation
 of a 35 million gallon per year biodiesel plant to be built at Seabrook,
 Texas.
     The credit facility will complement previously announced project equity
 commitments of $10.6 Million from U.S. Renewable Group and $3.5 million
 from TexCom, Inc. TexCom will also act as the Asset Manager for the
 project.
     The biodiesel production facility will be constructed at the LBC
 Houston terminal located at Seabrook on the Houston Ship Channel with
 transportation capabilities via water, rail and truck. The unit is being
 designed and constructed by Lurgi PSI, Inc. under a lump sum, turnkey
 contract already executed. Final engineering and procurement activities are
 in progress, with onsite construction to begin in 1st Quarter 2007. Lou
 Ross, CEO of TexCom, stated, "This debt facility with Stearns Bank
 completes the financing commitments for the Houston Biodiesel, LLC plant.
 With Lurgi's work now in progress, we anticipate that the plant will be in
 startup by this time next year."
     About TexCom, Inc.
     Headquartered in Houston, Texas, TexCom, Inc. is pursuing expansion in
 biodiesel production and certain energy related businesses and developing
 them to their logical and full commercial potential. For more information,
 please visit the company Web site at http://www.texcomresources.com .
     About Stearns Bank
     Stearns Bank N.A. is a commercial bank providing financing for projects
 of all kinds across the nation. Stearns Bank is an independently owned $1.5
 billion Member FDIC bank with its roots in Central Minnesota. For the past
 20 years, Stearns Bank has built a reputation nationwide on providing
 financing for ethanol, manufacturing and industrial, medical clinics,
 affordable housing and franchises including hotels.
     The bank's majority owner and CEO, Norman C. Skalicky, built a culture
 getting the job done. He leads the charge as employee owners, through an
 Employee Stock Ownership Plan, consistently achieve national performance
 rankings. Skalicky attributes the bank's success to finding needs and
 filling them:
     "We put our resources to work making a difference, creating solutions
 -- in this case a solution for renewable sources of energy. We are proud of
 our association with the TexCom, Inc. project." To learn more, please visit
 http://www.stearns-bank.com .
     Forward-Looking Statements
     Statements contained herein and the information incorporated by
 reference herein may be forward-looking statements within the meaning of
 Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act").
 Forward-looking statements can be identified by the use of forward-looking
 terminology such as, but not limited to, "may," "will," "expect,"
 "anticipate," "estimate," "would be," "believe," or "continue" or the
 negative or other variations of comparable terminology. We intend such
 forward-looking statements to be covered by the safe harbor provisions
 applicable to forward-looking statements contained in Section 21E of the
 Exchange Act. Such statements (none of which is intended as a guarantee of
 performance) are subject to certain assumptions, risks and uncertainties,
 which could cause our actual future results, achievements or transactions
 to differ materially from those projected or anticipated.
     Forward-looking statements include statements concerning plans,
 objectives, goals, strategies, future events, or performance and underlying
 assumptions and other statements, which are other than statements of
 historical facts. These statements are subject to uncertainties and risks
 including, but not limited to, product and service demands and acceptance,
 changes in technology, economic conditions, the impact of competition and
 pricing, and government regulation and approvals. TexCom cautions that
 assumptions, expectations, projections, intentions, or beliefs about future
 events may, and often do, vary from actual results and the differences can
 be material. Some of the key factors which could cause actual results to
 vary from those TexCom expects include changes in natural gas and oil
 prices, the timing of planned capital expenditures, availability of
 acquisitions, uncertainties in estimating proved reserves and forecasting
 production results, operational factors affecting the commencement or
 maintenance of producing wells, the condition of the capital markets
 generally, as well as our ability to access them, and uncertainties
 regarding environmental regulations or litigation and other legal or
 regulatory developments affecting our business.
     Our expectations, beliefs and projections are expressed in good faith
 and are believed to have a reasonable basis, including without limitation,
 our examination of historical operating trends, data contained in our
 records and other data available from third parties. There can be no
 assurance, however, that our expectations, beliefs or projections will
 result, be achieved, or be accomplished. Readers are cautioned not to place
 undue reliance on these forward-looking statements, which speak only as of
 the date hereof. We undertake no duty to update these forward-looking
 statements.
      Brad Barker of TexCom, Inc., +1-713-914-9193
 
      Darren Bankston/Keith Fetter
      Piedmont Investor Relations
      678-455-3696
      email info@piedmontir.com
 
 

SOURCE TexCom, Inc.

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.