Wood-to-gasoline biorefineries one step closer

May 10, 2011, Toronto – Core Biofuel Inc.,
a Canadian biofuel company that is commercializing an advanced
biomass-to-gasoline production process, has signed a memorandum of
understanding (MOU) with a renewable energy project developer. The MOU provides
for the development of four Core licensed biorefineries in the Western
Hemisphere using Core’s patent-pending wood-to-gasoline technology over an
initial four-year period. The MOU contains provisions for extending both the agreement
and number of plants after completion of the initial term. In addition, the MOU
provides for a third-party review of Core’s technology as well as the testing
of Core’s green gasoline produced through a pilot program. Core Biofuel will
release the details of the MOU following completion of the review.

Don Sigler, chief financial officer of
Core Biofuel comments, “We are extremely pleased to have our development
partner utilizing our wood-to-gasoline technology. The developer has a long
history in the wood products industry throughout North America and brings that
experience and expertise through its renewable energy efforts to our
partnership.”