CHICAGO -- Consolidated Biofuels Inc. will purchase 100 percent of the assets of privately held International Bio Fuels Corporation, Vancouver, Wash.

The parties have executed a Memorandum of Understanding for Merger document, and thereby the parties anticipate a final acquisition of the assets of IBF to be accomplished within 60 days, contingent upon the successful completion of a formalized due diligence process and exchange of appropriate considerations.

IBF has several active and development-stage projects in the United States, Asia, and Africa.

Consolidated Biofuels CEO Daniel Honeycutt said, "As previously announced, CSBF and IBF already share significant synergies in vision, business model, and strategic corporate initiatives, which makes for a seamless and swift consolidation."

IBF President Marty Johnson, said, "We are very pleased to join the Consolidated Biofuels team, and together we will continue to build on Consolidated's well-considered current strategic shift toward total Cleantech industry synergies."

More about IBF is at

Consolidated Biofuels Inc. is a development-stage, alternative fuels company that has aligned its business strategies, research, consulting, alternative fuels solutions and environmental strategies with the needs of the commercial transportation industry, including trucking, railway, and waterway/shipping modalities.

SOURCE: Consolidated Biofuels Inc. via Business Wire.