NewGen Moving Towards Completion of APPCO Acquisition.APPCO Operates in 6 Southeastern States with over 500 Employees and Generates More Than $400 Million in Revenue by Providing Petroleum Products to over 200 Retail Gas Stations and Independent Wholesale Dealers CHARLOTTE, N.C. -- NewGen Technologies, Inc. ("NewGen") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : NWGN) today announced that it continues to work towards completing its previously announced acquisition of Appalachian Oil Company ("APPCO"). "Although the closing of the APPCO acquisition has been delayed primarily due to a change in financing partners, I am very confident that the transaction will be closed during the next few weeks after we secure acquisition financing," said S. Bruce Wunner, Chairman of NewGen. NewGen recently paid a $250,000 non-refundable, initial good-faith deposit to the current shareholders of APPCO in order to extend the deadline for closing the acquisition until 5 p.m. on April 2, 2007. The deposit will be applied against the purchase price at closing. In addition, NewGen has the option to pay an additional $250,000 deposit to extend the closing deadline until 5 p.m. on April 16, 2007. The acquisition of APPCO will position NewGen as a leading vertically integrated renewable fuel company in the Southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Shortly after completion of the APPCO acquisition, ReFuel re·fu·el v. re·fu·eled also re·fu·elled, re·fu·el·ing also re·fu·el·ling, re·fu·els also re·fu·els v.tr. To supply again with fuel. v.intr. America, a wholly-owned subsidiary of NewGen will begin operations at three fuel terminals it owns in North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. and Georgia. NewGen also announced that Noel Corcoran had resigned as Chairman of NewGen Technologies and that S. Bruce Wunner, NewGen's previous Chairman and a former international senior executive with McDonalds Corporation will serve as interim Chairman. "I am appreciative of the commitment that the management teams at NewGen and APPCO have put forth to complete this transaction and am looking forward to pursuing additional strategic business opportunities," said S. Bruce Wunner Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of NewGen About APPCO * Appalachian Oil Company (www.goappco.com), founded in 1923, operates from its offices in Tennessee and Virginia, selling to wholesale and retail customers in Tennessee, Kentucky, Virginia, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , North Carolina and South Carolina. * APPCO's branded products include Exxon, BP, Marathon, Sunoco, Citgo and their own "APPCO" brand. * APPCO operates 58 company-owned gas station convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. and supplies petroleum products to over 160 other independent dealers and distributors. * APPCO had revenues of over $400 million, distribution of over 225 million gallons of fuel products with over 500 employees, in the twelve-month period ended September 30, 2006. * APPCO buys fuel products directly from secure petroleum product pipelines supplied by refineries of the major oil companies and independent refiners. * APPCO buys fuel ethanol ethanol (ĕth`ənōl') or ethyl alcohol, CH3CH2OH, a colorless liquid with characteristic odor and taste; commonly called grain alcohol or simply alcohol. in bulk from regional manufacturers and blends it with its hydrocarbon hydrocarbon (hī'drōkär`bən), any organic compound composed solely of the elements hydrogen and carbon. The hydrocarbons differ both in the total number of carbon and hydrogen atoms in their molecules and in the proportion of hydrogen petroleum products. * APPCO operates truck & trailer In communications, a code or set of codes that make up the last part of a transmitted message. See trailer label. and other delivery equipment also capable of mobile refueling for various public and private fleet customers. About NewGen Technologies, Inc. NewGen's mission is to be the leading global vertically integrated (Fields-to-Wheels) manufacturer and distributor of premium biofuels and hydrocarbon blends that are intended to dramatically reduce the environmental and economic impact of world petroleum use. NewGen is developing and will take to market the cleanest burning and highest performing fuels in the world by utilizing its own proprietary products and other technology. The vision of NewGen and ReFuel America, NewGen's wholly-owned U.S. subsidiary and brand, is a world less dependent on oil, using secure, renewable, homegrown home·grown adj. 1. Raised or grown at home. 2. Originating in or characteristic of a locality: "Rock is homegrown music in the United States, evolved from blues and country and Tin Pan Alley" fuels which better preserve our most important resources - the air we breathe and water we drink. Additional information can be found at the company's websites - www.newgenholdings.com, www.refuelamerica.com, www.actanolbio.com, www.ip-fischer.de, www.newgenasia.com.sg, & www.goappco.com. Investor Information -- To request investor information and receive company news updates, visit our website at: http://www.b2i.us/irpass.asp?BzID=1316&to=ea&s=0. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. The actual future results of NWGN could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings. |
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