CHICAGO -- The company Originally New York Inc. has entered the ethanol marketplace with the acquisition of ethanol industry assets, including real estate, heavy equipment and a newly-renovated ethanol plant, expected to be operational soon.

A new subsidiary of ONYI,Diversified Ethanol, specializes in the engineering and manufacturing of small ethanol plants. The company is scheduled to begin construction on its second ethanol plant Jan. 3 when it closes on a 14-acre agricultural property.

"With so many states and countries beginning to legislate renewable fuels, there has been a shortage of the plants which manufacture ethanol," CEO Taylor Moffitt said. "Experienced companies that construct these plants typically have a two- to three-year waiting list. The United States is presently importing ethanol from Brazil as demand for ethanol is very high, and many other countries are just beginning to see the value of building their own renewable fuel industry. We want to be a foundational part of this bright and environmentally responsible future."

Originally New York acquired the Web site and will be making updates to the page to reflect new corporate structure and ownership.

Originally New York is developing an additional Web site solely for the purpose of providing information about Originally New York and products and services it offers.

The majority shareholder of ONYI is James Monroe Capital.

SOURCE: Originally New York Inc. via Business Wire.