NWGN NewGen Technologies Inc (CE)

NewGen Technologies (OTCBB: NWGN) made the following announcement today related to board members Ian Williamson and Cliff Hazel: In March 2005, International Fuel Technology Inc. (OTCBB: IFUE) ("IFT") served proceedings on Cliff Hazel and Ian Williamson from the Circuit Court of St Louis County, Missouri alleging that they had fraudulently acquired the ownership of certain IFT patent rights. IFT abandoned these proceedings almost immediately. IFT then commenced legal proceedings against Hazel and Williamson in the UK courts making similar claims, and obtained an injunction in support of those proceedings. At the same time, IFT filed an ownership claim relating to the patents in the UK and European patent office. IFT has now stated its intention to discontinue the UK High Court and patent office proceedings. The claims advanced by IFT were baseless and Hazel and Williamson have always strenuously denied the serious allegations made by IFT about their conduct following their split with IFT. IFT has only now revealed that it has in its possession documents which corroborate Hazel and Williamson's assertions about the history of the matter and which IFT recognizes destroy the basis of its case. IFT has now accepted that these Court and patent office proceedings are without merit and is taking steps to discontinue them. IFT has accepted liability for Hazel and Williamson's legal costs and for any losses arising from the injunction. Hazel and Williamson are satisfied that their position has been completely vindicated, but remain concerned as to how IFT (and indeed its attorneys, The Rex Carr Law Firm, LLC) thought it appropriate to make such allegations in the first place and as to the financial and reputational damage that they have suffered as a result. They are currently considering their position in these regards. Hazel and Williamson wish to thank all their investors and industry colleagues for their support during this torrid time and are delighted that their ownership of this important "prior art" has been confirmed. About NewGen Technologies, Inc. The mission of NewGen Technologies (OTCBB: NWGN) 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 U.S. 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. 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.