ICRI’s ALL Energy Company Retains Investment Banking Firm

January 31, 2007

Minneapolis-Based Dougherty & Company to Aid in Ethanol Plant Acquisition Efforts

ICrystal, Inc. (PINKSHEETS: ICRI), a Johnston, Iowa-based ethanol company that is to acquire privately-held ALL Energy Company, today announced today announced that ALL Energy has engaged Dougherty & Company LLC (Dougherty), a Minneapolis-based full service investment banking firm, to assist ALL Energy in acquisitions within the bio-fuel Sector. 

Under the agreement, Dougherty will provide advisory services to ALL Energy relating to acquisition strategy, asset valuation and capital structure. Dougherty has also agreed to raise capital necessary to fund acquisitions.

“ALL Energy Company is very pleased that Dougherty has partnered with our team as financial advisor. They add significant knowledge of the sector as we pursue acquisitions to complement our greenfield strategy,” said ICRI’s President and ALL Energy’s Chairman Dean Sukowatey.

About Dougherty & Company

Dougherty & Company is a Minneapolis, Minnesota-based full-service investment banking firm offering a wide array of investment products and services to institutions and individuals nationwide, in addition to its public finance, commercial finance and corporate finance activities. Through its corporate finance department, Dougherty & Company offers its client-companies capital-markets based services, including initial and secondary public equity, private placement of public equity (PIPE), direct registered shelf take-downs and convertible equity, and advisory/M&A services, including exclusive buy and sell advisories, board level advisory, management buyouts and fairness opinions. Visit Dougherty & Company online at: www.doughertymarkets.com.

About ALL Energy Company

Visit ALL Energy Company online at: www.allenergycompany.com.

ICRI is to close on the acquisition of ALL Energy Company in the near future, there being no impediments to such closing. ALL Energy Company was organized to operate as an ethanol producer, focusing primarily on the production and sale of ethanol and its co-products. To date, ALL Energy Company has made the following important progress towards its objectives: obtained $2 million in private equity funding; Acquired an option to purchase the necessary land for ALL Energy Company’s proposed ethanol production facility in Manchester, Iowa; signed five-plant engineering and design agreement with Delta-T Corporation (Delta-T is a Virginia-based company with over twenty years of experience in the ethanol industry that management believes possesses superior expertise and superior technologies in the ethanol production space); engaged Natural Resources Group to handle water-related environmental matters relating to the proposed Manchester ethanol production facility; engaged Yaggy-Colby to handle air-related environmental matters relating to the proposed Manchester ethanol production facility; and investigated and become involved in the potential acquisition of one or more existing ethanol production facilities.

The Ethanol Industry

In general, public policy currently is strongly in favor of the development of sources of renewable fuels. The ethanol industry has grown significantly over the last few years, expanding production capacity at a compounded annual growth rate of approximately 20% from 2000 to 2006, and is expected to continue to grow as a result of its favorable production economics relative to gasoline, due to ethanol’s clean burning characteristics, a shortage of domestic petroleum refining capacity, geopolitical concerns and federally mandated renewable fuel usage, like those proposed by President Bush in his State of the Union Address on January 23, 2007. According to the Renewable Fuels Association (RFA), domestic ethanol production has increased from 1.3 billion gallons in 1997 to a current production capacity of approximately 5.4 billion gallons.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words such as “expects,” “should,” “believes,” “anticipates” or words of similar import. Similarly, statements that describe ICRI’s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the ability of ALL Energy Company and/or ICRI to obtain needed financing, as well as the financial performance of ICRI, which could cause actual results to differ materially from those anticipated. Although ICRI believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that such expectations will be fulfilled. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release, and ICRI does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.


Contact: ICrystal, Inc. Dean Sukowatey President 651-998-0612

SOURCE:  ICrystal, Inc.

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