Prolong (AMEX:PRL)
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From Jun 2019 to Jun 2024
NewGen Technologies, Inc. (OTCBB: NWGN) today announced
the signing of a Letter of Intent to merge into Prolong International
Corporation (AMEX: PRL), a maker of proprietary lubricants and fuel
additives. The merger is subject to satisfactory due diligence,
definitive agreements, regulatory approvals and shareholder consent.
Under the LOI, NewGen will merge with Prolong, with Prolong being the
surviving company. The company will take the name NewGen Technologies,
operating through two subsidiaries, ReFuel America, Inc. and Prolong
Super Lubricants, Inc., and will trade on the American Stock Exchange
(AMEX). Current NewGen shareholders will own approximately 93.6% of
the new company, with the balance owned by current Prolong
shareholders. The board and senior management of the merged parent
company will come from NewGen. Additional terms were not disclosed.
S. Bruce Wunner, chairman and CEO of NewGen Technologies, stated,
"This agreement will give NewGen access to proprietary lubricants that
greatly improve the performance of engines, equipment, and machinery
by utilizing an Anti-Friction Metal Treatment (AFMT) formula which
bonds to metal surfaces, resulting in reduced friction and heat while
enhancing operating efficiency. With Prolong's technology, NewGen will
be able to create a line of bio-lubricants that can be added to
traditional synthetic fuel engines to improve performance. In
addition, Prolong has an established distribution network with large
retail outlets across the U.S. as well as an expanding international
presence, which NewGen can leverage to access new market channels."
Elton Aderman, CEO of Prolong International Corporation, added,
"Merging with NewGen offers Prolong an exciting opportunity to expand
into new markets and build upon our existing base of business.
NewGen's technology will allow Prolong to enter the rapidly-expanding
biofuel industry, capitalizing on the world's growing appetite for
alternative fuels. We are pleased to find the right partner that will
provide the ideal relationship and complement our efforts to maximize
shareholder value. I'm confident that this merger will bring
tremendous growth opportunities for Prolong."
About NewGen Technologies, Inc.
NewGen's mission is to be a leading manufacturer, processor 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 US 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.
Additional information can be found at the company's website
www.nwgntech.com.
About Prolong International Corp.
Prolong International Corporation (AMEX: PRL), a consumer products
holding company headquartered in Irvine, California, through its
operating subsidiaries, manufactures, markets and distributes a
complete line of patented lubricant and proprietary automotive,
commercial/industrial and household products. The company's products
are marketed and sold under the brand name Prolong Super Lubricants(R)
and are used in automotive, industrial and consumer applications.
Prolong products are sold throughout the United States at major chain
stores, auto retailers, industrial supply stores and in international
markets. More information about Prolong International and its products
can be obtained at http://www.prolong.com.
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. The actual future results
of NWGN and PRL could differ significantly from those statements.
Factors that could cause actual results to differ materially include
risks and uncertainties such as the inability to finance the company's
operations or expansion, inability to hire and retain qualified
personnel, changes in the general economic climate, including rising
interest rate and unanticipated events such as terrorist activities.
In some cases, you can identify forward-looking statements by
terminology such as "may," "will," "should," "expect," "plan,"
"anticipate," "believe," "estimate," "predict," "potential" or
"continue," the negative of such terms, or other comparable
terminology. These statements are only predictions. Although we
believe that the expectations reflected in the forward-looking
statements are reasonable, such statements should not be regarded as a
representation by the Company, or any other person, that such
forward-looking statements will be achieved. We undertake no duty to
update any of the forward-looking statements, whether as a result of
new information, future events or otherwise. In light of the
foregoing, readers are cautioned not to place undue reliance on such
forward-looking statements. For further risk factors see the risk
factors associated with our Company, review our SEC filings.