New Generation Biofuels Holdings, Inc. (NGBF) Announces Financial Results for Third Quarter 2009

QualityStocks would like to highlight New Generation Biofuels Holdings, Inc. (NASDAQ: NGBF). New Generation Biofuels is a renewable fuels provider holding 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. The Company believes that its proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels.

In the company’s news Friday,

New Generation Biofuels Holdings, Inc. announced its financial results for the quarter ended September 30, 2009. Reporting revenues of $34,412 for the quarter, the company recognized a net loss of $2.3 million. For the first nine months of 2009, the company had net revenues of $77,048, and a net loss of $9.7 million.

As of September 30th, New Generation Biofuels had approximately $1.3 million in cash. Net cash used in operating activities was $5.2 million for the nine months ended September 2009, compared to $4.4 million in last year’s comparable period.

Year-to-date Highlights and Accomplishments include:

• Completed construction of first commercial-scale plant in Baltimore with an initial 5 million gallons per year capacity.

• Signed 7 sales contracts for potential customer orders of over 10 million gallons on an annual basis

• Completed 28 production runs at the Baltimore facility.

• Produced and delivered 140,000 gallons of biofuel to customers.

• Streamlined and reduced operating costs by moving headquarters to Columbia, Maryland

• Blended its biofuel with #6 Diesel fuel to diversify product applications and expand potential markets.

• Raised $6.4 million in gross proceeds, and $5.8 million in net proceeds, through two common stock equity offerings, providing the company with additional capital to fund business plans.

Cary J. Claiborne, President and Chief Executive Officer of New Generation, stated, “I am very pleased with the progress New Generation has made over the past two quarters as we focused the business on sales growth and cost control. I am particularly enthusiastic about the demand that we’ve experienced for our product since we opened our production facility in Baltimore, having signed seven contracts and received several repeat orders from these customers after burning our fuel.”

“We are focused on executing our business plan as we continue to transition the business from a development stage enterprise to a commercial business,” he added. “We are focused on continuing to optimize our production process and expand the number of feedstocks that can be used to produce our fuels, providing more diverse product applications, such as blending with #6 Diesel, to new and existing customers.”

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.