Haynes and Boone Advises Panda Ethanol in Private Placement

June 20, 2006

CONTACT:
Douglas Bedell
Haynes and Boone, LLP
214.651.5815 (office)
214.704.3058 (cell)
doug.bedell@haynesboone.com

DALLAS -- Haynes and Boone, LLP announced today that the firm represented Panda Ethanol, Inc. in the company’s recent $90 million private placement and merger agreement with Cirracor, Inc., a publicly-held corporation.

Panda Ethanol, a Dallas-based company, develops fuel ethanol refineries, biomass facilities and bio-diesel plants in the United States.  It is an affiliate of Panda Energy International, Inc.

L. Stephen Rizzieri, chief legal officer and general counsel of Panda Energy, turned to Haynes and Boone lawyers to assist in the transaction.  Haynes and Boone attorneys involved included Jan Sharry, Taylor Wilson, Bruce Newsome, Tom Yang, Allison Heo and Casey Cohn.  Also assisting was R. Russell Petterson, senior counsel of Panda Energy. 

Cirracor, Inc. was represented by Michael Muellerleile of M2 Law in Newport Beach, Calif., and special counsel Leib Orlanski of Kirkpatrick & Lockhart Nicholson Graham LLP in Los Angeles.

Haynes and Boone, LLP is an international corporate law firm with offices in Texas, Washington, D.C., Mexico City, Moscow and New York, providing a full spectrum of legal services. With more than 450 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by National Law Journal.  The firm has been recognized by Vault.com as one of the "20 Best Law Firms to Work For," by Corporate Board Member Magazine as one of the “Best Corporate Law Firms in America,” and has received the Minority Corporate Counsel Association’s Thomas L. Sager Award for commitment to diversity.

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