New Generation Biofuels' Shares to be Traded on OTCQB
December 10 2010 - 4:00PM
Marketwired
New Generation Biofuels Holdings, Inc.
(NASDAQ: NGBF), a leader in renewable fuels technology, announced
today that it is moving off of The NASDAQ Capital Market and
instead will have its shares quoted on the OTCQB marketplace. The
Company had been appealing the NASDAQ determination to delist the
Company's common stock due to the Company's non-compliance with the
continued listing standard for shareholders' equity. In taking this
action, the Company has notified NASDAQ that it is dropping the
appeal.
The Company has been advised by Pink OTC Markets Inc., which
operates an electronic quotation service for securities traded
over-the-counter ("OTC"), that its securities are eligible for
quotation on the OTCQB, effective with the opening of trading on
Monday, December 13, 2010. The OTCQB is a market tier for OTC
traded companies that are registered and reporting with the
Securities and Exchange Commission. The Company has also been
advised that its shares will continue to trade under the symbol
NGBF. Investors will be able to view real time stock quotes for
NGBF at http://www.otcmarkets.com.
"While we remain confident that our strategic plan to strengthen
the Company's finances and advance its business plan will be
successful, after careful consideration we believe moving to the
OTCQB marketplace at this time is in the best interests of the
Company and our shareholders," stated Miles F. Mahoney, President
and CEO. "We appreciate the patience and support our investors have
shown and look forward to building significant value over the long
term."
About Pink OTC Markets Inc.
Pink OTC Markets Inc. is a financial information and technology
services company that operates an inter-dealer electronic quotation
and trading system in the OTC, securities market. It is not
registered with the Securities and Exchange Commission as a stock
exchange or a broker-dealer firm. Investors should contact a
broker-dealer firm to trade in a security quoted on the OTCQB or
the other OTC tiers operated by Pink OTC Markets Inc. More
information is available at http://www.otcmarkets.com.
About New Generation Biofuels Holdings,
Inc.
New Generation Biofuels is a renewable fuels provider. The
Company 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. The Company
believes that its proprietary biofuel can provide a lower cost,
renewable alternative energy source with significantly lower
emissions than traditional fuels. New Generation Biofuels' business
model calls for establishing direct sales from manufacturing plants
that it may purchase or build and sublicensing its technology to
qualified licensees. Additional information about new Generation
Biofuels is available at http://www.newgenerationbiofuels.com.
Forward Looking Statements
This news release contains forward-looking statements. These
forward-looking statements concern the Company's operations,
prospects, plans, economic performance and financial condition and
are based largely on the Company's beliefs and expectations. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results to be materially different
from any future results expressed or implied by such
forward-looking statements. The risks and uncertainties related to
our business, which include all the risks attendant an emerging
growth company in the volatile energy industry, including those set
forth in the Company's Annual Report on Form 10-K for the year
ended December 31, 2009, and in subsequent filings with the
Securities and Exchange Commission. These forward-looking
statements are made as of the date of this news release, and the
Company assumes no obligation to update the forward-looking
statements or to update the reasons why the actual results could
differ from those projected in the forward-looking statements.
Media Contact: Bryan McPhee (410) 652-1159 Email Contact IR
Contact: Matthew Haines (212) 710-9686 Email Contact
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