Cornell to invest millions in green energy

Jersey City, NJ, April 13, 2006 — Cornell Capital Partners (Cornell) announced plans to invest $150 million in cleantech and renewable energy companies worldwide over the next twelve months, according to Mark Angelo, Cornell’s portfolio manager.

Cornell intends to provide funding to cleantech and renewable energy sector companies to assist with R&D, to commercialize new technologies, and to grow organically or by acquisition, the company said in a recent press release. Cornell also says they are willing to commit funds to help businesses in the sector become more mature and price competitive.

In the last seven months, Cornell has committed over $30 million in the following cleantech and renewable energy companies: XsunX, Inc.: $7,850,000 in financing; McKenzie Bay International Ltd.: $5,000,000 in financing; GreenShift Corp.: $6,000,000 in financing; Barnabus Energy Inc.: $15,000,000 in financing; and NewGen Technologies Inc.: $5,000,000.

Cornell plans to invest an additional $135 million in 2006.

Cornell was a sponsor at the Power-Gen Renewable Energy & Fuels Conference held in Las Vegas (April 10-12) and used the opportunity to “meet with companies, which have the ambition we are looking for to make this sector a lasting success,” said David Ratzker, Cornell’s vice president of corporate finance.

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