Panda Ethanol, Inc. is a development stage company. It is a former subsidiary of Panda Energy International Inc. The Company develops fuel ethanol plants, which are designed to produce ethanol from either carbohydrate- or sugar-based feedstock. Its wholly owned subsidiary is, Panda Hereford Ethanol, L.LP. The Company’s manure-fueled ethanol plant is sized and designed to produce six 115 million gallon per year denatured ethanol projects. It is located in Hereford, Texas. During the fiscal year ended December 31, 2007, the Company did not generate operating revenues.