NewGen Technologies (CE) (USOTC:NWGN)
Historical Stock Chart
From May 2019 to May 2024
NewGen Technologies, Inc. (“NewGen”)
(OTCBB: NWGN) today applauded the bold and far-reaching energy policy
proposals set forth in President George Bush’s
State of the Union address which called for the use of 35 billion
gallons of biofuels within ten years. This is the highest target of
biofuels usage ever proposed in the United States.
In 2006, an estimated 5.5 billion gallons of biofuels (ethanol and
biodiesel) was blended with gasoline and diesel sold in the United
States. Industry experts estimate that an additional six billion gallons
of ethanol fuel capacity is being constructed and expected to be open by
the end of 2008. In addition, in excess of one billion gallons of
biodiesel production capacity is currently under construction. The
President’s proposal, with substantial
bipartisan support in Congress, should help to more than triple existing
capacity in less than a decade.
“The key to achieving this clear national goal
is the efficient production, distribution, and marketing of these fuels.
This is a complex set of tasks well-suited to the expertise and strategy
of NewGen,” said James Peeples, Senior Vice
President – Business Development & Government
Relations. “Our company is combining each of
these critical elements to become an industry leader in providing
customers with premium quality, clean-burning, domestically-produced and
renewable fuels available at a low cost.”
“Our planned acquisition of Appalachian Oil
Company, with over 200 wholesale and retail outlets, millions of gallons
of blended fuel sales and over $400 million in annual revenues in
Tennessee, Kentucky, Virginia, West Virginia and North Carolina will
help facilitate our corporate objectives more quickly and efficiently,”
stated James Peeples “The acquisition,
planned to be completed in the first quarter, will serve as a platform
from which the company expects to expand sales of biodiesel blends and
ethanol-blended gasoline including E85 (an 85% ethanol and gasoline
blend) as an alternative fuel for use in hundreds of thousands of
ethanol “flexible fuel vehicles”
(FFVs) operating in those states”.
Last year, NewGen’s U.S. subsidiary ReFuel
America acquired three petroleum fuel storage, blending and distribution
terminals along key pipelines in growing southeastern markets in
Charlotte, North Carolina, Spartanburg, South Carolina, and south of
Atlanta in Columbus, Georgia.
These strategic terminals will enable the most efficient supply and
distribution logistics for the company’s
premium blended products. NewGen also expects to produce its own premium
biofuels as well as other clean-burning motor fuels, while continuing to
expand its supply and distribution network worldwide.
“It is essential for the success of the
energy policy proposal that the supply stream also meets the demands of
the market,” Peeples noted “Consumers
will buy and benefit from these 21st century
fuels if they are of the highest quality, accessible at local gas
stations and competitively-priced. NewGen intends to do its part to make
this happen quickly.”
About NewGen Technologies, Inc.
NewGen’s mission is to be a leading global
vertically integrated 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
believes that it has developed the cleanest burning and highest
performing fuels in the world by utilizing its own technology that
allows for more complete combustion.
The vision of NewGen and ReFuel America, NewGen’s
wholly-owned U.S. subsidiary, 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.
From the Fields-to-the-Wheels
NewGen creates … Better Fuels for a Better
World
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 and email updates, 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.