New Generation Biofuels Names Phillip R. Cherry, Jr. as Vice President, Engineering and Operations
June 30 2008 - 10:47AM
PR Newswire (US)
Company Releases 2008 Achievements HOUSTON, June 30
/PRNewswire-FirstCall/ -- New Generation Biofuels Holdings, Inc.
(AMEX:GNB), a development stage renewable fuels provider, is
pleased to announce Mr. Phillip R. Cherry Jr. has been appointed to
the position of Vice President, Engineering and Operations. Cherry
joins New Generation Biofuels as the company completes test burn
programs with three leading utility companies and begins production
to fulfill its first fuel contract for a power generation customer
who has chosen New Generation Biofuels as its renewable energy
option. Cherry will be directly responsible for the site selection
and construction of the first commercial scale biofuel plant for
New Generation Biofuels. Cherry, recently with the ethanol producer
VeraSun, brings a wealth of biofuel technology knowledge to his
role in overseeing all aspects of the design, development,
construction, and operation of New Generation Biofuels' production
facilities. David A. Gillespie, President and CEO of New Generation
Biofuels, said, "We are excited to have Mr. Cherry on-board, and we
believe his talents will complement the direction and growth of New
Generation Biofuels. The company has reached several key milestones
within the past 12 months. These include successful test burn
programs with three leading utility scale power producers. The
successful test burns led to its first sales contract to supply up
to 1.7 million gallons annually of biofuel to a major west coast
independent power producer. Now is the time to bring Phillip Cherry
on board to manage operational growth." "Our power generation
customer response to New Generation Biofuel is excellent," states
Gillespie. "Overall emissions are lower, including Nitrogen Oxide
(NOx) reductions in excess of 40% and our biofuel can be burned
without significant modification to existing facilities. We have
also been working towards reducing reliance on food source
feedstocks by utilizing recycled vegetable oils in many of our test
burns. "On April 15, 2008, New Generation Biofuels was listed on
the American Stock Exchange. We believe this listing will not only
provide greater recognition for New Generation Biofuels in the
investment community, but also a more liquid, efficient market for
our stock, reinforcing our objective of maximizing shareholder
value," stated David Gillespie. On Friday, June 27th, New
Generation Biofuels joined the Russell Microcap Index, which
provides for the inclusion of our common stock in a number of
growth and value style funds tied to the Russell Microcap Index.
About New Generation Biofuels Holdings, Inc. New Generation
Biofuels is a development stage renewable fuels provider. We hold
an exclusive license for North America, Central America and the
Caribbean to commercialize proprietary technology to manufacture
alternative biofuels from vegetable oils and animal fats that we
intend to market as a new class of biofuel for power generation,
heavy equipment, marine use and as heating fuel. We believe our
proprietary biofuel can provide a cheaper, renewable alternative
energy source with significantly lower emissions than traditional
fuels. Our business model calls for establishing direct sales from
manufacturing plants that we may purchase or build and sublicensing
our technology to qualified licensees. Forward Looking Statements
This news release contains forward-looking statements. These
forward-looking statements concern our operations, prospects,
plans, economic performance and financial condition and are based
largely on our current beliefs and expectations. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results to be materially different from any
future results expressed or implied by such forward-looking
statements. The risks and uncertainties related to our business
include all the risks attendant a development stage business in the
volatile energy industry, including, without limitation, the risks
set forth under the caption "Risk Factors" in our Annual Report on
Form 10-K for the fiscal year ended December 31, 2007. All
forward-looking statements included in this news release are based
on information available at the time of the release. We are under
no obligation to update or alter our forward-looking statements,
whether as a result of new information, future events or otherwise.
CONTACT: David Gillespie, President & CEO New Generation
Biofuels, Inc. 713-973-5720 Rob Schatz Wolfe Axelrod Weinberger
Associates, LLC 212-370-4500 DATASOURCE: New Generation Biofuels
Holdings, Inc. CONTACT: David Gillespie, President & CEO, New
Generation Biofuels, Inc., +1-713-973-5720; Rob Schatz, Wolfe
Axelrod Weinberger Associates, LLC, +1-212-370-4500
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