NewGen Technologies (CE) (USOTC:NWGN)
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From May 2019 to May 2024
NewGen Technologies, Inc. (OTCBB: NWGN):
Financings Would Be Used to Complete the Upgrade of Its
ReFuel America NC, SC and GA Terminal Facilities and for
General Working Capital
NewGen Technologies, Inc. ("NewGen") (OTCBB: NWGN), today
announced that it and Greystone Business Credit II, LLC ("Greystone")
reached an agreement in principal relating to up to $18 million in
secured debt financing. Proceeds from the financing would be utilized
to refurbish and upgrade NewGen's hydrocarbon terminal facilities and
for general working capital.
Greystone's proposed credit facility includes a revolving line of
credit in the maximum amount of $18 million based on predetermined
lending formulas, with up to $10 million based on NewGen's accounts
receivables, $6 million based on NewGen's machinery and $2 million
based on NewGen's land and improvements. The loans would bear interest
at a rate of 4% plus the prime interest rate. As additional
consideration for the financing, Greystone would receive a warrant to
purchase 250,000 shares of NewGen's common stock at a price of $1.00
per share.
The Greystone financing is contingent upon the consent of Cornell
Capital Partners, LP and the funding by Cornell Capital Partners, LP
of previously committed financing, customary business due diligence
and commercial agreements.
"We are very pleased that Greystone desires to finance our
existing hydrocarbon terminal facilities and our future working
capital needs," stated S. Bruce Wunner, CEO of NewGen. "Upon
successful closing of this transaction, we expect to be able to
fulfill our business objectives."
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 among 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.
NewGen Technologies also owns 60% of ACTANOL Bioengineering, Inc.
which has acquired 98.8% of The IPF Group. Since its foundation in the
early 1970's, The IPF Group, headquartered in Friedrichsdorf/Taunus,
Germany has become a significant force in the engineering world. The
Company is a leading enterprise in engineering, planning and
manufacturing design, having completed hundreds of projects for
international companies and organizations. Some of the current IPF
clients include: Audi, BASF, BMW, Corning, DaimlerChrysler, Dynamit
Nobel, General Motors, Hyundai and Volkswagen.
Additional information can be found at the company's websites:
www.newgenholdings.com, www.refuelamerica.com, www.actanolbio.com and
www.ip-fischer.de.
Investor Information -- To request investor information and attend
online corporate meetings, please visit our website at:
http://www.b2i.us/irpass.asp?BzID=1316&to=ea&s=0.
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 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.