PatIntNews

New Generation Biofuels Holdings, Inc.(a development stage renewable fuels provider), has announced that it had reached an agreement with Mr. Ferdinando Petrucci on January 8, 2009, to make the upcoming $1,000,000 payment for its technology license due on February 20, 2009 with 925,000 shares of the Company's common stock in lieu of cash.

"We are very pleased with this agreement, which significantly increases Mr. Petrucci's equity interest in the Company, strengthens the positive relationship we have with Mr. Petrucci and reaffirms our mutual confidence in our technology and in our business model," commented David Gillespie, CEO of New Generation Biofuels. "This agreement also improves our liquidity position and allows us to focus on the task ahead of ramping up production of our new plant to meet the growing demand for environmentally friendly energy in the U.S. We believe that our proprietary technology is a substantially less complex and less expensive process than other competing technologies, and we look forward to the healthy growth of our business in the quarters and years ahead."

The rights to the proprietary technology were acquired by New Generation Biofuels in March 2006 through an exclusive license agreement with the inventor of the technology, Mr. Ferdinando Petrucci

This amendment eliminates the need to make the next $1.0 million payment in cash which was due and payable on February 20, 2009. Thus the company can focus its liquidity resources on ramping up biofuel production and sales growth. The next licensing payment is not due until February 2010. The Company will be required to pay $1.0 million per year over the next five years for a total of $5.0 million.