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,
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
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
"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
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
Brad Barker of TexCom, Inc., +1-713-914-9193
Darren Bankston/Keith Fetter
Piedmont Investor Relations
SOURCE TexCom, Inc.