NWGN NewGen Technologies Inc (CE)

NewGen Technologies, Inc. (�NewGen�) (OTCBB: NWGN) today announced an agreement by both parties for an extension until June 16, 2007, to finalize financing for the purchase of Appalachian Oil Company ("APPCO") (www.goappco.com). APPCO operates in 6 southeastern states with over $450 million in revenue and 500 employees providing petroleum products to over 200 retail gas stations and independent wholesale dealers. "The acquisition of APPCO�s has been extremely detailed and time consuming due to the size of the company, multiple locations and complicated tax structures we have been reviewing," said S. Bruce Wunner, Chairman and CEO of NewGen. "Part of the delay in closing this acquisition has been our successful negotiation of an option to purchase over 65 additional properties not originally included in the first phase of the acquisition.� Through this strategic acquisition of APPCO, NewGen looks to obtain significant wholesale and retail distribution for ReFuel America�s premium biofuels throughout the Southeast United States. APPCO also brings a talented and seasoned management team and dedicated employees. About NewGen Technologies, Inc. NewGen�s mission is to be the leading global vertically integrated (Fields-to-Wheels) manufacturer and distributor of premium biofuels and hydrocarbon blends that are intended to dramatically reduce the environmental and economic impact of world petroleum use. NewGen is developing the cleanest burning and highest performing fuels in the world by utilizing its own proprietary products and other technology. The vision of NewGen and ReFuel America, NewGen�s wholly-owned U.S. subsidiary and brand, is a world less dependent on oil, using secure, renewable, 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 websites - www.newgenholdings.com & www.refuelamerica.com & www.goappco.com. Investor Information - To request investor information and receive company news updates, visit our website at: http://www.b2i.us/irpass.asp?BzID=1316&to=ea&s=0. 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 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.