VANCOUVER, CANADA, JUNE 24, 2008 - Michael Jackson, President and Chairman of Syntec Biofuel Inc. (OTC.BB. 'SYBF'), a biofuel technology company developing thermo-chemical catalysts to convert biomass wastes into ethanol and other alcohols, says the traditional ethanol industry needs a technology lifeline thrown to it now that corn prices have triggered major plant closures and delays.

"Corn prices have killed any prospect that most of those using fermentation processes with grain feedstock can produce ethanol cost effectively. That's why we are seeing a surge in interest in non food feedstock thermo-chemical processes using waste biomass such as wood chips, corn stover and sugarcane bagasse for ethanol.

"For years, nearly 100% of the ethanol industry’s attention has been focused on fermentation processes. These processes were always vulnerable to the price of corn, but no one thought prices would skyrocket to these levels so soon, if at all.

"This left highly viable thermo-chemical processes, such as Syntecs' and Range Fuels, out in the left field up until recently,” continued Jackson.

"Well, long term corn futures are over $8 and the industry is stricken by its feedstock costs. That's why we are prepared to throw the industry a lifeline and offer a free license to use Syntec's thermo-chemical catalysts, which is moving towards commercialization, to convert corn stover, or other cellulosic waste biomasses, into ethanol and other alcohols."

Jackson said the license itself is worth $250,000. "However, if it leads to the widespread adoption of thermo-chemical ethanol production, its value, aside from strictly commercial considerations (Syntec will still earn a royalty fee on the alcohol produced) will be inestimable to the US as it continues its struggle to reduce foreign oil dependence." Syntec's business model is developing smaller 12MM gpy facilities that would cost approximately US$50 million and generate about $28 million revenue and EBITDA of approximately $17 million. Syntec will earn royalty fees of approximately US$900,000 per year from each licensee.

"Some of the largest companies in the world have been visiting us and doing their due diligence. These companies, I would suggest, realize this is no longer a one horse race, technologically," concluded Jackson.

Syntec Biofuel Inc. is a second-generation cellulosic ethanol company incorporated in Washington State, based in British Columbia, Canada. The company is a leading developer of proprietary catalysts to convert biomass into ethanol, methanol, butanol and propanol via thermo-chemical synthesis. The company does not use food crops like corn or wheat, but instead uses waste biomass such as wood chips, bark, sawdust, corn stover, wheat straw, sugar bagasse, MSW, and landfill gas and even animal manure to produce ethanol. The company’s business model is to license its technology on a fee and royalty basis, develop JV partnerships, and generate revenue from the sale of catalysts.

For information on Syntec Biofuel Inc., a Washington State Company, please contact info@syntecbiofuel.com or call 604-688-3836.

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