Company News

NewGen's Charlotte Prototype Pact

Agreement includes 14 stores in N.C.

CHARLOTTE, N.C. -- NewGen Technologies Inc. has completed an agreement with Granite Group Chicago LLC for the exclusive rights to develop an innovative gas-station, convenience-store prototype design and the rights to immediately begin development of a minimum of 14 retail locations over the next two years in the Charlotte, N.C. market.

"This relationship with Granite Group is exciting as it gives us the ability to immediately begin the development and rollout of our ReFuel America branded locations," said NewGen chairman and CEO Bruce Wunner. "[image-nocss] This agreement will provide us with the capital and expertise to develop an innovative, renewable fuel-focused concept location with an initial launch targeted for the Charlotte market."

"Granite will assist with the acquisition and development of attractive real estate in prime locations for our next generation retail branded outlets," Wunner added. "Launching the ReFuel America brand in these locations gives us a unique opportunity to supply our own biofuel (ethanol and biodiesel) products to consumers, blended at and distributed from our own local fuel terminals. As with our previous announcements on the production and supply of biofuels by NewGen Biofuels to APPCO and other customers, our ReFuel America locations further completes our Fields-to-Wheels supply chain, delivering competitively priced premium blended biofuels to the market."

Mark Barati, chairman and CEO from Granite said, "We are excited and committed to the development of these new locations that will deliver a new, clean-fuel design and some excellent locations in the expanding Charlotte market. We feel that NewGen and ReFuel America are the best possible partners for this kind of project, given their experienced management team and ability to supply their own fuels to these locations, which will further enhance their profitability and ensure quality. The Carolinas market, as well as the Southeast, is integral to Granite's development strategy and growth potential as well."

ReFuel America and Granite Group plan to unveil the prototype concept and first selected locations in the coming months.

Granite Group Chicago LLC is a national real-estate-development company based in Schaumburg, Ill. Granite's core business is build-to-suit, sale-leaseback, land entitlement, and other real-estate investment and/or development opportunities.

Charlotte-based NewGen's strategic business plan is designed to enable the company and its subsidiaries to become a leading global, fully integrated Fields-to-Wheels manufacturer, blender, supplier and distributor of premium biofuels and petroleum blends that will reduce the environmental and economic impacts of world transportation fuel consumption.

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