February 23, 2010 (FinancialWire) — New Generation Biofuels Holdings, Inc. (NASDAQ: NGBF) said it has reached an agreement with Ferdinando Petrucci and PTJ Bioenergy Holdings LTD to replace an upcoming $1 million cash payment for its technology license with 1.1 million shares of the company’s common stock and $120,000 in cash.

In March 2006, New Generation Biofuels acquired the rights to its proprietary technology through an exclusive license agreement with the inventor of the technology, Ferdinando Petrucci.

The latest amendment eliminates the need to make the next $1 million payment in cash, which was due and payable in equal installments on February 20th and March 20th, 2010, allowing the company to focus its liquidity resources on ramping up biofuel production and sales growth.

The next licensing payment is not due until February 2011. Under the terms of the license agreement as amended, the company will be required to pay $1 million per year over the next four years for a total of $4 million.

Maryland-based New Generation Biofuels holds an exclusive license for North America, Central America and the Caribbean to commercialize proprietary technology to manufacture alternative biofuels from plant oils and animal fats that it markets as a new class of biofuel for power generation, commercial and industrial heating and marine use.

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