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Gevo Reports First Quarter 2013 Financial Results

Stocks in this article: GEVO

  • Reports EPS of ($0.45) including $1.3 million non-cash loss from the change in fair value of embedded derivatives contained in Gevo's convertible notes
  • Ended the quarter with cash and cash equivalents of $54 million
  • Net cash used of $12.6 million in first quarter of 2013 compared to net cash used of $25.3 million in fourth quarter of 2012
  • Maintains expectation to begin to produce isobutanol in 2013 at Luverne, Minn. plant
  • U.S. District Court for the District of Delaware entered a final judgment in favor of Gevo and against Butamax Advanced Biofuels, LLC, (Butamax, a 50/50 joint venture between E.I. DuPont de Nemours and Co. and and BP p.l.c.) ending the trial court proceedings on Butamax's Patent Nos. 7,851,188 and 7,993,889
  • Filed S-3 Registration Statement as part of long-term financing strategy
  • Signed contract with Defense Logistics Agency to supply the U.S. Army renewable jet fuel
  • Added Dr. Stephen Toon to executive team as executive responsible for Luverne facility

ENGLEWOOD, Colo., April 30, 2013 (GLOBE NEWSWIRE) -- Gevo, Inc. (Nasdaq:GEVO) today announced its financial results for the three months ended March 31, 2013.

"We continue to make progress optimizing our technology and remain on-track to restart isobutanol production at Luverne this year and begin to introduce isobutanol on a commercial basis," said Patrick Gruber Ph.D., chief executive officer of Gevo. "Our plant modifications have gone well. Our work on reducing and eliminating contaminating bacteria is on track. Our work on the fermentation optimization has made great progress. I look forward to starting up our plant and proving out our GIFT ® system. In this past quarter, our team has managed to maintain focus on the plant re-start, even in the face of the litigation. We are very pleased with the outcome of the litigation regarding U.S. Patent Nos. 7,851,188 ( '188 Patent) and 7,993,889 ( '889 Patent). Our legal team, consultants, and Gevo employees have delivered a clear victory. Even better, this victory in defending our freedom to operate was done in an efficient manner: we received a judgment of non-infringement while avoiding the necessity and cost of a trial in the U.S. District Court for the District of Delaware. We have always maintained that we don't infringe these patents. It is gratifying to see that Butamax and the Court agreed that we don't infringe."

Recent Highlights

On March 21, 2013 the company announced that a judgment of non-infringement would be entered in favor of Gevo following the acknowledgment by Butamax that Gevo does not infringe Butamax's asserted patents under the Court's construction of a key claim in Butamax's '188 and '889 Patents. As a result of this victory, on April 10, 2013 the United States District Court for the District of Delaware entered a final judgment in favor of Gevo and against Butamax. This ended the district court trial proceedings on Butamax's '188 and '889 Patents.

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