Consolidated Biofuels Announces Proposed Acquisition of International Bio Fuels Corp.

CHICAGO -- Consolidated Biofuels, Inc. (OTC:CSBF), an alternative fuels company, announced yesterday, through its CEO, Daniel Honeycutt, that Consolidated Biofuels has recently offered, and IBF has accepted, CSBF's offer to purchase 100% of the assets of privately-held International Bio Fuels Corporation (IBF) headquartered in Vancouver, WA. The parties have executed a Memorandum of Understanding for Merger document, and thereby the parties anticipate a final acquisition of the assets of IBF to be accomplished within 60 days, contingent upon the successful completion of a formalized due diligence process and exchange of appropriate considerations.

IBF has several active and development-stage projects in the United States, Asia, and Africa. Honeycutt stated, "As previously announced, CSBF and IBF already share significant synergies in vision, business model, and strategic corporate initiatives, which makes for a seamless and swift consolidation." Honeycutt further stated that, "This acquisition represents the first step in our mutual strategic vision with IBF that is designed to move this enterprise into full operational status in the biofuels industry, and we are confident that, over time, this acquisition will deliver considerable value to our shareholders and employees."

IBF brings with it a strong management team and an extensive international reputation in the biofuels industry, as was evidenced by IBF's recent presentation at the International Biofuels Symposium, held in Beijing China, where IBF's spokesman presented on emerging technologies in both ethanol and biodiesel.

IBF's President, Marty Johnson, said, "We are very pleased to join the Consolidated Biofuels team, and together we will continue to build on Consolidated's well-considered current strategic shift toward total Cleantech industry synergies, especially concentrating on new technologies for the treatment of waste water, soil enhancement and increased crop production, which will solidify Consolidated's position relative to sustaining the feedstock that is required to effectively participate in the biofuels industry over the long term. Again, we intend to drive growth and expand our global reach, both of which will provide further opportunities to generate high production volumes and embrace leading-edge technologies."

Johnson continues, "Our goal, since day one, was to find ways to reduce the causes of global warming and work towards solutions that will enable us to position ourselves as true pioneers in the area of biofuels and clean technologies. We believe that clean energy and water best represent those core areas which need to be addressed on a national and international level in order for our children and our grandchildren to enjoy a healthy and prosperous life, and to live in an environment of which they can be proud."

About: To learn more about IBF, go to www.ibfco.com.

About: 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

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. Any forward-looking statement is current as of this date and speaks only as of the date such statement is made, and we undertake no such obligation to update any such forward-looking statement or statements to reflect events or circumstances after the date on which such statement or statements are made.