Navigation Links
New Generation Biofuels Signs Letter of Intent with Instituto Costarricense de Electricidad (ICE) of Costa Rica
Date:6/22/2009

LAKE MARY, Fla., June 22 /PRNewswire-FirstCall/ -- Renewable fuels provider New Generation Biofuels Holdings, Inc. (Nasdaq: NGBF) today announced that it has signed a Letter of Intent with Instituto Costarricense de Electricidad (ICE), an Autonomous Institution of the Government of Costa Rica.

Under the terms of the letter of intent, ICE will evaluate NGBF's biofuels, leading ultimately to the potential licensing of NGBF technology and to the construction of its own biofuel production plants employing NGBF's process in Costa Rica for use in its electric generation plants. It is also the intent of the parties that the process outlined in this letter shall be completed within a period no longer than three months.

"We look forward to working with ICE to explore this opportunity to provide Costa Rica with an environmentally sound fuel, based on locally produced feedstock, which should mitigate the need to use Costa Rica's foreign exchange earnings to purchase imported fuel oil," said New Generation Biofuels' Chief Executive Officer, Cary Claiborne. "In addition to the expected revenue contribution for New Generation Biofuels, the successful implementation of the ICE project using our technology will provide us with an additional platform to market our biofuel technology in the U.S. and abroad."

NGBF proposes to supply ICE, initially, with biofuel produced in its production facility located in Baltimore, Maryland, for the testing program. An additional evaluation will be conducted to assess the availability within Costa Rica of palm oil, Jatropha, or animal fats suitable for use as feedstock to produce biofuel.

About Instituto Costarricense de Electricidad (ICE),

The Instituto Costarricense de Electricidad (ICE) was created by decree in April 8, 1949 with the goal of developing Costa Rica's energy resources. In addition to contributing to the sustainable development of renewable sources of energy, ICE's mission is to be the best electricity company in Central America in terms of quality, reliability, price competitiveness, client satisfaction, and to be recognized as an important contributor to the economic and social development of the country. For additional information please visit http://www.grupoice.com/

About New Generation Biofuels Holdings, Inc.

New Generation Biofuels is a renewable fuels provider. New Generation Biofuels holds an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from vegetable oils and animal fats that it markets as a new class of biofuel for power generation, commercial and industrial heating and marine use. The Company believes that its proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. New Generation Biofuels' business model calls for establishing direct sales from manufacturing plants that it may purchase or build and sublicensing its technology to qualified licensees.

Forward Looking Statements

This news release contains forward-looking statements. These forward-looking statements concern our operations, prospects, plans, economic performance and financial condition and are based largely on our current beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements.. The risks and uncertainties related to our business include all the risks attendant a development stage business in the volatile energy industry, including, without limitation, the risks set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

    Media Contact: Phil Wallis ph: (321) 363-5113
    Or pjwallis@newgenerationbiofuels.com

    IR Contact: Ed Job, CFA ph: (646)213-1914
    Or ed.job@ccgir.com

    Rob Schatz   ph: (212) 370-4500
    Or Rob@wolfeaxelrod.com


'/>"/>
SOURCE New Generation Biofuels Holdings, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Dynavax Issued Landmark Patent Covering Second-Generation TLR9 Agonists
2. Vital Images Releases Next Generation Enterprise-Wide Solutions Featuring Vitrea(R) 4.0 and ViTALConnect(R) 4.1
3. ICx Awarded $1.5 M Contract by Department of Homeland Security for Development of Next Generation Bio Aerosol Systems
4. The next generation: nanomagnets could replace semiconductors
5. BioReliance Launches Next-Generation Genotoxicity Screening Service
6. BioLife Solutions CryoStor(TM) Adopted by Tissue Regeneration Therapeutics for Preservation Protocol for New, Non-Embryonic Source of Stem Cells
7. NanoLogix Inc. Announces Historical First in Energy Generation With Bioreactor-Produced Hydrogen at Welchs
8. SeqWright Unveils ABI SOLiD(TM) Next Generation Genetic Analysis System
9. SLIM Search, Inc. Sponsors Next Generation Sequencing Conference for the Biomedical Market
10. Boston Scientific Announces European Approval of Next-Generation Implantable Defibrillator
11. Sangamo BioSciences Announces ZFP Therapeutic Data From Nerve Regeneration Program at Society for Neuroscience Meeting
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/27/2017)... ... 2017 , ... Proscia Inc., a data ... has the potential to eliminate subjectivity in the detection and classification of breast ... of the 2017 ISBI CAMELYON Digital Pathology Challenge, organized by the ...
(Date:4/27/2017)... ... April 27, 2017 , ... This month Quorum Review ... that simplifies research studies, accelerates study startup, and improves participant engagement. Developed by ... the first and only IRB-integrated eConsent solution . , “Our mission at ...
(Date:4/27/2017)... ... April 27, 2017 , ... During the course of this ... for 1,25-Dihydroxyvitamin D can enhance clinical practice. Participants will learn the medical indications ... , Dr. Gregory Plotnikoff, senior consultant with Minnesota Personalized Medicine, will be the ...
(Date:4/27/2017)... , ... April 27, 2017 ... ... announced a comprehensive rebrand and a name change to Fluence Analytics. ... and laboratory monitoring of polymer and biopharmaceutical manufacturing processes and R&D applications. ...
Breaking Biology Technology:
(Date:3/23/2017)... 2017 Research and Markets has announced the ... Trends - Industry Forecast to 2025" report to their offering. ... The Global ... of around 8.8% over the next decade to reach approximately $14.21 ... market estimates and forecasts for all the given segments on global ...
(Date:3/22/2017)... 2017 Vigilant Solutions , a vehicle ... agencies, announced today the appointment of retired FBI special ... safety business development. Mr. Sheridan brings more ... a focus on the aviation transportation sector, to his ... Mr. Sheridan served as the Aviation Liaison Agent Coordinator ...
(Date:3/16/2017)... , March 16, 2017 CeBIT 2017 - Against identity fraud ... Continue Reading ... Used combined in one project, multi-biometric solutions provide a ... Used combined ... ...
Breaking Biology News(10 mins):