NewGen Technologies Inc has signed a definitive contract for the purchase of three fuel terminals in the southeast United States from an undisclosed seller. The terminals, with a total storage capacity of more than 10 million gallons and an annual throughput capacity of more than 350 million gallons, will be used for distribution and storage of alternative fuels, including biodiesel and ethanol blends, as well as traditional hydrocarbons. The three terminals are near fuel pipelines with railcar access. NewGen expects the closing of this purchase, subject to financing and customary terms and conditions, to occur before year-end.
Together with this announcement, the company has filed a Form 8-K with the United States Securities and Exchange Administration, a copy of which can be found at www.nwgntech.com.