PETACH TIKVA, Israel, April 1 /PRNewswire-FirstCall/ -- NexGen Biofuels Ltd. (OTCBB: NXGNF.OB), today announced that it has signed a non-binding Letter of Intent with World Venture Management Inc., a Nevada based company (herein referred to as ("WVM" ) and Mac Bioventures, Inc. The transaction includes (i) the transfer to NexGen of WVM's assets relating to its Real Estate acquisitions and asset management enterprise, such as Hotel/Casinos, Wineries and Vineyards, Refineries, Office Buildings and Apartment Complexes, Shopping Malls and other commercial buildings, in addition to the management of certain assets such a Gemstones, Gold and Diamonds and in-ground assets such as Coal and Oil, Gas and Natural Gas, in the United States in consideration for a controlling stake in NexGen and (ii) the purchase of NexGen's holdings in its subsidiaries by Mac Bioventures in consideration for a part of the debt it's assuming in NexGen.
The Letter of Intent further contemplates that the number of shares up to 65 million to be issued in consideration for WVM's assets shall be based on the valuation of the assets to be provided by a recognized valuation firm.
Closing of the transaction announced today is subject to the negotiation and execution of definitive agreements, the completion of due diligence, the receipt of the necessary corporate, regulatory and third party approvals, including NexGen's shareholders and the approval of an Israeli District Court. No assurance can be given that a definitive agreement will be signed or that the transaction will close.
About NexGen Biofuels Ltd.
NexGen Technologies Ltd. through it subsidiaries is a developer of ethanol and biodiesel plants, primarily in the United States. NexGen is currently in the process of acquiring and developing its proposed plants and has not conducted any significant business operations or generated any operating revenues to date. Currently, NexGen Biofuels optioned to own few greenfield sites in Wisconsin, Iowa, Ohio and Indiana, permitting for 100 million gallons of annual ethanol/biodiesel production per site.
About World Venture Management
World Venture Management, Inc (WVM) is a firm that invests exclusively in asset based securities that allows property owners to create liquidity in a depressed market and economy by converting all or portions of their assets into tradable securities, thereby mitigating a volatile property market, while being able to maintain equity, revenue expansion & debt-service, while increasing property values. ( http://www.worldventuremanagement.com)
SAFE HARBOR: This press release contains certain forward looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward looking statement made by or on behalf of NexGen Biofuels Ltd. Readers are referred to the documents filed by the company with the Securities and Exchange Commission, specifically the most recent report on Form 8K that identifies important risks which could cause actual results to differ from those contained in the forward looking statements.
CONTACT: Ram Ajjarapu CEO +1-813-929-4802
|SOURCE NexGen Biofuels Ltd|
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