Raven Biofuels International Corporation
OTC Bulletin Board : RVBF

Raven Biofuels International Corporation

June 09, 2008 09:00 ET

Raven Updates on Proposed Refineries, Financing and Corporate Developments

Planned Build Out of 100 Million Gallons of Production over the Next Five Years

PARAMUS, NEW JERSEY--(Marketwire - June 9, 2008) - Raven Biofuels International Corporation (OTCBB:RVBF) has made significant progress since its founding late last year. We intend to become a leader in the low cost production of renewable fuels from waste biomass. Our goals were to acquire technology and resources, begin project development, and secure a financial partner to complete our funding.

To complete our technology acquisition we announced our intention to merge with Pure Energy in March. Pure Energy is a biofuels company focused on the development of processes to create renewable fuels from waste products. We will own patents that will enable us to produce cellulosic ethanol and derivative chemicals from agriculture waste such as wood and farm residue using a two stage dilute acid hydrolysis process.

Raven has acquired the worldwide license rights to the above technology as an interim step prior to completion of the intended merger and has filed this material agreement with the Securities and Exchange Commission on June 3, 2008.

More recently we announced that John Sams has joined us as Chief Operating Officer. John is a 30 year veteran in the energy, power, environmental and process sectors with specific experience in renewable fuels. Mr. Sams has over 20 years experience in senior management.

We also announced our first project in British Columbia. In partnership with Spectrum Energy we will develop cellulosic biorefineries in British Columbia that will convert Mountain Pine Beetle (MPB) softwood and other biomass to ethanol and high value furfural chemicals. Spectrum's experience and relationships in the BC forestry industry as well as hands on knowledge of large scale construction are viewed by Raven as key assets in developing biofuels in BC. Our biorefinery is initially projected to produce 10 million gallons of ethanol and chemicals.

To secure funding commitments Raven has engaged the services of Raymond James Ltd. to advise the Company on its capital plan and the possibility of listing in Canada. With the assistance of Raymond James Ltd., Raven intends to begin construction of its first cellulosic ethanol bio-refinery in North America in the near future.

In addition, Raven and Spectrum have submitted a proposal to the Innovative Clean Energy Fund for funding to proceed with building British Columbia's first cellulosic ethanol refinery.

Further developments on the company's progress with resources, funding and projects will be announced shortly.

More recently industry events continue to support companies like ours who are focused on producing renewable fuels from waste resources. The US Congress has put historically significant incentives into action in its 2008 Farm Bill (also known as the Food, Conservation, and Energy Act of 2008) to advance commercial scale production of cellulosic ethanol. This bill passed by a wide bipartisan margin in both houses and enjoys the support of both major Presidential candidates.

Raven will benefit from this bill in several areas.

- First the bill provides for $920 Million in loan guarantees to construct biorefineries that produce advanced biofuels. Raven's slate of US projects to be announced will benefit from the loan guarantee program when we are securing financing.

- Second the bill provides for $400 Million in incentives for advanced biofuels. These incentives are similar to grants and are awarded to US companies to explore methods of generating biofuels from alternative feedstocks like agriculture waste.

- Third the bill supports advanced research to improve bioenergy technologies with $258 Million in grants. This is more of a research grant program that will allow companies like ours to advance their technology or explore alternative technologies for the production of fuel-grade bioenergy.

- Fourth the bill provides for a tax credit of up to $1.01 per gallon of cellulosic ethanol produced. This credit will significantly offset Raven's tax burden after we begin production of ethanol.

In summary, Raven could benefit from $1.5 Billion in programs designed to develop and construct biorefineries and additionally tax credits after we begin production.

Raven intends to announce at least two refinery projects in the U.S. this year and potentially another in Canada. Raven is planning to build out 100,000,000 gallons of production over the next five years. Initial biorefineries will have a capacity of 10,000,000 gallons per year and a projected cost of under $1.00 per gallon as a result of Raven's more "traditional" refinery model where it produces ethanol and high value specialty chemicals.

Ethanol made from biomass could cut greenhouse gases responsible for global warming by a large margin. Several recent studies conclude that cellulosic biofuels reduce greenhouse gases by over 80%.

Raven Biofuels International Corporation intends to become a global renewable energy company whose principal focus is converting waste biomass in the low cost production of 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: www.ravenbiofuelsinternational.com or call 1-866-433-3356.

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