New Generation Biofuels Holdings, Inc. (NGBF) Signs a Letter Of Intent (LOI) with Ace Biofuels

Biofuels Holdings, Inc. (Nasdaq: NGBF) has signed a Letter Of Intent (LOI) with Ace Biofuels of San Juan, Puerto Rico. Ace Biofuels would license product formulations, manufacturing technology and know-how from NGBF with the intent of constructing a biofuel manufacturing facility and marketing NGBF biofuel in Puerto Rico.

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.