Pacific Ethanol, Inc. Signs Definitive Agreements to Raise $53.5 Million

Pacific Ethanol, Inc. PEIX announced today several transactions intended to further improve the company's balance sheet and position the company for continued growth in the ethanol industry. --Enters into agreement to raise $35.0 million through issuance of senior convertible notes --Enters into agreement to sell ownership interest in Front Range Energy, LLC for $18.5 million --Enters into agreements to purchase 20% ownership interest in plants for $23.3 million --Intends to retire $17.0 million in corporate debt, including interest and fees --Expects to increase cash reserves by $10.0 million --To hold investor call today September 28, 5:30 AM PT/8:30 ET to discuss transactions