Attached files
| file | filename |
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| 8-K - New Generation Biofuels Holdings, Inc | v184386_8k.htm |
| EX-10.1 - New Generation Biofuels Holdings, Inc | v184386_ex10-1.htm |
Exhibit
99.1
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Media
Contact: Bryan McPhee ph: (410) 652-1159
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IR
Contact: Rob Schatz ph (212) 370-4500 or
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Or bkmcphee@newgenerationbiofuels.com
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Rob@wolfeaxelrod.com
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New
Generation Biofuels Holdings, Inc. Announces Key Organizational
Changes
Columbia,
Maryland – May 11, 2010 – Renewable fuels provider New Generation Biofuels
Holdings, Inc. (NasdaqCM: NGBF) (“NGBF” or the “Company”) today announced the
following organizational changes that are effective immediately:
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·
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Director
John Mack has been named as non-executive Chairman of the Board of the
Company replacing Lee Rosen.
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·
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Mr.
Rosen has resigned his position as the Company’s Chairman of the Board and
Director effective May 7, 2010. Mr. Rosen is stepping down to spend more
time with his family.
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·
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David
Goebel, the Company’s Chief Operating Officer has been appointed as a
non-independent Director by the Board of
Directors.
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As
previously announced, Dane R. Saglio was appointed as the Company’s Chief
Financial Officer in March 2010.
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John Mack
has served as a Director since February 2007 and currently serves as our Audit
Committee Chairman. Mr. Mack has over 30 years of international banking,
financial business management and mergers and acquisitions
experience. For more than twenty-five years Mr. Mack served in senior
management positions at Bank of America and its predecessor companies, including
twelve years as Corporate Treasurer.
“This was
an extremely difficult decision for me both because of my love for the company I
founded and the tremendous pride that I have in what we have built – a
technology company that has developed a renewable biofuel that significantly
reduces NOx, SOx and carbon emissions,” said Mr. Rosen. “I believe
that the Company is now well positioned, as they have the right people in the
key jobs and are working diligently to complete a major transformational deal
with Milestone Biofuels Limited out of China. I feel that this is the right time
for me to step aside and focus on my family. I leave the company in the very
capable and qualified hands of the board and management team.”
“The
Board of Directors and I would like to thank Lee for his hard work and
dedication to New Generation Biofuels,” said Cary J. Claiborne – President and
CEO of New Generation Biofuels. “Lee has been a driving force in
bringing a unique and innovative technology for the production of renewable
biofuel to the marketplace. I will miss his unyielding optimism and enthusiasm
for the company and our future prospects.”
Dave
Goebel has served as the Company’s Chief Operating Officer since July 2009. Mr.
Goebel previously served as Vice President of Global Sourcing and Supply Chain
since September 2007. “Dave Goebel is a great addition to our Board,” said
Cary J. Claiborne, President and CEO. “He brings a wealth of knowledge and
experience from his over twenty-five years of managing large multi-faceted
organizations at companies like ExxonMobil and MeadWestvaco, as well as a deep
understanding of NGBF’s business, products and challenges through his role of
Chief Operating Officer.”
Dane
Saglio joined the Company in March 2010 as Chief Financial Officer. Prior to
forming his own consulting firm, Mr. Saglio had previously served as the Chief
Financial Officer of EntreMed, Inc, a publicly traded biotech company. “Dane has
already proven to be a very valuable addition to our management team. His
extensive knowledge and financial expertise will allow me to dedicate more time
and focus on growing the business, expanding our technology and completing our
strategic initiatives. These are all key steps in moving our company forward,”
stated Cary J. Claiborne.
About
New Generation Biofuels, Holdings, Inc.
New
Generation Biofuels is a renewable fuels provider. New Generation Biofuels holds
an exclusive license for North America, Central America and the Caribbean to
commercialize proprietary technology to manufacture alternative biofuels from
plant oils and animal fats that it markets as a new class of biofuel for power
generation, commercial and industrial heating and marine use. 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.
Forward
Looking Statements
This
news release contains forward-looking statements. These forward-looking
statements concern our operations, prospects, plans, economic performance and
financial condition and are based largely on our current 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 include all the risks attendant
a development stage business in the volatile energy industry, including, without
limitation, the risks set forth under the caption “Risk Factors” in the
Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009
and in subsequent filings with the Securities and Exchange
Commission.