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Renew Energy Resources, Inc. Announces Founding Board of Directors for Legacy Oil New York

Posted on: Tuesday, 7 October 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 Legacy Oil ("Legacy"), a Renew Subsidiary, founding Board of Directors. The Board will be made up of George T. McDonald from TDF, Alex H. Edwards III from Renew and Steven C. Rockefeller Jr. Mr. Rockefeller will be resigning his position as a Board member of the parent company Renew to focus his attention on the more New York centric project Legacy. This move is consistent with Mr. Rockefeller's desires to pursue opportunities which focus on the public good and will allow him to work closely with Legacy, TDF, and Renew on our community service initiatives.

Legacy Oil has been formed to pursue 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.

Alex H. Edwards III, Renew Energy Resources CEO stated, "I would like to personally thank Steve for his service as a Director of Renew and look forward to his leadership with regards to Legacy's overall mission of delivering renewable energy to New York City and its specific mission of community service."

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. RENW 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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