[NEWGEN LOGO]

NewGen Technologies, Inc.
6000 Fairview Road, 12th Floor
Charlotte, NC 28210
(704) 552-3590
www.newgenholdings.com

Media Contact:                          Investor Contact:
Blois Olson                             Chris Witty & Jody Burfening
New School Communications, Inc.         Lippert/Heilshorn & Associates, Inc.
(651) 221-1999                          (212) 201-6609
b.olson@new-school.com                  cwitty@lhai.com

FOR IMMEDIATE RELEASE

                          NewGen Announces New Chairman
              Board Changes to Enhance Strategic Development Plans

CHARLOTTE, NC, May 23, 2006 - NewGen Technologies, Inc. (OTCBB: NWGN),
continuing on its mission to becoming a fully-integrated, global producer and
distributor of premium biofuels, today announced that, effective immediately,
Noel M. Corcoran becomes Chairman of the Board of Directors and S. Bruce Wunner
becomes Vice Chairman, also remaining as Chief Executive Officer.

As Chairman, Mr. Corcoran, age 54, brings with him vast experience in business
strategy, corporate governance, tax and financial planning. He has led his own
tax consulting firm since 1984, during which time he served as a financial and
tax advisor to many corporations and high net worth individuals - both in
Ireland and internationally. He has also been President of the Irish Taxation
Institute and serves as a director for many companies. He has a Commerce Degree
from University College Dublin and is a Fellow of the Irish Taxation Institute.

At the same time, Michael F. D'Onofrio, currently Senior Vice President of
Strategic Development, has also been appointed to the board. Prior to joining
the company and working to develop both NewGen and its U.S. subsidiary, Refuel
America, Mr. D'Onofrio worked in investment banking, focused on mergers &
acquisitions, real estate development, and raising capital. He obtained his MBA
from Nova Southeastern University's Huizenga Graduate School of Business and
Entrepreneurship in Ft. Lauderdale, Florida and has an undergraduate degree in
Business from John Carroll University in Cleveland, Ohio.

"I am excited to be taking on this new position at a crucial time in NewGen's
development," said Noel M. Corcoran, Chairman of NewGen. "Having been with the
company's board since January of this year, I am impressed with NewGen's growth
strategy and I look forward to expanding and helping to deliver the vision of
the company.

"This appointment of Noel Corcoran brings additional support and counsel to our
management team. I look forward to this opportunity to work more closely with
Noel," said S. Bruce Wunner, Vice Chairman and CEO.



About NewGen Technologies, Inc.

NewGen's mission is to be a leading manufacturer, blender and distributor of
premium biofuels that are intended to dramatically reduce the ecological and
economic impact of world petroleum use. NewGen believes that it has developed
the cleanest burning and highest performing fuels in the world by utilizing
technology that allows for more complete combustion, which NewGen believes will
result in improved miles per gallon and significantly decreased harmful
emissions, including reduced carbon monoxide, carbon dioxide, nitrous oxides,
particulates and black smoke. The company's fuel products include proprietary
and complex technology, substantially and predominantly derived from petroleum
sources, which are intended to improve the performance of gasoline and diesel
fuels, as well as domestically-produced and environmentally-friendly alternative
fuels such as Ethanol-based E85 and Biodiesel-based B20. The vision of NewGen
and ReFuel America, NewGen's wholly-owned U.S. subsidiary, is a world less
dependent on oil, using secure, homegrown fuels which better preserve our most
important resources - the air we breathe and water we drink.

Additional information can be found at the company's websites,
www.newgenholdings.com & www.refuelamerica.com

Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With
the exception of historical information, the matters discussed in this press
release are forward-looking statements that involve a number of risks and
uncertainties. The actual future results of NWGN could differ significantly from
those statements. Factors that could cause actual results to differ materially
include risks and uncertainties such as the inability to finance the company's
operations or expansion, inability to hire and retain qualified personnel,
changes in the general economic climate, including rising interest rate and
unanticipated events such as terrorist activities. In some cases, you can
identify forward-looking statements by terminology such as "may," "will,"
"should," "expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential" or "continue," the negative of such terms, or other comparable
terminology. These statements are only predictions. Although we believe that the
expectations reflected in the forward-looking statements are reasonable, such
statements should not be regarded as a representation by the Company, or any
other person, that such forward-looking statements will be achieved. We
undertake no duty to update any of the forward-looking statements, whether as a
result of new information, future events or otherwise. In light of the
foregoing, readers are cautioned not to place undue reliance on such
forward-looking statements. For further risk factors see the risk factors
associated with our Company, review our SEC filings.