| NewGen Announces Biodiesel Project Launch in Fairfield, Iowa |
Friday February 24, 8:00 am ET
CHARLOTTE, NC--(MARKET WIRE)--Feb 24, 2006 -- NewGen Technologies, Inc., through its U.S. subsidiary, ReFuel America, today announced plans to build a new biodiesel plant in Fairfield, Iowa. The facility, with an estimated capacity of 60 million gallons, will be developed by the company's previously announced joint venture with PowerSHIFT Energy and be called PowerSHIFT BioFuels of Iowa.
"The demand for biofuels has grown dramatically in recent years, and ReFuel America is perfectly positioned to meet this important need. Working with PowerSHIFT, we have the opportunity to bring our proprietary technologies to the people of Iowa and the rest of the Midwest. We look forward to producing, blending, and distributing our advanced, high-performing biofuels in the near future," said S. Bruce Wunner, Chairman and CEO of NewGen.
The members of the joint venture will hold a media briefing today, February 24th, at 10 a.m. Central Standard Time. As part of this event, PowerSHIFT will lead a town hall style community meeting to introduce the project to the greater Fairfield community.
"The development of this Iowa biodiesel facility is a dream come true for us," said Dan Leach, President and CEO of PowerSHIFT Energy Company and CEO of PowerSHIFT BioFuels of Iowa. "We owe a debt of gratitude to Bob Phipps, Mayor Ed Malloy and many others in the Fairfield area who have paved the way for our company's biofuel project."
The completion of this project is subject to obtaining adequate financing and governmental permits/licenses, as applicable.
About NewGen Technologies, Inc.
NewGen's mission is to be a leading manufacturer, blender and distributor of premium biofuels that are intended to dramatically reduce the ecological and economic impact of world petroleum use. NewGen believes that it has developed the cleanest burning and highest performing fuels in the world by utilizing technology that allows for more complete combustion, which NewGen believes will result in improved miles per gallon and significantly decreased harmful emissions, including reduced carbon monoxide, carbon dioxide, nitrous oxides, particulates and black smoke. The company's fuel products include proprietary and complex technology, substantially and predominantly derived from petroleum sources, which are intended to improve the performance of gasoline and diesel fuels, as well as domestically produced and environmentally friendly alternative fuels such as Ethanol-based E85 and Biodiesel-based B20. The vision of NewGen and ReFuel America, NewGen's wholly owned U.S. subsidiary, is a world less dependent on oil, using secure, homegrown fuels which better preserve our most important resources -- the air we breathe and water we drink.
About PowerSHIFT Energy Company, Inc.
PowerSHIFT Energy Company, Inc., a wholly owned subsidiary of HTH Wind Energy, Inc., is a biofuels producer and developer of biofuel and renewable power generation facilities. The company's biofuels are obtained from renewable feedstock sources throughout the world. PowerSHIFT views the biofuel industry as being a boon to the U.S. agricultural community, and the company is proud to support these endeavors in reducing U.S. dependency on foreign oil sources. The goal of PowerSHIFT is to produce clean-burning biofuels for the transportation sector as well as to generate pollution-reducing electrical power.
Source: NewGen Technologies, Inc.
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