NEW YORK, Jan. 24, 2006 (PRIMEZONE) -- New Generation Holdings Inc. (Pink Sheets:NGPX) is pleased to announce that it is now current with all of its required SEC filings.
Our independent auditors recently completed the audit for the year ended December 31, 2004 and we filed our quarterly reports for the periods ended March 31, 2005, June 30, 2005 and September 30, 2005, on January 23, 2006.
New Generation Holdings, Inc. recently has been developing its patented and proprietary plastic blending (NGP(tm)) technology through its 100% owned subsidiary New Generation Plastic Inc. This technology has many potentially cost-effective applications in both the recycling as well as the virgin polymer markets.
We took an important step by the construction of the first industrial sized machine. After several months of testing, we successfully accomplished the transfer of our blending technology from our small sized laboratory machine (BT30) to our Polymot 350Kg/ hour machine.
New Generation Plastic, Inc. is actively seeking to set up a recycling plant for electronic waste in the USA/Canada and or Europe and has therefore engaged itself in various discussions with multinational companies and governmental bodies.
New Generation Holdings, Inc. (NGPX.PK) currently trades on the Pink Sheets(tm). The Company intends to make an application shortly to be listed on the Nasdaq OTC Bulletin Board.
The statements contained in this press release of New Generation Holdings, Inc. (the "Company") that are not based on historical fact (including statements regarding proprietary technology) are "forward-looking statements." Such forward-looking statements involve risks and uncertainties, including but not limited to: (i) the Company's operations have been dormant until recently, (ii) the Company's lack of liquidity and need for additional capital which it may not be able to obtain on favorable terms or at all, (iii) the "going concern" qualifications that accompanies the Company's financial statements, which, among other things, may make it more difficult for the Company to raise the additional capital that it requires in order to remain in business, (iv) the substantially greater resources available to many of the Company's competitors, (v) the Company's expectation that it will continue to operate at a loss for the foreseeable future, (vi) the fact that the Company's lack of capital substantially restricts its flexibility and opportunity to increase its revenues, (vii) the importance to the Company that its offerings remain technologically advanced, (viii) risks associated with potential intellectual property claims, and (ix) the impact on the Company's business and industry of general economic conditions and regulatory developments. Such risks and others are and shall be more fully described in the "Risk Factors" set forth in the Company's filings with the Securities and Exchange Commission. The Company's actual results could differ materially from the results expressed in, or implied by, such forward-looking statements.