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.
|SOURCE NexGen Biofuels Ltd|
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