PRL Prolong International Corp

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.