NWGN NewGen Technologies Inc (CE)

NewGen Technologies, Inc. (�NewGen�) (OTCBB: NWGN) today announced that it continues to work towards completing its previously announced acquisition of Appalachian Oil Company (�APPCO�). "Although the closing of the APPCO acquisition has been delayed primarily due to a change in financing partners, I am very confident that the transaction will be closed during the next few weeks after we secure acquisition financing," said S. Bruce Wunner, Chairman of NewGen. NewGen recently paid a $250,000 non-refundable, initial good-faith deposit to the current shareholders of APPCO in order to extend the deadline for closing the acquisition until 5 p.m. on April 2, 2007. The deposit will be applied against the purchase price at closing. In addition, NewGen has the option to pay an additional $250,000 deposit to extend the closing deadline until 5 p.m. on April 16, 2007. The acquisition of APPCO will position NewGen as a leading vertically integrated renewable fuel company in the Southeastern United States. Shortly after completion of the APPCO acquisition, ReFuel America, a wholly-owned subsidiary of NewGen will begin operations at three fuel terminals it owns in North Carolina, South Carolina and Georgia. NewGen also announced that Noel Corcoran had resigned as Chairman of NewGen Technologies and that S. Bruce Wunner, NewGen�s previous Chairman and a former international senior executive with McDonalds Corporation will serve as interim Chairman. �I am appreciative of the commitment that the management teams at NewGen and APPCO have put forth to complete this transaction and am looking forward to pursuing additional strategic business opportunities," said S. Bruce Wunner Chairman and CEO of NewGen About APPCO Appalachian Oil Company (www.goappco.com), founded in 1923, operates from its offices in Tennessee and Virginia, selling to wholesale and retail customers in Tennessee, Kentucky, Virginia, West Virginia, North Carolina and South Carolina. APPCO�s branded products include Exxon, BP, Marathon, Sunoco, Citgo and their own �APPCO� brand. APPCO operates 58 company-owned gas station convenience stores and supplies petroleum products to over 160 other independent dealers and distributors. APPCO had revenues of over $400 million, distribution of over 225 million gallons of fuel products with over 500 employees, in the twelve-month period ended September 30, 2006. APPCO buys fuel products directly from secure petroleum product pipelines supplied by refineries of the major oil companies and independent refiners. APPCO buys fuel ethanol in bulk from regional manufacturers and blends it with its hydrocarbon petroleum products. APPCO operates truck & trailer and other delivery equipment also capable of mobile refueling for various public and private fleet customers. About NewGen Technologies, Inc. NewGen�s mission is to be the leading global vertically integrated (Fields-to-Wheels) manufacturer and distributor of premium biofuels and hydrocarbon blends that are intended to dramatically reduce the environmental and economic impact of world petroleum use. NewGen is developing and will take to market the cleanest burning and highest performing fuels in the world by utilizing its own proprietary products and other technology. The vision of NewGen and ReFuel America, NewGen�s wholly-owned U.S. subsidiary and brand, is a world less dependent on oil, using secure, renewable, homegrown fuels which better preserve our most important resources � the air we breathe and water we drink. Additional information can be found at the company�s websites - www.newgenholdings.com, www.refuelamerica.com, www.actanolbio.com, www.ip-fischer.de, www.newgenasia.com.sg, & www.goappco.com. Investor Information -- To request investor information and receive company news updates, visit our website at: http://www.b2i.us/irpass.asp?BzID=1316&to=ea&s=0. Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of NWGN could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company�s operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rate and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as �may,� �will,� �should,� �expect,� �plan,� �anticipate,� �believe,� �estimate,� �predict,� �potential� or �continue,� the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.