COLUMBIA, Md., April 5 Renewable fuels provider New Generation Biofuels Holdings, Inc. (NasdaqCM: NGBF) ("NGBF" or the "Company") today announced the appointment of Dane R. Saglio as Chief Financial Officer, effective March 29, 2010.
Prior to joining New Generation Biofuels, Mr. Saglio was working as a consultant with emerging private companies in the areas of strategic planning, including exit strategies, transaction evaluation, capital structure, corporate governance, and financial and business operations evaluation, since December 2008. Prior to that, Mr. Saglio served as Chief Financial Officer of EntreMed, Inc, a publicly traded clinical-stage biopharmaceutical company focused on developing oncology therapies. Mr. Saglio joined EntreMed as corporate controller in 2000 and was promoted to CFO in 2003 after teaming with the company's COO to refocus the company's development efforts and stabilize its finances and market position. While at EntreMed, Mr. Saglio led the company through the completion of equity transactions netting proceeds in excess of $100 million and collateralized debt agreements netting proceeds of $20 million. He was part of the Senior Management team responsible for EntreMed's strategic, financial and operational planning, financial reporting and M&A activities. From 1996 to 2000, Mr. Saglio served as Director of Finance for Public Communications Associates, a New Jersey-based telecommunications company, where he managed a business operations unit with revenues in excess of $40 million. Before that, he was Comptroller for a Washington, DC-based publicly traded real estate development and management company, Bresler & Reiner, Inc., for eight years. From 1985 until 1988, Mr. Saglio served as Accounting Manager for Sterling Software, Inc., having begun his career with Informatics General Corporation, a company that was acquired by Sterling Software, Inc. in 1985.
Mr. Saglio earned his BS degree in business administration from the University of Maryland and is a licensed CPA.
"I am thrilled to be welcoming Dane Saglio to the New Generation Biofuels team", said Cary Claiborne, New Generation Biofuels' President and Chief Executive Officer. "Dane's proven experience and leadership will be invaluable to our company's growth in the renewable energy market place."
"I am extremely excited to be joining New Generation Biofuel's management team," noted Mr. Saglio "New Generation's novel technique for the production of renewable fuels differentiates the Company from other renewable fuel providers and positions the Company for unique opportunities in an emerging industry. I look forward to contributing my experience and capabilities to help advance New Generation to a leadership position."
About New Generation Biofuels, Holdings, Inc.
New Generation Biofuels is a renewable fuels provider. New Generation Biofuels holds an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from plant oils and animal fats that it markets as a new class of biofuel for power generation, commercial and industrial heating and marine use. The Company believes that its proprietary biofuel can provide a lower cost, renewable alternative energy source with significantly lower emissions than traditional fuels. New Generation Biofuels' business model calls for establishing direct sales from manufacturing plants that it may purchase or build and sublicensing its technology to qualified licensees.
Forward Looking Statements
This news release contains forward-looking statements. These forward-looking statements concern our operations, prospects, plans, economic performance and financial condition and are based largely on our current beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. The risks and uncertainties related to our business include all the risks attendant a development stage business in the volatile energy industry, including, without limitation, the risks set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and in subsequent filings with the Securities and Exchange Commission.
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SOURCE New Generation Biofuels Holdings, Inc.