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New Green Technologies Announces Preliminary Agreement for Sale of First CAVD Waste to Energy Plant

Posted on: Tuesday, 8 July 2008, 09:01 CDT

New Green Technologies (OTCBB:NGRN) announced today that it has signed a Memorandum of Understanding (MOU) with Proguard Acquisition Corp. (OTCBB:PRGD) for the sale of the first of four CAVD waste to energy plants. A definitive agreement will be developed for review and execution within the next 90 to 120 days.

"After seeing the CAVD Technology first-hand, and with the worldwide energy consumption at an all time high, alternative fuel sources and waste to energy is the area that we want to pursue," stated Allenton Towne, Chief Executive Officer, Proguard Acquisition Corp. "Partnering with New Green Technologies, Proguard will position itself to become a major player in the waste to fuel energy sector."

New Green Technologies' CAVD process was developed to take bio and other waste, and convert it to bio-fuel and gas without burning it. The technology evolved from a close working relationship with Oak Ridge National Laboratory and other scientists from the independent states of the Soviet Union. Based on the CAVD technology, this proprietary processing system produces usable energy and a broad range of valuable by-products, including petroleum like fuels, bio-fuels, an energy-dense gas and useful remnants for sale. CAVD utilizes renewable feed stocks, including agricultural waste, in a vacuum at a third of the typical pyrolysis temperature, preserving essential components and satisfying even the strictest emissions regulations (as verified by Oak Ridge).

About Proguard Acquisition Corporation

Proguard Acquisition Corporation is traded on the Over-The-Counter Bulletin-Board under the symbol PGRD. PGRD is entering into the growing waste to energy business with a new corporate direction to utilize new commercially ready technologies. The business plan of PGRD is to bring ultimate value to its shareholders and return on investments in proven technologies for creation of new fuel sources and energy in the alternative energy arena. PGRD intends to enter into a realm of definitive agreements for bio-fuels creation and other energy. PGRD will be announcing a new corporate identity and direction in the near future.

About New Green Technologies, Inc.

New Green Technologies (OTCBB:NGRN) (www.gogreenforplaneteart.com) is currently focused on using its newly acquired technology to move forward in the bio-fuel and waste flow industries. With revolutionary technology, the Company can now make significant impact in the newly emerging bio-fuel and other waste industries. New Green Technologies' new technology is the Catalytic Activated Vacuum Distillation (CAVD) system which is an exclusively patented technology, which allows waste products, such as DDG, carpet waste, algae, citrus waste, tobacco waste, municipal waste, and others, to be converted into a bio-fuel and gas. The Company has also acquired a plasma arc to energy technology along with a patented technology using waste water, fluid or gas flows to create electricity. NGRN's unique hydro technology is under control of EU partners for market entry.

Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of NGRN officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes,""anticipates,""intends,""plans,""expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future NGRN actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and NGRN has no specific intention to update these statements.

Source: Business Wire

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