UPDATE: NewLead Reports Ironbridge Acted Inappropriately to Receive Dividend

NewLead Holdings Ltd. NEWL ("NewLead" or the "Company") today announced that Ironridge Global IV, Ltd. ("Ironridge") has inappropriately, again, exercised "self-help" in directing the transfer agent to issue shares to it, after conceding in court that NewLead had made an election to pay the dividend and embedded dividend liability of the Promissory Note ("Note") in cash. NewLead has given notice of this election and, without waiver of its claims and rights to set-off, remitted the dividend to Ironridge and expects to pay the embedded dividend liability to Ironridge over the seven year period up to the maturity date of Note. NewLead is obligated to give notice to those individuals and entities who attempt to sell these shares on behalf of Ironridge that these shares have not been appropriately issued and NewLead will, and others may, seek recourse for damages and sanctions for those aiding and abetting in any such sales.