NGBFNorth Garland Baptist Fellowship (Garland, TX)
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Under the terms of the letter of intent, the potential licensing of NGBF technology could also lead to the construction of biofuel production plants employing NGBF's process in Costa Rica for use in its electric generation plants.
According to the LOI, Ace Biofuels is to 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.
Renewable fuels provider New Generation Biofuels Holdings Inc (NasdaqCM: NGBF) stated on Thursday that the company has signed definitive agreement with several institutional investors for a registered direct offering of 3,557,692 shares of previously unissued common stock.
The company subsidiary, Progress Energy Florida, has conducted a successful test burn of a proprietary biofuel of New Generation Biofuels (NASDAQ: NGBF) as part of a commitment to develop alternative energy resources.