SOURCE: NetSpace International HLDG

January 06, 2010 13:23 ET

NetSpace Announces Acquisition of Alternative Fuels Americas

MAITLAND, FL--(Marketwire - January 6, 2010) - NetSpace International Holdings, Inc. (PINKSHEETS: NSIH) announced today it has fully completed the acquisition of Alternative Fuels Americas (AFA). This Company is a wholly owned subsidiary of NSIH.

Alternative Fuels Americas (AFA) is a biodiesel consolidation company seeking to acquire companies at every phase of the biodiesel cycle, instituting operational efficiencies and reducing the cost of the biodiesel. The Company has a well defined, vertically integrated business model with a number of distinctive and innovative components which it believes can be rapidly and efficiently implemented, including (a) control of feedstock sources via feedstock purchase agreements, (b) operation of in-field extraction and refining facilities, and (c) integrated logistics. The AFA model represents the culmination of 3 years of research and industry involvement, drawing on the lessons learned from evaluating strategies and tactics deployed by the industry pioneers.

New technologies and advances in agricultural practices, as well as new feedstock development, have transformed the economics of biodiesel, allowing for profitable production, particularly under a vertically integrated operational model. Driving the growing market for biodiesel is:

--  A desire to reduce dependency on foreign oil.
--  A desire to incite economic development, particularly in rural
    regions.
--  A desire to promote clean energy and reduce carbon emissions.
    

AFA was founded by The Tudog Group, a Florida-based company with business advisory, business development, market research, training, and merchant banking divisions. Tudog was founded in 1999 and has worked with more than 200 companies from 19 countries.

With this transaction Craig Frank was named CEO of the company. "We are very excited about this milestone," stated Mr. Frank, "and AFA being public will allow us to take advantage of the assets of the company. Within the next several months it is our goal to bring all accounting up to date, change the name of company and recapitalize the existing structure."

This transaction was put together by River Rock Capital and Tudog.

About The Tudog Group

A Florida based company with business advisory, business development, market research, training and merchant banking divisions. Founded in 1999 and has worked with more than 200 companies like Amdocs Ltd. and Military Resale Group from 19 countries, including throughout Central America. Tudog has been active in Central America since 2005, working with a number of governments, NGOs, and private companies in Costa Rica, Guatemala, Honduras, Nicaragua and El Salvador.

About River Rock Capital, LLC

River Rock Capital was founded in Maitland, Florida by experienced seasoned financial professionals. The Company's core competence is company renewal and the structuring of liquidity events. River Rock Capital has worked with more than 30 companies from 11 different industries. The Company's activities have served to raise more than $100 million in capital and established over $700 million in company value. For more information please visit www.riverrockcap.com

About Alternative Fuels Americas

Alternative Fuels Americas (AFA) is a biodiesel consolidation company seeking to acquire companies at every phase of the biodiesel cycle, instituting operational efficiencies and reducing the cost of the biodiesel.

This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company's current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

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