New Generation Biofuels Holdings, Inc - Current report filing (8-K)
June 06 2008 - 3:10PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of
Report (Date of earliest event reported): June 2, 2008
NEW
GENERATION BIOFUELS HOLDINGS, INC.
(Exact
Name of Registrant as Specified in Charter)
Florida
|
000-51903
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26-0067474
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
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11111
Katy Freeway, Suite 910 Houston, Texas 77079
(Address
of principal executive offices)(Zip Code)
(713)
973-5720
(Registrant’s
telephone number, including area code)
N/A
(Former
Name or former address, if changed since last report.)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14-12)
o
Pre-commencement communications pursuant
to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant
to Rule 1 3-e-4(c) under the Exchange Act (17 CFR 240.1 3e-4(c))
Item
8.01. Other Events.
After
several successful test burns of our biofuel, on June 2, 2008, we entered into
our
first
biofuel sales agreement with Dynegy Oakland LLC, a subsidiary of Dynegy, Inc
(NYSE: DYN) (“Dynegy”).
The
contract provides for Dynegy to purchase up to 1.7 million gallons of biofuel
per year for use at Dynegy’s power plant i
n
Oakland, California, based on Dynegy’s forecasts of a portion of the historical
fuel consumption at their facility. There is no minimum purchase
requirement. The product price is based on a variable pricing formula. The
contract contemplates purchases of our “Classic” product formula based on
refined vegetable oil but allows us the flexibility to produce the fuel from
any
feedstock as long as the product meets certain specifications. The contract
is
for a term until March 31, 2010 and from month to month thereafter, unless
terminated by either party at any time with at least sixty (60) days’ written
notice. Based on current prices and terms, we anticipate that the contract
could
generate up to $13 million in sales over the next two years.
On
June
4, 2008, we issued a press release announcing our biofuels sales contract with
Dynegy. A copy of the press release is filed as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
99.1
|
|
Press
release dated June 4, 2008.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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|
|
|
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Date: June
6,
2008
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/s/ David A. Gillespie
|
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Name:
David A. Gillespie
Title:
President and Chief Executive
Officer
|
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