NewGen Subsidiary ACTANOL Acquires IPF Group With Over $30 Million in Annual Revenue Current IPF Clients Include Audi, BASF, BMW, Corning, DaimlerChrysler, GM And Volkswagen; Acquisition Brings Significant International Experience, Credibility, Quality Assurance and Revenue NewGen Technologies, Inc. ("NewGen") (OTCBB: NWGN) today announced that its ACTANOL BioEngineering Inc. subsidiary has acquired 98.8% of Germany-based IPF Germany Gmbh ("IPF") and its international subsidiaries in the United States, Poland and India. ACTANOL BioEngineering paid approximately US$650,000 in cash and approximately 3% of its outstanding shares to acquire its interest in IPF.
ACTANOL BioEngineering was formed as a joint venture between NewGen Technologies and ACTANOL Service Ltd., a provider of alternative energy and biofuel plant solutions, to oversee the design, engineering, construction, operations, safety and technology support for biodiesel and other biofuel manufacturing plants worldwide. ACTANOL Service Ltd. is based in Munich, Germany and has vast experience designing and operating various types of manufacturing plants and related infrastructure in the biofuel, pharmaceutical and petrochemical industries. NewGen owns 60% of ACTANOL BioEngineering Inc.
IPF is a name synonymous with premiere quality engineering, project management, logistical support and coordination. The company has been involved in more than 700 projects in over 20 countries during the past 30 years. IPF has a highly skilled force of 45 engineers with experience in all levels of project management, factory design, engineering and logistics coordination. Some of the current IPF clients include Audi, BASF, BMW, Corning, DaimlerChrysler, Dynamit Nobel, General Motors, Hyundai and Volkswagen. In 2005, the group posted total revenue in excess of $30 million.
"We are excited to bring this vast engineering resource in house, complementing our existing know-how and increasing the build efficiencies for our biofuel projects," stated Dr. Carsten Witt, President of ACTANOL BioEngineering Inc. "IPF is a great addition to ACTANOL BioEngineering and to NewGen."
"IPF brings enormous engineering expertise and quality. As a result, we are now well positioned to build some of the best biofuel facilities in the world," added S. Bruce Wunner, CEO of NewGen. "NewGen, while continuing to make progress towards activating its U.S. fuel terminals, will immediately benefit from IPF's knowledge, expertise and relationships. Working together, we are very optimistic about the future."
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