SYNTEC ANNOUNCES HAVING RAISED THE FIRST US$1 MILLION UNDER A PRIVATE PLACEMENT OFFERING WHICH FINALIZES THE ACQUISITION OF THE ETHANOL CATALYST TECHNOLOGY

Vancouver Canada.  October 24th 2007 - Syntec Biofuel Inc. (Symbol - SYBF) today announced that it has received subscription agreements for $1,025,000 from Wood Energy Resources LLC. As the September 28th 2007 Acquisition Agreement was conditional upon the Company raising a minimum of $500,000 by December 31st 2007, the subjects have now been removed and the Acquisition has been finalized. The Assets acquired include the Intellectual Property and Ethanol Catalyst Technology which has been developed to convert biogas and syngas (from Biomass) into ethanol, butanol, methanol and propanol.

 Syntec has established that as their current yield of alcohol per ton of biomass (wood waste, organic waste, corn stover, sugar bagasse, switch grass, poplar etc) is economically viable to certain producers,  they are now ready to start testing their catalysts in an industrial environment in order to quantify the life of the catalysts prior to commercialization. Syntec's development team under the direction of Dr. Caili Su will be working in parallel on improving yield to achieve their target of 113 gpt.  The variable cost per gallon alcohol on current yield is $0.48c per gallon which is expected to shrink to $0.37c per gallon on reaching the targeted yield. 

 The US currently uses 140 Billion gallons of fuel a year. Ethanol mandated at 10%   will increase ethanol demand to 14 billion gpy from current 5 billion gpy. This presents a huge opportunity for the Ethanol industry and for Syntec in particular. Syntec's revenue model will be based on Joint Venture projects, licensing fee for use of the Syntec technology and a royalty of approximately 7.5 cents per gallon of alcohol produced plus a commission on the sale of catalysts to licensees. 

 There are a number of companies working on 2nd generation cellulosic ethanol production from wood and agricultural waste.  However most of these companies are still using a fermentation process to convert the wood sugars to ethanol.  Syntec's technology is based on thermo-chemical conversion of syngas, produced by gasifying biomass, and passing the gas over the catalysts in a fixed bed reactor.  This process is similar to producing methanol which is an established and well known technology.

Michael Jackson, President of Syntec Biofuel Inc, says, “ The industry recognizes that  production of corn to ethanol has a negative impact on consumer food prices and farm land while cellulosic conversion of waste products are going to spawn the next generation of growth in the Ethanol industry.  With oil prices now exceeding $80 a barrel the use of ethanol as a fuel additive is currently one of the few options available to reduce our reliance on imported oil."

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