DALLAS and OCEANSIDE, Calif. -- Panda Ethanol Inc. today announced that stockholders of Cirracor Inc. have approved, and the companies have completed, the merger of Panda Ethanol with and into Cirracor.

The surviving company will be called Panda Ethanol Inc. and its common stock will continue to be available for quotation on the Over-The-Counter Bulletin Board.

"This merger is an important milestone in the history of our company," said Todd Carter, CEO and president of Panda Ethanol. "We are excited about the opportunities it gives us to continue to implement our growth strategy. We are also excited because the implementation of this strategy will enable Panda Ethanol to enhance further our nation's energy independence."

Reed Fisher, former chairman, president and secretary of Cirracor, said, "We are very pleased that we were able to consummate this merger with Panda Ethanol. We believe that the merger will provide Cirracor's stockholders with an opportunity to participate in a company with growth potential in the ethanol industry."

In connection with the merger, the prior stockholders of Panda Ethanol were issued 28,800,000 shares of Cirracor common stock. The combined company now has 30,000,000 shares outstanding.

Panda Ethanol Inc., Dallas, is currently developing fuel ethanol plants in the United States. Panda Ethanol anticipates that its ethanol facilities will operate on a continuous basis and, where available, will use biomass gasification technology as a thermal energy source. Panda Ethanol is currently developing ethanol production facilities in Hereford, Texas; Haskell County, Kan.; Yuma, Colo.; Lincoln County, Nebraska; Muleshoe, Texas; Sherman County, Texas; and other locations. Panda Ethanol estimates that the Hereford facility will be completed sometime in the fourth quarter of 2007.

SOURCE: Panda Ethanol, Inc. via PR Newswire.