Attached files
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| 8-K - New Generation Biofuels Holdings, Inc | v205514_8-k.htm |
Exhibit
99.1
NEW
GENERATION BIOFUELS’ SHARES TO BE TRADED ON OTCQB
Columbia, Maryland – December 10,
2010 – New Generation Biofuels Holdings, Inc., (NasdaqCM: NGBF), a leader
in renewable fuels technology, announced today that it is moving off of The
NASDAQ Capital Market and instead will have its shares quoted on the OTCQB
marketplace. The Company had been appealing the NASDAQ determination to delist
the Company’s common stock due to the Company’s non-compliance with the
continued listing standard for shareholders’ equity. In taking this
action, the Company has notified NASDAQ that it is dropping the
appeal.
The
Company has been advised by Pink OTC Markets Inc., which operates an
electronic quotation service for securities traded over-the-counter ("OTC"),
that its securities are eligible for quotation on the OTCQB, effective with the
opening of trading on Monday, December 13, 2010. The OTCQB is a
market tier for OTC traded companies that are registered and reporting with the
Securities and Exchange Commission. The Company has also been advised
that its shares will continue to trade under the symbol NGBF. Investors will be
able to view real time stock quotes for NGBF at http://www.otcmarkets.com.
“While we
remain confident that our strategic plan to strengthen the Company’s finances
and advance its business plan will be successful, after careful consideration we
believe moving to the OTCQB marketplace at this time is in the best interests of
the Company and our shareholders,” stated Miles F. Mahoney, President and
CEO. “We appreciate the patience and support our investors have shown
and look forward to building significant value over the long term.”
About
Pink OTC Markets Inc.
Pink OTC
Markets Inc. is a financial information and technology services company that
operates an inter-dealer electronic quotation and trading system in the OTC,
securities market. It is not registered with the Securities and Exchange
Commission as a stock exchange or a broker-dealer firm. Investors should contact
a broker-dealer firm to trade in a security quoted on the OTCQB or the other OTC
tiers operated by Pink OTC Markets Inc. More information is available
at http://www.otcmarkets.com.
About
New Generation Biofuels Holdings, Inc.
New
Generation Biofuels is a renewable fuels provider. The Company 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. 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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Media
Contact: Bryan McPhee ph: (410) 652-1159
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IR
Contact: Matthew Haines ph: (212) 710-9686
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bkmcphee@newgenerationbiofuels.com
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Matt.Haines@mbsvalue.com
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