Rex Stores give up Millennium Ethanol shares

October 3, 2007

On Aug. 29, U.S. BioEnergy fully acquired Millennium Ethanol LLC in Marion, S.D. As a result, electronics retailer Rex Stores Corp. received nearly 3.7 million shares of U.S. BioEnergy common stock and approximately $4.8 million in cash as total consideration for its interest in the ethanol plant, according to a filing with the U.S. Securities and Exchange Commission. Rex had previously invested $14 million in the plant. In addition to Millennium, Rex has agreements to financially aid four other ethanol entities. In July, it gave $10 million to Big River Resources LLC, completing its $20 million subscription agreement in exchange for a minority equity interest in the entity.

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