CAMBRIDGE, Mass.--(BUSINESS WIRE)--Aug. 3, 2006-- GreenFuel Technologies Corporation, the leading developer of algae bioreactor systems that recycle CO2 in smokestack gases into clean, renewable biofuels, announced that it has signed a licensing agreement with The Victor Smorgon Group headquartered in Melbourne, Australia.

The agreement provides The Victor Smorgon Group with an exclusive license to distribute, install and operate GreenFuel's Emissions-to-Biofuels(TM) proprietary technology for growing, harvesting, and processing biomass and products derived from algae throughout Australia and New Zealand. The financial terms of the agreement were not disclosed.

Founded in 1995, The Victor Smorgon Group owns and operates a diversified portfolio of companies in Australia and New Zealand. The company has investments in the manufacturing of biodiesel and plastics, aquaculture, and retailing of youth branded clothing. The group also has substantial experience in waste recycling, having successfully implemented recycling processes in the paper, glass, steel, and plastics industries.

"The GreenFuel Emissions-to-Biofuels process has tremendous potential as a new source of clean, renewable energy and a solution to a growing greenhouse gas emissions problem," said Peter Edwards, Managing Director of The Victor Smorgon Group. "We look at our partnership with GreenFuel Technologies not only as a good business investment, but as an investment in a healthier environment and greater energy independence for Australia and New Zealand."

"The Victor Smorgon Group has put together a talented and experienced management team to drive the GreenFuel Emissions-to-Biofuels project development and marketing efforts in an important region of the world," said Cary Bullock, CEO of GreenFuel Technologies Corporation. "We believe the combined engineering talent and industry experience of our two organizations is an excellent formula for accelerated results and a successful partnership."

About GreenFuel Technologies Corporation

With more than a dozen pending patents, GreenFuel Technologies Corporation is the leading developer of algae bioreaction systems that recycle CO2 from power and manufacturing plant flue gases - converting it to an on-site, continuous supply of biofuel, such as biodiesel, ethanol or methane. The company is headquartered at its 13,000 square foot lab in Cambridge, Massachusetts. GreenFuel Technologies Corporation was founded in 2001 by Isaac Berzin, who now serves as Chief Technology Officer. For more information, visit www.greenfuelonline.com.

Copyright Business Wire 2006

GreenFuel Technologies Corporation

GreenFuel Technologies Corporation

With more than a dozen pending patents, GreenFuel Technologies Corporation is a recognized leader in the development of algae bioreactor systems that recycle carbon dioxide into clean renewable biofuels. GreenFuel Technologies Corporation is winner of both the "2006 Platts Global Energy Award for Energy Emission Project of the Year," and the "2006 Frost & Sullivan Innovation of the Year Award - Biofuels." Founded in 2001, the company is headquartered in Cambridge, Massachusetts. For more information, visit www.greenfuelonline.com.

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