SOURCE: ReFuel America, Inc.

August 03, 2005 10:20 ET

ReFuel America, Inc. Announces Acquisition by Bongiovi Entertainment, Inc.

Bongiovi Entertainment, Inc. to Change Name to NewGen Technologies, Inc. and Change Symbol

CHARLOTTE, NC -- (MARKET WIRE) -- August 3, 2005 -- Ian Williamson, president, ReFuel America, Inc. ("ReFuel America"),, announced today that on August 2, 2005, ReFuel America closed a transaction with Bongiovi Entertainment Inc. (OTC BB: BGVE) ("Bongiovi") pursuant to which ReFuel America became a wholly owned subsidiary of Bongiovi.

The shareholders of ReFuel America received approximately 90 percent of the total outstanding shares of BGVE. Prior to this closing, BGVE completed a 1-for-33 reverse stock split of its outstanding common stock or 3,333,469 common shares. As consideration for the acquisition of ReFuel America, Bongiovi issued 28,135,033 shares of its common stock to ReFuel America's shareholders. In addition, Bongiovi issued a warrant to purchase 2,155,000 shares of its common stock in exchange for a like warrant issued by ReFuel America. The current officers and directors of ReFuel America assumed similar positions with BGVE. Finally, Bongiovi will be re-named as NewGen Technologies, Inc. and its OTC BB trading symbol will change.

ReFuel America is a fuel production and distribution company engaged in the development of fuel technology which changes the property of fuel to allow more complete combustion. Benefits of ReFuel America products may include improved miles per gallon, increased power and torque, and decreased production of harmful emissions like carbon monoxide, carbon dioxide, nitrous oxides, particulates and black smoke.

"This step is a significant step in advancing our business plan," said Ian Williamson, president and director of ReFuel America. "We are now poised for continued expansion, both through acquisitions and via organic growth. ReFuel America's vision is an America less dependent on foreign oil, using fuels which better preserve our most important resources -- the air we breathe and water we drink."

BGVE Chairman Bruce Wunner stated: "The closing of this transaction was integral to our overall strategy. Our team is confident we will create tremendous shareholder value as we continue to build ReFuel America's businesses. We are excited to lead ReFuel America into the public market."

Frank P. Crivello, managing member, Crivello Group, LLC,, and a shareholder of ReFuel America, stated: "We were pleased to negotiate the agreement between Bongiovi and ReFuel America. ReFuel America's counsel, Sichenzia Ross Friedman Ference LLP,, closed the transaction. BGVE's management was cooperative and professional."

About ReFuel America, Inc.

Refuel America's fuel products 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-based B20. ReFuel'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. Refuel America'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 ReFuel America 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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