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GreenField Ethanol lauds federal ethanol announcement and invites Seaway Co-op to join Johnstown plant

TORONTO

GreenField Ethanol today responded to the federal government's announcement encouraging farmers’ participation in Canadian ethanol projects by offering the Seaway Valley Co-op an opportunity to participate in GreenField’s Johnstown, Ontario project.

"I believe this is an opportunity for the Seaway investors to realize their dream of participating in an ethanol plant in their own backyard," said GreenField Vice-President Bliss Baker. "We would certainly welcome the Seaway investors into our project if they are not proceeding with their Cornwall project."

"In fact, the time is right today to make these kinds of offers for our project and we would welcome an opportunity to have them join us," said Baker.

GreenField was encouraged by the federal government's announcement today that is designed to promote farmers' participation in ethanol projects. GreenField’s Johnstown plant will produce 200 million litres of ethanol per year. Construction on the facility began last month and it is expected the plant will be operational in 2008.

GreenField has a long tradition of working side-by-side with the agricultural community at its plants. In fact, its first plant in Chatham was started by a group of local farmers ten years ago who still have an equity position in GreenField today. Under an entity called Pro-Éthanol, hundreds of Quebec farmers have invested in the company’s plant in Varennes, Quebec. In addition, GreenField has agreed that members of the Hensall District Co-op, one of Canada’s largest agricultural cooperatives, will have an opportunity to make a similar equity investment in its plant in Hensall, Ontario, scheduled to open in 2008.