SOURCE: NewGen Technologies

September 06, 2005 07:02 ET

NewGen Technologies, Inc. Announces Completion of $2.7M Private Placement Financing

Over 70 Accredited Investors and Insiders Participated in Private Placement Equity Financing

CHARLOTTE, NC -- (MARKET WIRE) -- September 6, 2005 -- NewGen Technologies, Inc. ("NewGen") (OTC BB: NWGN) announced today that NewGen completed a $2.7M private placement with US and foreign investors ("PPM") on September 2, 2005. Over 70 US accredited and foreign investors participated in the PPM including NewGen's senior management.

Including shares sold pursuant to the PPM, there are now 36,782,024 outstanding shares of NWGN. In addition, NWGN has outstanding warrants to purchase 2,155,000 shares of its common stock.

"We were gratified by the strong and rapid support we received from this impressive group of accredited and foreign investors," Ian Williamson, President of NewGen, said. "The completion of the PPM was integral to our strategic business goals. I am excited to lead NewGen into the public world. My team and I are confident we will create tremendous shareholder value as we build NewGen's businesses."

"This financing is integral to our overall strategy in the alternative fuel space. Ian, our team, and I are confident that we will create tremendous shareholder value, as we continue to build NewGen's businesses," NewGen Chairman Bruce Wunner said.

NewGen's counsel, Sichenzia Ross Friedman Ference LLP,, ("SRFF") represented it in connection with the PPM and related upcoming filings. On NewGen's behalf, SRFF's upcoming filings include completion of a Form SB-2. Weinberg & Company, P.A.,, NewGen's accountant, is completing an SEC compliant audit of NewGen.

"We were pleased to introduce NewGen and its exceptional management team to our growing family of strategic partners and investors. We have great faith in Ian, Bruce, and their team. They are uniquely positioned to execute on the alternative fuel space," Frank P. Crivello, Managing Member, Crivello Group, LLC,, and a shareholder of NWGN, said.

About NewGen Technologies Incorporated:

NewGen's fuel products and innovations include proprietary and complex technology which improves the performance of gasoline and premium diesel fuel, as well as domestically produced and environmentally friendly alternative fuels such as Ethanol-based E85 and Biodiesel B20. NewGen's technology alters the properties of fuels to allow more complete combustion. This is designed to result in improved MPG and decreased production of carbon monoxide, carbon dioxide, nitrous oxides, particulates and black smoke. NewGen's vision is an America less dependent on imported oil, using fuels which better preserve our most important resources -- the air we breathe and water we drink.

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.

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