NewGen Announces Letter of Intent to Merge with Prolong International
27 Outubro 2005 - 4:38PM
Business Wire
NewGen Technologies, Inc. (OTCBB: NWGN) today announced the signing
of a Letter of Intent to merge into Prolong International
Corporation (AMEX: PRL), a maker of proprietary lubricants and fuel
additives. The merger is subject to satisfactory due diligence,
definitive agreements, regulatory approvals and shareholder
consent. Under the LOI, NewGen will merge with Prolong, with
Prolong being the surviving company. The company will take the name
NewGen Technologies, operating through two subsidiaries, ReFuel
America, Inc. and Prolong Super Lubricants, Inc., and will trade on
the American Stock Exchange (AMEX). Current NewGen shareholders
will own approximately 93.6% of the new company, with the balance
owned by current Prolong shareholders. The board and senior
management of the merged parent company will come from NewGen.
Additional terms were not disclosed. S. Bruce Wunner, chairman and
CEO of NewGen Technologies, stated, "This agreement will give
NewGen access to proprietary lubricants that greatly improve the
performance of engines, equipment, and machinery by utilizing an
Anti-Friction Metal Treatment (AFMT) formula which bonds to metal
surfaces, resulting in reduced friction and heat while enhancing
operating efficiency. With Prolong's technology, NewGen will be
able to create a line of bio-lubricants that can be added to
traditional synthetic fuel engines to improve performance. In
addition, Prolong has an established distribution network with
large retail outlets across the U.S. as well as an expanding
international presence, which NewGen can leverage to access new
market channels." Elton Aderman, CEO of Prolong International
Corporation, added, "Merging with NewGen offers Prolong an exciting
opportunity to expand into new markets and build upon our existing
base of business. NewGen's technology will allow Prolong to enter
the rapidly-expanding biofuel industry, capitalizing on the world's
growing appetite for alternative fuels. We are pleased to find the
right partner that will provide the ideal relationship and
complement our efforts to maximize shareholder value. I'm confident
that this merger will bring tremendous growth opportunities for
Prolong." About NewGen Technologies, Inc. NewGen's mission is to be
a leading manufacturer, processor and distributor of premium
biofuels that are intended to dramatically reduce the ecological
and economic impact of world petroleum use. NewGen believes that it
has developed the cleanest burning and highest performing fuels in
the world by utilizing technology that allows for more complete
combustion, which NewGen believes will result in improved miles per
gallon and significantly decreased harmful emissions, including
reduced carbon monoxide, carbon dioxide, nitrous oxides,
particulates and black smoke. The company's fuel products include
proprietary and complex technology, substantially and predominantly
derived from petroleum sources, which are intended to improve the
performance of gasoline and diesel fuels, as well as
domestically-produced and environmentally-friendly alternative
fuels such as Ethanol-based E85 and Biodiesel-based B20. The vision
of NewGen and ReFuel America, NewGen's wholly-owned US subsidiary,
is a world less dependent on oil, using secure, 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 website www.nwgntech.com. About Prolong International
Corp. Prolong International Corporation (AMEX: PRL), a consumer
products holding company headquartered in Irvine, California,
through its operating subsidiaries, manufactures, markets and
distributes a complete line of patented lubricant and proprietary
automotive, commercial/industrial and household products. The
company's products are marketed and sold under the brand name
Prolong Super Lubricants(R) and are used in automotive, industrial
and consumer applications. Prolong products are sold throughout the
United States at major chain stores, auto retailers, industrial
supply stores and in international markets. More information about
Prolong International and its products can be obtained at
http://www.prolong.com. 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 and PRL 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.
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