SOURCE: Raven Biofuels International Corporation

November 12, 2008 08:00 ET

Raven Biofuels and Price BioStock Target Mississippi Site for Cellulosic Ethanol Biorefinery

PARAMUS, NJ--(Marketwire - November 12, 2008) - Raven Biofuels International Corporation (OTCBB: RVBF) ("Raven" or the "Company") is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with Price Biostock ("Price") to develop an ethanol biorefinery located in the Gulf Opportunity Zone of Mississippi.

The proposed 35 acre site offers regional benefits such as favourably lower feedstock and labor costs combined with strong State incentives such as The Gulf Opportunity Zone (GO Zone). The feedstock to be utilized for the biorefinery will be locally sourced wood and wood waste. In association with the GO Zone initiatives the project plan also includes development groundwork for a cogeneration facility to be undertaken in cooperation with local utilities. The Gulf Opportunity Zone Act was passed into law on Dec 21, 2005 as an initiative to rebuilding the region devastated by multiple hurricanes (Wilma, Rita and Katrina) in 2005.

John Sams, President of Raven, commented, "Raven is excited to expand its alliance with Price, through the joint development of this project in the southern US. This project represents a strategic location, not just for biomass feedstock procurement, but also due to its close proximity to gulf coast refineries. Raven and Price will benefit from this project, as well as the state of Mississippi through the Gulf Coast Opportunities Zone initiatives."

The agreement calls for a biorefinery output of 33 million gallons per year (MGPY), based on a projected 21 MGPY of fuel grade ethanol and 12 MGPY of furfural products, plus lignin cake.

Dick Carmical, CEO of Price Biostock states, "Price looks forward to this very concrete expansion of our alliance agreement with Raven. Price's experience in biomass feedstock procurement and excellent relationships with critical governmental agencies and local utility companies will facilitate this project and provide a strong synergy with Raven's technology."

Further specifics outlining the agreements between both parties will be made upon completion of negotiations, full details of which will be made publicly available at that time as part of the Company's regulatory disclosure filings with the Securities and Exchange Commission ("SEC").

About Price Biostock

With over 40 years of operating history, the Price Companies is one of the largest and most experienced wood processing companies in the U.S. offering 19 facilities nationwide under contract for many of the most respected manufacturing companies in America -- including International Paper, Rayonier, Weyerhaeuser, New Page, and Georgia Pacific.

Through their many association memberships and industry-wide relationships, Price recognizes that the future of biofuels production will significantly exploit cellulosic biomass and has subsequently developed customized solutions for a broad range of dry biomass feedstock including wood, paper, municipal solid waste (MSW), tires, C&D (construction and demolition waste), and agricultural waste. Currently, Price operates 19 Bio-Mass (Wood Pulp Chip) state-of-the-art facilities that produce 14.6 million tons of pulp chips and 2.5 million tons of hog fuel annually. The BIOstock division offers an expanded set of services for managing biomass feedstock materials including consulting, procurement, systems design/engineering, and facilities management.

About Raven Biofuels International Corporation (OTCBB: RVBF)

Raven Biofuels is a developing global renewable energy company focused on producing ethanol from waste or biomass (cellulosic ethanol). Raven plans to build commercial scale refineries using a proprietary 2 stage dilute acid hydrolysis process to convert forestry and agricultural waste to transportation grade ethanol. The production of cellulosic ethanol could play a major role in national energy independence as it has in Brazil. Ethanol made from waste is a viable clean fuel that can play a part in reducing emissions that cause global warming and reducing independence on foreign oil. For more information visit: www.ravenbiofuels.com

Notice Regarding Forward-Looking Statements

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 construct any ethanol plants or proceed with the commercialization of its 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.

Source: Raven Biofuels International Corporation