Exhibit
99.1
FOR
IMMEDIATE RELEASE
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INVESTOR
RELATIONS:
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MEDIA
CONTACT:
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916-403-2755
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Tim
Raphael, Pacific Ethanol, Inc.
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866-508-4969
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503-490-1060
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InvestorRelations@pacificethanol.net
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traphael@pacificethanol.net
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TEMPORARY
SUSPENSION OF MADERA, CA ETHANOL FACILITY OPERATIONS
Operation
of 40 million gallon per year ethanol facility located in Madera, CA temporarily
suspended
Sacramento, CA, January 9, 2009 –
Pacific Ethanol, Inc. (NASDAQ GM: PEIX), the leading West Coast-based
marketer and producer of ethanol, announced today its intention to temporarily
suspend operations at its 40 million gallon per year ethanol facility located in
Madera, CA. Extended unfavorable market conditions for producing ethanol has
prompted Pacific Ethanol to suspend operations beginning January 12th.
The
company, through its wholly-owned ethanol marketing arm, Kinergy Marketing,
intends to continue serving its ethanol customers with production from other
Pacific Ethanol plants and Kinergy suppliers.
About Pacific Ethanol,
Inc.
Pacific
Ethanol is the largest West Coast-based marketer and producer of ethanol.
Pacific Ethanol has ethanol plants in Madera and Stockton, California; Boardman,
Oregon; and Burley, Idaho. Pacific Ethanol also owns a 42% interest in
Front Range Energy, LLC which owns an ethanol plant in Windsor, Colorado.
Central to Pacific Ethanol’s growth strategy is its destination business model,
whereby each respective ethanol plant achieves lower process and transportation
costs by servicing local markets for both fuel and feed. Pacific Ethanol
has achieved its goal of 220 million gallons per year of ethanol production
capacity in 2008 and plans to increase total production capacity to 420 million
gallons per year in 2010. In addition, Pacific Ethanol is working to
identify and develop other renewable fuel technologies, such as cellulose-based
ethanol production and bio-diesel.
Safe Harbor Statement under
the Private Securities Litigation Reform Act of 1995
With the
exception of historical information, the matters discussed in this press release
are forward-looking statements that involve a number of risks and uncertainties.
The actual future results of Pacific Ethanol could differ from those statements.
Factors that could cause or contribute to such differences include, but are not
limited to, the ability of Pacific Ethanol to obtain additional debt or equity
financing, including additional working capital financing, or absent new sources
of financing, the ability of Pacific Ethanol to reschedule or restructure its
indebtedness; the ability of Pacific Ethanol to successfully capitalize on its
internal growth initiatives; the ability of Pacific Ethanol to operate its
plants at their planned production capacities; the price of ethanol relative to
the price of corn and other production inputs; the price of ethanol relative to
the price of gasoline; and the factors contained in the “Risk Factors” section
of Pacific Ethanol’s Form 10-K filed with the Securities and Exchange Commission
on March 27, 2008 and the “Risk Factors” section of Pacific Ethanol’s Form 10-Q
filed with the Securities and Exchange Commission on November 17,
2008.
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