NEW YORK, Feb. 5, 2007 (PRIME NEWSWIRE) -- Plastinum Corp. is pleased to announce that it's wholly owned subsidiary, Plastinum Corp. BV (the Netherlands), has been approved by The Northern Netherlands Assembly (Samenwerkingsverband Noord-Nederland) for two separate subsidies schemes.
Plastinum Corp. BV has been approved for:
1. The Northern Netherlands Investment Subsidy Scheme 2000 (IPR 2000) 2. The Northern Innovation Support Facility 2000 (NIOF 2000).
Plastinum Corp. BV has obtained these approvals through the support of The NOM (Investment and Development Agency for the Northern Netherlands) as well as TCNN (Northern Netherlands Technology Centre).
The NOM has also supported Plastinum Corp. BV in various other matters, i.e. assisting in finding the best location for Plastinum's pilot plant.
Mr. Jacques Mot, CEO of Plastinum Corp., stated: "We thank The NOM as well as PSC (Polymer Service Centre BV) and TCCN (Northern Netherlands Technology Centre) for all their support.
"The NIOF subsidy will allow Plastinum Corp. BV to boost its R&D activities and, in the long term, the qualification for the IPR2000 subsidies will allow substantial savings on Plastinum Corp. BV's capital investments."
Plastinum Corp. BV, at its Dutch Pilot plant in Emmen, is in the final stages of testing its industrial size Polymot350 for the industrial production of its first commercial compound.
It is Plastinum Corp.'s objective to become a leading supplier of superior compounds in the plastic industry, through its unique reactor technology.
About Plastinum Corp.:
Plastinum Corp. (Plastinum), a subsidiary of New Generation Holdings, Inc. listed on The OTC Bulletin Board(r) (OTCBB) (ticker symbol "ngpx"), owns the patent rights associated with a high shearing ("UHS") technology with which multiple immiscible thermoplastics can be blended.
The Company's mission is to commercialize the technology through applications in the virgin plastic markets (polymer alloys) and the plastic recycling sector (i.e. recycling of plastic from obsolete computer and other electronic equipment).
New Generation Holdings, Inc. has filed definitive proxy materials with the SEC to effect the "spin-off" of Plastinum as a separate entity. www.plastinum.com
About NOM:
NOM's aim is to make a contribution to the sustained improvement of the economic structure and employment in the Northern Netherlands.
NOM's Subsidy Advice informs, advises, and assists entrepreneurs with subsidy arrangements offered by the government for specific activities or developments within companies. These arrangements can be at provincial, national or European level. www.nom.nl
Certain statements in this news release, including statements that we "believe", "expect", "intend" or words of similar import, are forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, and whether the contemplated "spin-off" of Plastinum will be consummated, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the following: general economic and business conditions; competition; unexpected changes in technologies and technological advances; ability to commercialize and manufacture products; results of experimental studies; research and development activities; changes in, or failure to comply with, governmental regulations; and the ability to obtain adequate financing in the future. This information is qualified in its entirety by cautionary statements and risk factors disclosure contained in certain of the Company's Securities and Exchange Commission filings and the filings of Plastinum Corp. available at http://www.sec.gov.