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 email@example.com
SOURCE TexCom, Inc.
More by this Source
TexCom Announces Results for Third Quarter of 2013
Nov 01, 2013, 11:49 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.