Consolidated Biofuels Announces Letter of Intent with International Bio Fuels Corporation for Equity Investment.

CHICAGO -- Consolidated Biofuels, Inc. (OTC: CSBF), an alternative fuels company, announced today, through its CEO, Daniel Honeycutt, that, "We have recently executed a Letter of Intent with International Bio Fuels Corporation, a private company headquartered in Vancouver, Washington, that will, when formalized, provide a substantial equity investment by International into Consolidated."

Mr. Honeycutt further stated that, "I am very pleased, for the Company and for its shareholders, that, after many weeks of concentrated review, International has made a positive decision to make this very significant, albeit preliminary, commitment of equity investment into Consolidated."

International's President, Mr. Marty Johnson, stated, "We have looked at almost every public company in the biodiesel industry and believe that Consolidated's business strategy, particularly its feedstock sourcing, technology and international focus, line up very well with our own. I think Daniel is correct when he says that, 'Consolidated is at the right place, at the right time, and with the right team.' We look forward to partnering with Consolidated on many levels within the biofuels industry, and also to supporting their efforts with our financial resources, advanced technology solutions and plant construction expertise."

Further details of this particular transaction will be announced after professional advisors for both companies have completed their productions and a formal Agreement has been executed by both parties.

About International Bio Fuels Corporation

International Bio Fuels Corp. is a leading Biofuels company dealing in both ethanol and biodiesel. IBF was featured at this year's International Biofuels Symposium in Beijing, China. The topic of IBF's invited presentation was Emerging Technologies. To learn more about IBF, go to www.ibfco.com.

About Consolidated Biofuels, Inc.

Consolidated Biofuels, Inc. is a development-stage, alternative fuels company that has aligned its business strategies, research, consulting, alternative fuels solutions and environmental strategies with the needs of the commercial transportation industry, including trucking, railway, and waterway/shipping modalities.

For further information visit our new website: http://www.CBioIntl.com

Investor Relations Contact: InaCord Consulting, LLC
                            Karen Graham
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This press release contains some forward-looking statements. Forward-looking statements involve estimates, projections goals forecasts, assumptions, risk and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements, and are current as of the date on which such statements are made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our business.