Xethanol Corporation (OTCBB: XNL) has signed a letter of intent with Pfizer Inc. (NYSE: PFE) to acquire Pfizer’s pharmaceutical manufacturing complex located in Augusta, Georgia. The state of the art, 40 acre site includes: an 89,100 square foot manufacturing facility, a 25,000 square foot warehouse facility, 7,300 square feet of laboratory space, and 16,000 square feet of offices and conference rooms.
CoastalXethanol (Xethanol subsiadary) intends to retrofit the site to produce 35 million gallons per year of ethanol. The facility will produce ethanol from cellulosic and other biomass waste streams generated by industrial producers in the surrounding areas.
The keyword in Xethanol’s news release is ‘Intent’ so don’t consider this a done deal. We have seen several news releases from Xethanol this year about their ‘intentions’ but haven’t seen anything materialize. The only thing going for them is that they got their financing deal.
Xethanol still remains a risky investment that some think is worth getting into.
XNL.OB 1-yr chart: