Biofuel receives proposal about possible transaction from Greenlight, Brickman

Biofuel announced that it has received a preliminary non-binding proposal from Greenlight Capital and James R. Brickman for a possible transaction pursuant to which one or more newly-formed, wholly owned subsidiaries of the company would acquire all of the equity interests of JBGL Capital, LP and JBGL Builder Finance, and their direct and indirect subsidiaries. JBGL is a series of real estate entities involved in the purchase and development of land for residential purposes, construction lending and home building operations. JBGL is currently owned and controlled by Greenlight and Brickman. In response to the proposal, the board will establish a special committee consisting of independent directors to evaluate the proposal and alternatives for the company. The special committee will be authorized to retain independent financial, legal and other advisors.

There can be no assurance that the proposal or any other transaction will be approved or completed. No further public disclosure regarding the proposal is expected to be made until the special committee has completed its deliberations and provided the board with its recommendation in respect of the proposal.

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