ORLANDO, Fla., June 30, 2008 (PRIME NEWSWIRE) -- RedChip Visibility, a division of RedChip Companies, Inc. today announced that it has issued a first quarter 2008 research update for New Generation Biofuels Holdings, Inc. (AMEX: GNB), an alternative energy company commercializing a second-generation, renewable biofuel which can be used in place of diesel and distillate fuel oils.

Paul Rapa, MBA, RedChip Research Analyst, reported:

``GNB's alternative biofuel has unique properties in comparison with traditional biodiesel and other competing fuels and has the potential to be well received by the market. The Company's proprietary production process is simpler, less capital intensive than traditional biodiesel, and allows its biofuel to be produced at a significantly reduced cost.

``Growth in the burgeoning biofuel industry remains strong with planned capacity projected to increase sharply from current levels. Already a several billion dollar industry, the biofuel industry is estimated to grow to at least three-fold its current size,'' he continued.

``With oil recently touching above $130 per barrel, it is a safe bet that many companies throughout the world will be rushing into alternative energy to offset some of the rising costs. We look for additional contracts to materialize as companies look toward GNB's biofuel technology as an alternative to the rising cost of heating oil.

``We continue to maintain our 'Speculative Buy' rating on GNB and issue a 24-month price target of $9.75,'' Rapa concluded.

To receive a complimentary copy of the RedChip Visibility Research Report for GNB, please visit: http://www.redchip.com/visibility/about.asp?page=vreport&reportid=119&from=06302008pr

For more information about GNB, visit: http://www.redchip.com/visibility/investor.asp?symbol=GNB

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Disclosure

None of the profiles issued by RedChip Companies, Inc., constitutes a recommendation for any investor to purchase or sell any particular security or that any security is suitable for any investor. New Generation Biofuels Holdings, Inc. paid RedChip Visibility, a division of RedChip Companies, Inc., $20,000 for RedChip Visibility Program services, which included the preparation of this equity research report. RedChip Companies, Inc., is currently engaged by this company to provide investor awareness services. Investor awareness services and programs are designed to help small-cap companies communicate their investment characteristics. RedChip Companies, Inc., has received 50,000 warrants with a strike price of $2.00 and 50,000 warrants with a strike price of $3.00 from New Generation Biofuels Holdings, Inc. for investor relations services. RedChip Companies, Inc., employees and affiliates may have positions and affect transactions in the securities or options of the issuers mentioned herein. To the fullest extent permissible under applicable law, RedChip Companies, Inc., will not be liable to you or anyone else for the quality, accuracy, completeness, reliability, or timeliness of this information.