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AE Biofuels Appoints Former USDA Secretary John Block to Board of Directors
Business Wire, Oct 22, 2008
Industry Leader Adds Expertise to Next-Generation Biofuels Company
CUPERTINO, Calif. -- AE Biofuels, Inc. (OTCBB:AEBF), a vertically integrated biofuels company, today announced the appointment of John R. Block to the company's board of directors. Mr. Block served as Secretary of the US Department of Agriculture (USDA) from 1981 to 1986 and as an executive in the food industry. He is now a Senior Legislative Advisor to Olsson Frank Weeda Terman Bode Matz, P.C., an organization that represents the US food industry. Secretary Block was formerly a member of the Board of Directors of John Deere & Co. and Hormel Foods Corp.
In announcing the new appointment, Eric McAfee, Chairman and CEO of AE Biofuels, commented, "We are very pleased to welcome Jack Block to our board of directors. Jack brings a depth of experience in the agri-business arena as well as public company experience in the energy industry that further expands our team as we build one of the world's leading biofuels companies."
From January 2002 until January 2005, Secretary Block served as Executive Vice President of the Food Marketing Institute. From February 1986 until January 2002, Secretary Block served as President of Food Distributors International. Secretary Block received his B.A. from the US Military Academy at West Point, NY.
"AE Biofuels has a winning strategy and a strong management team. The company's patent-pending cellulosic ethanol plant in Montana is producing ethanol from agricultural waste, and its 50 million gallon biodiesel facility in India is supplying large customers in a rapidly growing local and global market," said Secretary Block.
Secretary Block joins the AE Biofuels board of directors that includes Chairman, CEO and Founder Eric McAfee; Lt. General Michael DeLong (Ret.), an executive at Boeing Company (NYSE: BA); Hal Sorgenti, retired President and CEO of ARCO Chemical; and Michael Peterson, a former executive at Goldman Sachs and the managing director of Pascal Management, an investment fund manager.
In addition, the company noted on its October 22, 2008, 8-K filing with the SEC, Laird Cagan and Suren Ajjarapu have resigned from AE Biofuels' Board of Directors. Mr. Ajjarapu also served as president of the company. At the present time, the company does not intend to fill this position. Messrs. Cagan and Ajjarapu intend to pursue opportunities outside of AE Biofuels, Inc.
About AE Biofuels
AE Biofuels, Inc. is a global vertically integrated biofuels company developing sustainable solutions to the world's renewable energy needs. The company is commercializing its patent-pending next-generation cellulosic ethanol technology that enables the production of biofuels from both agricultural waste and traditional feedstocks. AE Biofuels owns or has optioned five permitted ethanol plant sites in the United States, and its Universal Biofuels subsidiary constructed and operates a 50 million gallon biodiesel facility on the east coast of India. For additional information about AE Biofuels, please visit www.aebiofuels.com.
Forward-Looking Statements
The information contained herein includes forward-looking statements. These statements relate to future events or to the company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
Investors should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects the company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity, and in particular our ability to obtain project finance for the project, market conditions, and government laws and regulations. The company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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