New Generation Biofuels Holdings, Inc. today announced its financial results for the quarter ended September 30, 2009. Reporting revenues of $34,412 for the quarter, the company recognized a net loss of $2.3 million. For the first nine months of 2009, the company had net revenues of $77,048, and a net loss of $9.7 million.
As of September 30th, New Generation Biofuels had approximately $1.3 million in cash. Net cash used in operating activities was $5.2 million for the nine months ended September 2009, compared to $4.4 million in last year’s comparable period.
Year-to-date Highlights and Accomplishments include:
• Completed construction of first commercial-scale plant in Baltimore with an initial 5 million gallons per year capacity.
• Signed 7 sales contracts for potential customer orders of over 10 million gallons on an annual basis
• Completed 28 production runs at the Baltimore facility.
• Produced and delivered 140,000 gallons of biofuel to customers.
• Streamlined and reduced operating costs by moving headquarters to Columbia, Maryland
• Blended its biofuel with #6 Diesel fuel to diversify product applications and expand potential markets.
• Raised $6.4 million in gross proceeds, and $5.8 million in net proceeds, through two common stock equity offerings, providing the company with additional capital to fund business plans.
Cary J. Claiborne, President and Chief Executive Officer of New Generation, stated, “I am very pleased with the progress New Generation has made over the past two quarters as we focused the business on sales growth and cost control. I am particularly enthusiastic about the demand that we’ve experienced for our product since we opened our production facility in Baltimore, having signed seven contracts and received several repeat orders from these customers after burning our fuel.”
“We are focused on executing our business plan as we continue to transition the business from a development stage enterprise to a commercial business,” he added. “We are focused on continuing to optimize our production process and expand the number of feedstocks that can be used to produce our fuels, providing more diverse product applications, such as blending with #6 Diesel, to new and existing customers.”
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