SOURCE: ALL Fuels & Energy Company

August 21, 2007 09:31 ET

ALL Fuels & Energy Acquisition of Ace Ethanol Moves Forward

DES MOINES, IA--(Marketwire - August 21, 2007) - ALL Fuels & Energy Company (OTCBB: AFSE) announced today that the members of Ace Ethanol, LLC held a special meeting on August 18, 2007, and Ace Ethanol has agreed to negotiate the definitive agreement with ALL Fuels & Energy Company. Ace Ethanol operates a 44 million (MM) gallon per year production facility in Stanley, WI.

"We couldn't be more pleased with the outcome of Saturday's vote and look forward to closing this transaction before the end of the third quarter," said Dean Sukowatey, AFSE's President.

About ALL Fuels & Energy Company

Visit AFSE online at: www.allfuelsandenergy.com

AFSE recently acquired ALL Energy Company, a development-stage ethanol company organized to operate as an ethanol producer, focusing primarily on the production and sale of ethanol and its co-products. AFSE has adopted the business plan of ALL Energy Company. To date, AFSE has: obtained $2 million in private equity funding; purchased 150 acres on which to build its proposed ethanol production facility in Manchester, Iowa; signed a five-plant engineering and design agreement with Delta-T Corporation (Delta-T is a Virginia-based company with over twenty years of experience in the ethanol industry that management believes possesses superior expertise and superior technologies in the ethanol production space); engaged Natural Resources Group to handle water-related environmental matters relating to the proposed Manchester ethanol production facility; through the efforts of its air-related environmental consultant, Yaggy-Colby, obtained the final Air Quality Construction Permit, relating to the proposed Manchester ethanol production facility; and investigated and become involved in the potential acquisition of one or more existing ethanol production facilities, including Ace Ethanol.

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words such as "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe AFSE's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the ability of AFSE to obtain needed financing, as well as the financial performance of AFSE, which could cause actual results to differ materially from those anticipated. Although AFSE believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it cannot give any assurance that such expectations will be fulfilled. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release, and AFSE does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

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