SUGAR LAND, Texas, March 28, 2013 /PRNewswire/ -- Arabian American
Development Co. (NYSE: ARSD) announced today that it has signed a
contract with Gevo, Inc. (Nasdaq: GEVO) to extend toll processing
services of the hydrocarbon processing demonstration plant at its
South Hampton Resources (SHR) facility in Silsbee, Texas and construct a second
demonstration unit to provide Gevo with toll-processing services
necessary to process up to 16,000 pounds per month of mixed octane
materials produced on the existing isobutanol to jet demonstration
unit.
The new demonstration unit will produce paraxylene for
polyethylene terephthalate (PET). This will allow Gevo to supply
early adopters with product so they can test material, make samples
and start their selling cycle. The contract is for a year and a
half with one-year extensions available thereafter. The
demonstration plant is slated for completion in Q3 2013. SHR will
complete the final design and engineering package for the unit from
preliminary plans supplied by Gevo and will incur incidental costs
related to site preparation and tie-ins.
Nick Carter, President and CEO
commented, "We are happy to expand our relationship with a partner
developing cutting edge technology like Gevo. This is a
further testament to our ability to provide custom solutions for
our clients in a timely manner, whatever their needs may be.
As we have previously mentioned, we will continue to focus on
adding and growing tolling relationships like this throughout the
coming year."
"We have been impressed with the quality of service that South
Hampton provides. I believe this agreement stands as a
testament to our confidence in the team at SHR," stated
Christopher Ryan, President, Chief
Operating Officer, and Chief Technology Officer.
About Arabian American Development Company (ARSD)
ARSD owns and operates a petrochemical facility located in
southeast Texas, just north of
Beaumont which specializes in high
purity petrochemical solvents and other solvent type manufacturing.
The Company is also the original developer and a 35% owner of Al
Masane Al Kobra Mining Co., a Saudi Arabian joint stock
company.
Safe Harbor
Statements in this release that are not historical facts are
forward looking statements as defined in the Private Securities
Litigation Reform Act of 1995. Forward looking statements are based
upon management's belief as well as assumptions made by and
information currently available to management. Because such
statements are based upon expectations as to future economic
performance and are not statements of fact, actual results may
differ from those projected. These risks, as well as others, are
discussed in greater detail in Arabian American's filings with the
Securities and Exchange Commission, including Arabian American's
Annual Report on Form 10-K for the year ended December 31, 2012, and the Company's subsequent
Quarterly Reports on Form 10-Q.
Company Contact:
Nick Carter, President and Chief
Executive Officer
(409) 385-8300
ncarter@arabianamericandev.com
Investor Relations
Contact:
Kim Rogers-Carrete, Principal
Genesis Select
(303) 415-0200
krogersc@genesisselect.com
Or
Matthew Selinger,
Principal
Genesis Select
(303) 415-0200
mselinger@genesisselect.com
SOURCE Arabian American Development Co.