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Renew Energy Resources, Inc. To Partner With The Doe Fund to Produce Bio-Diesel in New York City

Posted on: Tuesday, 16 September 2008, 09:00 CDT

Renew Energy Resources, Inc. (Pink Sheets:REER) ("Renew" or "the Company") and The Doe Fund, Inc. ("TDF") are pleased to announce that they have partnered in Legacy Oil ("Legacy"), a Renew Subsidiary, to bring a comprehensive Bio-Diesel conversion solution to New York City ("NYC"). Legacy will capitalize on Renew's expertise in the Bio-Diesel industry and TDF's ability to collect and deliver waste cooking oil and trap grease with constant quantity, quality and price through its RWA Resource Recovery program.

Renew and TDF are dedicated to pursuing Bio-Diesel production that will help NYC achieve its goal of increased utilization of Renewable Energy and improving the quality of life for all New Yorkers. Our solution consists of a vertically integrated program that combines the best practices of waste cooking oil and trap grease collection, with the development and operation of a Bio-Diesel conversion facility with a 5 million gallon annual capacity.

TDF will also take an equity stake in Legacy.

George T. McDonald, Founder and President of The Doe Fund, commented, "Over the past two decades, The Doe Fund has made New York City cleaner; as part of Legacy Oil, we also will be continuing our work to make it greener - work that we started with RWA Resource Recovery. Together, we will create a new, renewable Standard for our time."

Alex H. Edwards III, Renew Energy Resources CEO stated, "New energy sources are crucial for the environment, economy and national security. The opportunity to partner with The Doe Fund, in NYC, merges serving environmental needs and social responsibility. Together, we will fill the renewable energy gap in major metropolitan areas of the country. With NYC as the start of our right sized, well located, vertically integrated Bio-Diesel production model, we look forward to the repeatability or this partnership and model into other metro areas."

About The Doe Fund

The Doe Fund is a not-for-profit organization dedicated to offering life-changing opportunities to formerly homeless and formerly incarcerated individuals through paid work, transitional housing, and comprehensive support services. The "men in blue" of its flagship Ready, Willing & Able program can be seen 7 days a week, 365 days a year, cleaning more than 160 miles of New York City streets and sidewalks. The Doe Fund also operates several innovative ventures in social entrepreneurship, such as RWA Resource Recovery, which collects used cooking oil from New York restaurants and resells that oil for conversion into environmentally friendly Bio-Diesel fuel; Pest@Rest, an integrated pest management business; and Back Office of New York, which handles direct mail, data processing and letter shop services for small and large businesses. These initiatives are staffed primarily by Ready, Willing & Able participants.

With great pride in the more than 3,500 individuals who have graduated from its Ready, Willing & Able program, The Doe Fund is one of New York City's leading human services nonprofits and has a general operating budget of nearly $50 million.

For more information about The Doe Fund visit www.doe.org

About Renew Energy Resources, Inc.

Renewable Energy Resources, Inc ("RENEW" or "the Company") is an alternative energy development company focused on converting non food based feed stocks into renewable energy. Non food based feed stocks include waste vegetable oil, corn oil, brown grease, animal fats, recycled plastics, and discarded tires. RENEW is focusing on plants that are both origination and destination based. "Origination" plants are built near the feed stock source whereas "destination" plants are built near the point of use. Having a plant that functions as both an origination and destination plant simplifies logistics and creates a competitive market advantage in pricing and improved operating margins. RENEW vertically integrates renewable energy markets such as biodiesel, ethanol, solar and wind. Vertical integration will include facility ownership as well as facility management, off take contracts for the primary product produced, value added refinement of derivative products, distribution, sales, marketing and financing of export sales contracts. Management functions will include, marketing the fuels and other bi-products, maintaining a trained operational staff, OSHA compliance, quality control and all accounting functions. In return for the above functions Renew Energy, retains an equity ownership position in each project.

For more information about Renew Energy Resources visit www.renewenergy.com

Safe Harbor Statement

Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate,""believe,""estimate,""may,""intend,""expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors available from the Company.

Source: Business Wire

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