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| Posted Oct 15, 2005 PT |
Biofuel companies enter into joint venture for biodiesel manufacturing
ReFuel America Inc., has signed an agreement with Advanced Biotechnology, Inc. to form a joint venture to build and operate biodiesel plants, called Advanced Biotechnologies, LLC, and Genetic Engineering News reports the company's aim is to make a product that will increase vehicles' operating efficiency while reducing carbon monoxide, particulates and nitrous oxide byproducts.
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Original news summary: (http://www.genengnews.com/news/bnitem.aspx?name=1058523XSL_NEWSML_TO_NEWSML_WEB.xml)
- NewGen Technologies, Inc. (OTCBB: NWGN) today announced that its wholly-owned US subsidiary, ReFuel America Inc., has signed an agreement with Advanced Biotechnology, Inc. to form a joint venture to build and operate biodiesel plants in the Southeast - with the first facility to be based in Sandersville, Georgia.
- The new company will be named Advanced Biotechnologies, LLC and managed by Gordon Harper, CEO of Advanced Biotechnology, Inc.
- "We know the management of Advanced Biotechnology well and trust them to bring our plants online," Mr. Wunner continued.
- "We expect the first facility to have a capacity to produce 60 million gallons of biodiesel per year and to be up and running by the fourth quarter of 2006 - at which point it will be the largest plant of its kind in the U.S. We look forward to working with Advanced Biotechnology to make this a reality."
- NewGen's proposed fuel products include proprietary and complex technology, substantially and predominantly derived from petroleum sources, which improves the performance of gasoline and premium diesel fuel, as well as domestically-produced and environmentally-friendly alternative fuels such as Ethanol-based E85 and Biodiesel-based B20.
- This is designed to result in improved miles per gallon and decreased production of carbon monoxide, carbon dioxide, nitrous oxides, particulates and black smoke.
- The vision of NewGen and ReFuel America, NewGen's wholly-owned US subsidiary, is an America less dependent on imported oil, using fuels which better preserve our most important resources - the air we breathe and water we drink.
- ABI is committed to providing clean alternative energy to reduce air pollution and the effects of global warming.
- Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties.
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