November 13, 06

NEWS / Consolidated Biofuels Assumes Lead Position in Regional Joint Venture with International Bio Fuels C

CHICAGO--(BUSINESS WIRE)--Consolidated Biofuels, Inc. (OTC:CSBF). Mr. Daniel L. Honeycutt, CEO of Consolidated Biofuels, Inc. recently announced that International Bio Fuels (IBF) and Consolidated Biofuels (C:Bio) have entered into a joint venture agreement in which Consolidated has agreed to take the overall lead in the development and subsequent requirements of all of IBF??™s planned biodiesel projects that are located principally within the Mississippi Valley Corridor. The terms of the agreement include full continuing project support of the current IBF projects that are already underway in Arkansas and Mississippi.

In consideration of the full provision of Consolidated??™s project support, C:Bio will receive a participation interest in each of the completed alternative fuels projects.

Mr. Honeycutt further stated that, ???We know this particular region very well, and I am pleased that we have now become a value-added resource and full joint venture participant in moving the IBF/Consolidated regional strategic initiative forward. I am also pleased that the shareholders of Consolidated will soon begin to realize the benefits of several months of effort in building our relationship with IBF and its associated entities.???

Mr. Marty Johnson, President of International Biofuels stated, ???As JV partners, we have more hard work ahead of us. However, Consolidated has already shown us that it is fully capable of moving our projects in this U.S. region forward to a positive conclusion. This agreement will free us somewhat to concentrate more on our U.S. Coastal, Asia and Africa planning.???

About International Bio Fuels Corporation

International Bio Fuels Corp. is a leading Biofuels company dealing in both ethanol and biodiesel. IBF was featured at the 2006 International Biofuels Symposium held recently in Beijing, China. The topic of IBF??™s presentation was Emerging Technologies. To learn more about IBF, go to www.ibfco.com.

About Consolidated Biofuels, Inc.

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, barge and tanker shipping modalities.

For further information visit our new website: http://www.CBioIntl.com

This press release contains some forward-looking statements. Forward-looking statements involve estimates, projections goals forecasts, assumptions, risk and uncertainties that could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements, and are current as of the date on which such statements are made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our business.

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