SOURCE: New Generation Biofules Holdings, Inc.

New Generation Biofules Holdings, Inc.

March 08, 2011 08:30 ET

New Generation Biofuels Announces Shareholder Approval of Additional Authorized Shares

COLUMBIA, MD--(Marketwire - March 8, 2011) - New Generation Biofuels Holdings, Inc. (OTCQB: NGBF) (PINKSHEETS: NGBF) (the "Company"), a clean energy technology company focused on renewable biofuel solutions with enhanced environmental performance, announced today that at a special meeting of shareholders held on March 3, 2011, its shareholders approved an amendment to the Company's Restated Articles of Incorporation that will allow the number of authorized shares outstanding to increase from 100 million to 350 million. The additional authorized shares will permit the Company to pursue potential opportunities to raise additional capital for working capital in order to fund its current and future business activities, including the development of pyrolysis oil-based biofuels.

About the Company

The Company is a clean energy company deploying novel technologies to produce cleaner, renewable biofuels. The Company has rights to a portfolio of patented and patent pending technology to manufacture alternative biofuels from plant oils, animal fats and related oils that it markets as a new class of biofuel for power generation, commercial and industrial heating and related uses. The Company believes that its proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. New Generation Biofuels' business model calls for establishing direct sales from manufacturing plants that it may purchase or build and sublicensing its technology to qualified licensees. Additional information about New Generation Biofuels is available at http://www.newgenerationbiofuels.com.

Forward-Looking Statements

This news release contains forward-looking statements. These forward-looking statements concern the Company's operations, prospects, plans, economic performance and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. The risks and uncertainties related to our business, which include all the risks attendant an emerging growth company in the volatile energy industry, including those set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2009, and in subsequent filings with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why the actual results could differ from those projected in the forward-looking statements.

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