Heartland Energy Announces Decision to Spin Off Subsidiary
ALEXANDRIA, La.--Heartland Energy Group Inc. (Pink Sheets:HEGP) today announced that its board of directors has approved a distribution to affect a "spin-off" of its subsidiary, Go Baby Racing, Inc.
The spin-off will be effective immediately. Heartland Energy Group Inc. shareholders will receive, on a pro rata basis, one (1) share of Go Baby Racing, Inc. common stock for every ten (10) shares of Heartland Energy Group Inc. common stock held on November 10th 2006. The distribution will be completed on or about Jan. 1, 2007. Notice will be mailed to all registered shareholders.
Go Baby Racing, Inc. is a full-service Thoroughbred Horse Racing Company offering Breeding, Training, Transportation, Feed, Buying, Selling and Racing.
Roy Thornhill stated: “We are pleased to have completed the spin-off of Go Baby Racing, Inc. We can now focus our efforts on developing alternative fuel resources and capitalize on the growing renewable resource market.”
Ethanol Industry:
The growing interest in ethanol, a clean, corn-based renewable resource, has paralleled the escalating price of gas and the urgent need to break the country's dependence on crude oil. Recently, the Big Three automobile manufacturers, GM , Ford , and DaimlerChrysler , appealed to Congress for incentives to increase the number of gas stations that offer blends of ethanol. Last year, Microsoft co-founder Bill Gates invested $84 million into Pacific Ethanol . Sir Richard Branson, chairman of the Virgin Group and worth an estimated $3 Billion, has plans to invest $300 to $400 million to produce and market this alternative fuel. Vinod Khosla, "guru" of Silicon Valley, co-founder of Sun Microsystems , and one of ethanol's most vocal advocates, has personally invested millions in private companies involved in the development of ethanol.
About Heartland Energy Group, Inc.:
Heartland Energy Group, Inc. is a North American-based alternative fuel resource and service company, dedicated to developing the infrastructure for the delivery of ethanol (e85). Heartland seeks to eliminate North America's dependency on foreign energy sources by focusing on innovative engineering that will enable the mass distribution of ethanol. Heartland Energy Group will transcend the future of renewable energy resources, with the ultimate goal of creating a cleaner brighter energy solution for North America. For more information, visit us at www.HeartlandEnergyGroup.com.
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Forward-Looking Statements:
Based on current expectations and assumptions, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical experience and projections. Such forward-looking statements are inherently uncertain, and actual results may differ from those expressed or implied. Consequently, readers should not place undue reliance on any forward-looking statements. Heartland Energy Group, Inc. undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.