SOURCE: Raven Biofuels International Corporation

March 13, 2008 07:00 ET

Raven Announces Plan to Merge With Pure Energy

PARAMUS, NJ--(Marketwire - March 13, 2008) - Raven Biofuels International Corporation (OTCBB: RVBF) and Pure Energy Corporation of Paramus, NJ have announced their intention to merge the two companies. Under the proposed terms, Pure Energy shareholders will receive Raven shares representing a majority and controlling interest and $3 Million in cash based on Raven shares being valued at $1.85 per share. The company intends to construct cellulosic ethanol plants worldwide.

"Raven and Pure combined will create a leader in the biofuels industry for the development and deployment of technologies that profitably transform waste into biofuels," commented Ian Grant, President of Raven.

"We have spent 14 years and over $25,000,000 to advance our technology platform for converting agriculture wastes and other feedstocks to ethanol. This has resulted in the development of an industry leading technology platform and an intellectual property portfolio of 30 patents in the United States and Internationally," said Dr. Irshad Ahmed, CEO of Pure Energy. "We believe that our relationship with Raven will fast-track the commercial application of our leading edge technology. Raven will also be instrumental in commercializing our other patented technologies that reduce emissions and improve the performance of transportation fuels."

Following completion of the merger, Raven Biofuels International Corporation intends to become a global renewable energy company whose principal focus is the low cost production of fuel grade cellulosic ethanol, and derivative chemicals.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, including without limitation those statements regarding the ability of Raven Biofuels International Corporation ("Raven" or the "Company") to complete the merger or any business combination with Pure Energy Corporation, or that upon completion of the merger the companies will be able to construct any ethanol plants or proceed with the commercialization of Pure Energy 's technology or that it will be able to exploit, develop, acquire, finance, operate, or make profitable, any of the commercial opportunities discussed or described herein. These forward-looking statements are not historical facts and can be identified by the use of forward-looking words or phraseology such as "believes," "expects," "may," "intends," "anticipates," "plans," "estimates," and analogous or similar other expressions intended to identify such forward-looking statements. Actual results could differ materially from those reflected in such forward-looking statements. Raven and its principals will not assume any obligation to update any of the forward-looking statements to reflect any events, facts, or circumstances that may arise other than as may be required by applicable law or regulation.

For further information about Raven Biofuels International Corp. please visit the website at www.ravenbiofuelsinternational.com or call 1-866-433-3356.

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