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VeraSun
Energy Corp. and US BioEnergy Corp. to Relocate Combined Corporate Offices
to Sioux Falls, SD
Brookings, SD and St. Paul, MN—VeraSun Energy Corp.
(NYSE:VSE) and US BioEnergy Corp. (NASDAQ:USBE) announced
Feb. 6 that the corporate offices of the combined company will relocate
to Sioux Falls, SD.
The announcement came following a thorough analysis by the senior leadership
of both companies.
"We recognize the vital role that the Brookings, SD community has
provided in supporting the early stage development of these two leading
biofuels companies.
As we grow and plan
for future success, we've evaluated the needs and various scenarios
concerning corporate office location," said Don Endres,
VeraSun Chairman and CEO.
"The primary objectives in determining a final location included
the ability to retain and recruit an expanded workforce, the overall
cost of doing business, proximity to our growing fleet of ethanol production
facilities, access to travel and quality of life for our employees.
"When we evaluated all of the criteria, Sioux Falls emerged as
the best location to meet our business objectives."
Currently VeraSun's corporate offices are located in Brookings, SD,
while US BioEnergy has its corporate headquarters in St. Paul, MN.
The two companies announced plans to merge on Nov. 29, 2007, giving
the combined company a potential production capacity of more than 1.6
billion gallons by the end of 2008.
"Selection of the corporate headquarters location constitutes a
milestone in the progress of closing the merger," said Endres.
"This allows us to begin integrating the two companies and moves
us closer to realizing the synergies and economies of scale we anticipate."
The merger is expected to close, as previously announced, by the end
of the first quarter of 2008, with the completion of the transition
to the new headquarters targeted for the end of the summer.
"We will continue to make the greatest impact by revitalizing the
rural communities of the heartland through our large-scale ethanol production
facilities," said Gordon Ommen, US BioEnergy President
and CEO and future VeraSun Chairman.
"Our biorefineries in Minnesota and South Dakota will employ hundreds
of people and contribute significantly to agricultural markets and local
and regional businesses and industries."
For more VeraSun Energy Corp. information, investors can call Patty
Dickerson at 605-696-7236, or the media can call Mike Lockrem at 605-696-7527.
For more US BioEnergy Corp. information, investors can call Rich Atkinson
at 651-554-5491, or the media can call JD Bergquist at 651-554-5490.
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