New Generation Bio (NGBF) Signs LOI with Ace Bio of Puerto Rico
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New Generation Biofuels Holdings, Inc. (NASDAQ: NGBF) today announced that it has signed a Letter Of Intent (LOI) with Ace Biofuels of San Juan, Puerto Rico.
Under this LOI, 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.
Additionally, Ace Biofuels will produce and market NGBF's Biofuel to the manufacturing sector in Puerto Rico. The Puerto Rican manufacturing sector has annual market consumption in excess of 30 million gallons according to a market assessment study by the University of Puerto Rico. Ace Biofuels will pay NGBF a licensing fee per gallon of biofuel produced and sold.
Puerto Rico sustains over 2,300 diversified industrial plants that produce everything from apparel and computer motherboards to pharmaceuticals and medical devices. Many are fortune 500 leading multinationals.
The terms of the LOI are subject to successful completion of a biofuel test, and NGBF will then jointly manage the project to start producing the biofuel in Puerto Rico sometime in the first half of 2010.
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