SOURCE: Globex, Inc.

October 16, 2006 08:30 ET

Globex, Inc. Announces Progress in Negotiations to Acquire Ethanol Permits in Brazil

Company's Plans to Build Ethanol Plant Have Been Received Favourably

NEW YORK, NY -- (MARKET WIRE) -- October 16, 2006 -- Globex, Inc. (PINKSHEETS: GLXI), today announced that is entering the final phase of negotiations with Brazilian Private Organizations to acquire national ethanol permits. These permits will allow Globex to construct an ethanol plant in Brazil. Globex's plans, which are to build an ethanol plant that will employ its proprietary supercritical fluid (SCF) pre-treatment technology and produce ethanol by using residues from crops; wood chips; and pulp and paper, have been received favourably by the Brazilian organizations. Globex expects that a Memorandum of Understanding with respect to the purchase of the permits will be completed and signed by the end of the month.

About Globex, Inc.

The mission of Globex, Inc. is to develop conversion technologies and methods related to the production of alternative 'green' energy. Our objectives are to become an important player in the high-growth ethanol industry and, in turn, establish a strong position in the green energy industry. Globex's goal is to capitalize on the rapid rise in the demand for ethanol that is being driven by the energy bill passed by the US Congress last year, which mandates the use of ethanol as a fuel additive rather than MBTE in order to reduce greenhouse gas emissions. In particular, the bill requires an increase in ethanol use by refiners to 7.5 billion gallons by 2012, which is nearly double the current total of about 4 billion gallons per year.

For more information please contact Michel Benoit at (514) 288-8494 or via e-mail at

Forward-Looking Statements

Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.

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