NewGen Technologies (CE) (USOTC:NWGN)
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From May 2019 to May 2024
NewGen Technologies, Inc. (“NewGen”)
(OTCBB: NWGN) today announced that it continues to work towards
completing its previously announced acquisition of Appalachian Oil
Company (“APPCO”).
"Although the closing of the APPCO acquisition has been delayed
primarily due to a change in financing partners, I am very confident
that the transaction will be closed during the next few weeks after we
secure acquisition financing," said S. Bruce Wunner, Chairman of NewGen.
NewGen recently paid a $250,000 non-refundable, initial good-faith
deposit to the current shareholders of APPCO in order to extend the
deadline for closing the acquisition until 5 p.m. on April 2, 2007. The
deposit will be applied against the purchase price at closing. In
addition, NewGen has the option to pay an additional $250,000 deposit to
extend the closing deadline until 5 p.m. on April 16, 2007.
The acquisition of APPCO will position NewGen as a leading vertically
integrated renewable fuel company in the Southeastern United States.
Shortly after completion of the APPCO acquisition, ReFuel America, a
wholly-owned subsidiary of NewGen will begin operations at three fuel
terminals it owns in North Carolina, South Carolina and Georgia.
NewGen also announced that Noel Corcoran had resigned as Chairman of
NewGen Technologies and that S. Bruce Wunner, NewGen’s
previous Chairman and a former international senior executive with
McDonalds Corporation will serve as interim Chairman.
“I am appreciative of the commitment that the
management teams at NewGen and APPCO have put forth to complete this
transaction and am looking forward to pursuing additional strategic
business opportunities," said S. Bruce Wunner Chairman and CEO of NewGen
About APPCO
Appalachian Oil Company (www.goappco.com),
founded in 1923, operates from its offices in Tennessee and
Virginia, selling to wholesale and retail customers in Tennessee,
Kentucky, Virginia, West Virginia, North Carolina and South Carolina.
APPCO’s branded products include Exxon,
BP, Marathon, Sunoco, Citgo and their own “APPCO”
brand.
APPCO operates 58 company-owned gas station convenience
stores and supplies petroleum products to over 160 other
independent dealers and distributors.
APPCO had revenues of over $400 million, distribution of
over 225 million gallons of fuel products with over 500
employees, in the twelve-month period ended September 30, 2006.
APPCO buys fuel products directly from secure petroleum product
pipelines supplied by refineries of the major oil companies and
independent refiners.
APPCO buys fuel ethanol in bulk from regional manufacturers and
blends it with its hydrocarbon petroleum products.
APPCO operates truck & trailer and other delivery equipment
also capable of mobile refueling for various public and private fleet
customers.
About NewGen Technologies, Inc.
NewGen’s mission is to be the leading global
vertically integrated (Fields-to-Wheels) manufacturer and distributor of
premium biofuels and hydrocarbon blends that are intended to
dramatically reduce the environmental and economic impact of world
petroleum use. NewGen is developing and will take to market the cleanest
burning and highest performing fuels in the world by utilizing its own
proprietary products and other technology.
The vision of NewGen and ReFuel America, NewGen’s
wholly-owned U.S. subsidiary and brand, is a world less dependent on
oil, using secure, renewable, 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
websites - www.newgenholdings.com,
www.refuelamerica.com, www.actanolbio.com,
www.ip-fischer.de, www.newgenasia.com.sg,
& www.goappco.com.
Investor Information -- To request investor information and receive
company news updates, 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.