CSBF Consolidated Biofuels Inc (CE)

Consolidated Biofuels, Inc. (OTC:CSBF), an alternative fuel company, announced yesterday that it received an initial $220,000 from a private placement of the Company's common stock. The Company issued 547,500 shares of stock at $0.40 per share and 191,625 warrants with an exercise price of $0.60 per share. This first round of financing will provide the Company with operating expenses and other monies needed to finalize the larger capital raise underway to construct and operate its first of six planned biodiesel facilities. Pursuant to a 504 exemption, the shares and shares underlying the warrant purchased by New York State residents are free of any restrictive legend. About Consolidated Biofuels Consolidated Biofuels is planning to construct and operate six 30 million gallon production facilities and is dedicated to a cleaner America by increasing the availability of biodiesel fuel nationwide and expanding the effort to reduce pollution caused by petroleum diesel fuels. For further information visit: http://www.consolidatedbiofuels.com. This press release contains some forward-looking statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our business.