Document:

DATED NOVEMBER 29, 2005

                        (1)   NEWGEN TECHNOLOGIES INC

                        (2)   AG GLOBAL PARTNERS LIMITED

                        (3)   NEWGEN FUEL TECHNOLOGIES LIMITED

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                             JOINT VENTURE AGREEMENT

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                                TABLE OF CONTENTS

Clause   Headings                                                           Page

1.       DEFINITIONS AND INTERPRETATION........................................1

2.       SUBSCRIPTION AND PURCHASE OF SHARES...................................5

3.       THE BUSINESS..........................................................6

4.       THE TERRITORIES.......................................................7

5.       GENERAL UNDERTAKINGS..................................................8

6.       BUDGETS AND ACCOUNTS.................................................15

7.       STRATEGIC CONSULTATION...............................................18

8.       TECHNICAL SUPPORT....................................................18

9.       FUNDING OF THE COMPANY...............................................18

10.      ALLOCATIONS AND DISTRIBUTIONS........................................18

11.      PROTECTION OF THE BUSINESS...........................................19

12.      REPRESENTATIONS AND WARRANTIES ......................................20

13.      DEFAULT .............................................................21

14.      TERMINATION .........................................................22

15.      COSTS AND EXPENSES...................................................22

16.      CONFIDENTIALITY AND ANNOUNCEMENTS....................................22

17.      MISCELLANEOUS PROVISIONS.............................................24

18.      GOVERNING LAW, JURISDICTION AND SERVICE OF PROCESS...................26

SCHEDULE 1   Shareholders
SCHEDULE 2   Initial Budget

AGREED DRAFTS
Agreed Draft 'A' New Articles
Agreed Draft 'B' Completion Board Minutes
Agreed Draft 'C' Technology License
Agreed Draft 'D' Non-Executive Director Service Agreement
Agreed Draft 'E' Managing Director Service Agreement
Agreed Draft 'F' Executive Director Service Agreement
Agreed Draft 'G' Short-term Loan Agreement

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THIS AGREEMENT is made November 29, 2005

BETWEEN:

1.    NEWGEN TECHNOLOGIES INC. ("NewGen") a Nevada corporation having its
      principal place of business at 6000 Fairview Ave., Charlotte, NC 28210,
      USA;

2.    AG GLOBAL PARTNERS LIMITED having its principal place of business at Elan
      House, 5-11 Fetter Lane, London EC4A 1QD, England ("AG Partners")

3.    NEWGEN FUEL TECHNOLOGIES LIMITED ("Company") having its principal place of
      business at c/o KSB Law, Elan House, 11-15 Fetter Lane, London, EC4A 1QD,
      England .

WHEREAS:

(A)   The Company was incorporated in England on 17 November, 2005, under the
      Companies Act 1985 with registered number 5626514 and is a private company
      limited by shares.

(B)   The Company has not traded and has no liabilities.

(C)   The authorised share capital of the Company is (pound)100 divided into
      1000 shares of (pound)0.10 each, 500 of which shares are in issue, fully
      paid, and no person has any right to call for the issue or allotment of
      any shares or other securities in the Company.

(D)   Immediately prior to completion of this Agreement Mr G. Dawson and Mr A.
      Greystoke were the only directors of the Company and Mr A. Greystoke was
      its Secretary.

(E)   NewGen wishes to acquire 500 Shares in the Company for the purpose of
      carrying on in joint venture the business of exploiting certain NewGen
      technology in the field of conventional and biofuel blends, and the sale
      and distribution of such products.

(F)   NewGen has accordingly agreed to subscribe for Shares in the Company and
      the Shareholders and the Company have agreed to make provision for the
      management and administration of its affairs on the terms and conditions
      set out in this Agreement.

IT IS AGREED as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1   Definitions

      In this Agreement, the following words and expressions shall have the
      following meanings:

      "Act" means the Companies Act 1985 (as amended by the Companies Act 1989);

      "Agreed Accounting Practices and Policies" means those accounting
      practices and policies which comply with Generally Accepted Accounting
      Principles in the United States (US GAAP) and International Financial
      Reporting Standards (IFRS), which are to be applied in the preparation of
      the Company's accounts, as such may be amended from time to time in
      accordance with this Agreement;

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      "Agreed Draft" means a draft in a form agreed between the parties bearing
      an identifying letter and initialled by the parties for the purpose of
      identification;

      "Article" means a reference to a regulation set out in the New Articles;

      "Auditors" means the Company auditors as appointed by Newgen in accordance
      with this Agreement;

      "Budget" means, in respect of a financial year, the budget prepared by the
      Company and furnished pursuant to Clause 6, and reference to an "approved"
      Budget is, for any financial year, a reference to such Budget as approved
      by the Shareholders pursuant to that Clause;

      "Business" means the business, as defined in Sub-Clause 3.1, to be carried
      on by the Company (including through one or more Subsidiaries) in
      accordance with the provisions of this Agreement;

      "Business Day" means a day (excluding Saturdays) on which banks are open
      for business in the City of London;

      "Completion" means the completion of the subscription to Shares pursuant
      to Clause 2 and the due compliance with the obligations in Clause 2;

      "Connected Person" means any person with which any relevant person is
      connected (as determined in accordance with the provisions of Section 839
      of the Income and Corporation Taxes Act 1988);

      "Director" means a director of the Company appointed pursuant to Article 5
      of the New Articles;

      "Encumbrance" means any mortgage, pledge, lien, charge, assignment,
      hypothecation, or other agreement or arrangement which has the same or a
      similar effect to the granting of security;

      "Financial Year" means each period for which the Company is required to
      produce accounts in accordance with the Act;

      "Hazardous Material" means any pollutant, contaminant, toxic substance,
      hazardous waste, hazardous substance, chemical substance or mixture,
      pesticide, pollutant, contaminant, toxic chemical, petroleum product or
      byproduct, asbestos, polychlorinated biphenyl, noise or radiation or any
      other as defined in or pursuant to any law, regulation, rule or ordinance
      applicable to the Company or any of its Subsidiaries, whether existing as
      of the Completion, previously in force, or subsequently enacted.

      "Intellectual Property" means patents and applications, registered
      designs, unregistered design rights, copyrights, logos, rights in trade
      marks and service marks whether registered or not, goodwill and rights in
      confidential information and know-how and any associated or similar rights
      in any part of the world (including, in all cases, applications and rights
      to apply therefor);

      "License Agreement" means the agreement between NewGen and the Company in
      the form of the Agreed Draft pursuant to which NewGen will licence certain
      proprietary technology to the Company for use and exploitation in
      connection with the Company's conduct of the Business in the Territories.

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      "Material Adverse Effect" means, with respect to any Person, any material
      adverse change in the business, operations, assets (including levels of
      working capital and components thereof), condition (financial or
      otherwise), prospects, operating results, Liabilities or relations with
      material customers, material suppliers or key employees of such Person or
      any material casualty loss or damage to the assets of such Person, whether
      or not covered by insurance.

      "New Articles" means the Articles of Association to be adopted by the
      Company at Completion in the form of Agreed Draft "A";

      "Permit" means all permits, licenses, authorizations, registrations,
      franchises, approvals, certificates, variances and similar rights
      obtained, or required to be obtained, from any Person.

      "Person" shall be construed broadly and shall include an individual, a
      partnership, a corporation, an association, a joint stock company, a
      limited liability company, a trust, a joint venture, an unincorporated
      organization and a governmental entity or any department, agency or
      political subdivision thereof.

      "Proceeding" means any claim, action, suit, proceeding, arbitration,
      complaint, charge, hearing, inquiry or investigation (including a tax
      audit), whether administrative or in mediation or arbitration, before or
      by any person.

      "Release" means any release, spill, emission, leaking, injection, deposit,
      disposal, discharge, dispersal, leaching or migration into the atmosphere,
      or on, into, under or from the soil, surface water, ground water or
      property.

      "Requisite Regulatory Approvals" means all Permits, approvals, filings,
      consents and waivers required to be obtained from or made with any Person,
      and all waiting periods required to expire, before the consummation of the
      transactions contemplated by this Agreement, as applicable, under all
      applicable laws of any jurisdiction, domestic or foreign, having
      jurisdiction over the transactions contemplated by this Agreement.

      "Resolutions" means the resolutions of the Company in the form of Agreed
      Draft "B" to be passed at an extraordinary general meeting of the Company
      in accordance with Sub-Clause 2.1.

      "Sale of the Company" means (i) a sale of the Company (or any Subsidiary)
      or substantially all of its (or their) shares of capital stock or assets
      or otherwise, whether by way of merger, consolidation, recapitalization,
      sale of stock or assets, or otherwise, or (ii) any transaction where the
      Shareholders holding outstanding Shares representing all of the voting
      rights of the Company prior to such transaction shall, immediately
      following such transaction, hold securities representing less than 50% of
      such voting rights.

      "Shareholder" means each person or entity listed in Schedule 1;

      "Shares" means, collectively, the 1000 shares of (pound)0.10 each in the
      capital of the Company, including the 500 shares currently held by AG
      Partners and the 500 shares of (pound)0.10 each in the capital of the
      Company to be subscribed for pursuant to this Agreement and any further
      shares in the capital of the Company issued by the Company from time to
      time during the currency, and pursuant to the terms and conditions, of
      this Agreement;

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      "Short Term Loan Agreement" means the agreement in the form of the Agreed
      Draft to be entered into between NewGen and the Company for the provision
      of short term finance by NewGen to the Company;

      "Subsidiary" of any Person means any corporation, association,
      partnership, limited liability company, joint venture vehicle or other
      business entity, whether now existing or hereafter formed or created, of
      which more than 20% of the total voting power of equity interests
      (including membership and partnership interests) entitled (without regard
      to the occurrence of any contingency) to vote in the election of
      directors, representatives, managers or trustees thereof is at the time
      owned or controlled, directly or indirectly, by: (1) such Person, (2) such
      Person and one or more Subsidiaries of such Person, or (3) one or more
      Subsidiaries of such Person; and

      "Territories" means those countries and geographic areas specified in
      Clause 4.1.

      Interpretation

      In this Agreement, save where the context otherwise requires:

1.1.1 The singular includes the plural and vice versa and reference to any
      gender includes a reference to all other genders;

1.1.2 Headings and the use of bold typeface shall be ignored;

1.1.3 References to any enactment shall include references to such enactment as
      it may, after the date of this Agreement, from time to time be amended,
      supplemented or re-enacted;

1.1.4 A reference to a Clause, Sub-Clause, Paragraph, Sub-Paragraph or Schedule
      is, unless indicated to the contrary, a reference to a Clause, Sub-Clause,
      Paragraph or Schedule of this Agreement;

1.1.5 A reference to a balance sheet or profit and loss account includes a
      reference to any note forming part of it;

1.1.6 Unless otherwise expressly provided, expressions defined in the Companies
      Act have the meanings there given to them;

1.1.7 A reference to a person includes a reference to a firm, a body corporate,
      an unincorporated association or to a person's executors or
      administrators;

1.1.8 A reference to a "party" is to a party to this Agreement for the time
      being and a reference to the "parties" is, unless otherwise stated to the
      contrary, a reference to all parties to this Agreement for the time being;
      and

1.1.9 References to writing shall include any modes of reproducing words in a
      legible and non-transitory form.

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2.    SUBSCRIPTION AND PURCHASE OF SHARES

2.1   Subscriptions

      NewGen shall subscribe for 500 Shares for cash at par.

2.2   Allotment, Issue and Transfer

      The Shares to be allotted and issued in accordance with Sub-Clause 2.1
      shall be allotted and issued fully paid at Completion free from all
      Encumbrances and with all the rights attaching to them pursuant to the New
      Articles.

2.3   Waiver of Pre-Emption

      The Shareholders and the Company hereby waive any rights or restrictions
      which may exist in the New Articles or otherwise which might prevent the
      allotment of the Shares to NewGen pursuant to Sub-Clause 2.1.

2.4   Application

      By signing and exchanging this Agreement NewGen:

      2.4.1 applies for and accepts with effect from Completion the Shares
            subscribed for by it pursuant to Clause 2.1, subject to the
            Memorandum of Association of the Company and the New Articles;

      2.4.2 authorises the Company to place its name upon the register of
            members at Completion in respect of all such Shares; and

      2.4.3 requests that one share certificate for all such Shares be issued to
            it.

2.5   Arrangements for Completion

      Completion shall take place at the offices of KSB Law, Elan House, 5-11
      Fetter Lane, London, EC4A 1QD immediately following the signing of this
      Agreement or at such other time and place as the parties may agree.

2.6   Obligations at Completion

      At Completion:

      2.6.1 the statutory and minute books and share certificate books of the
            Company will be made available for inspection by each party;

      2.6.2 an extraordinary general meeting of the Company shall be duly
            convened and held at which the Resolution(s) shall be passed;

      2.6.3 NewGen shall pay to the Company for immediate value in London in
            cleared funds the subscription monies for the Shares agreed to be
            subscribed and accepted by it;

      2.6.4 NewGen and the Company shall enter into the License Agreement for
            the Territories; and

      2.6.5 NewGen and the Company shall enter into the Short Term Loan
            Agreement in the agreed form.

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2.7   Board Meeting

      The following business will be transacted at a meeting of the Board of
      Directors of the Company held at Completion:

      2.7.1 The Company will allot and issue the Shares subscribed for by NewGen
            referenced in Sub-Clause 2.1, shall deliver to NewGen a share
            certificate for the Shares to which it is entitled and shall enter
            NewGen in the register of members of the Company in respect of such
            Shares;

      2.7.2 Mr Clifford Hazel and Mr Ian Williamson shall be appointed Directors
            of the Company, Mr John King will be appointed Managing Director of
            the Company and a Director, such that the Board of Directors of the
            Company shall consist of Messrs. Dawson, Greystoke, Hazel, King and
            Williamson; Mr Williamson and Mr Hazel may be substituted with other
            representatives of NewGen should NewGen desire. Mr King may be
            substituted with a newly-hired Managing Director after a period of
            training and transition, subject to approval by the Shareholders.

      2.7.3 Mr Greystoke shall be appointed Secretary of the company;

      2.7.4 The registered office of the Company shall be confirmed as Elan
            House, 5-11 Fetter Lane, London, EC4A 1QD;

      2.7.5 NewGen shall appoint the auditors of the Company;

      2.7.6 The Company shall confirm the adoption of December 31 of each year
            as its accounting reference date;

      2.7.7 The Company shall adopt the Agreed Accounting Practices and
            Policies;

      2.7.8 The Company shall appoint Royal Bank of Scotland plc as its bankers
            in accordance with the terms of the mandate produced at the meeting;

      2.7.9 The Company shall approve and execute each of the Service
            Agreements;

      2.7.10 The Company shall approve and execute the License Agreement; and,

      2.7.11 The Company shall enter the Short term Loan Agreement.

3.    THE BUSINESS

3.1   Nature of Business

      3.1.1 The business of the Company shall comprise the exploitation of all
            NewGen technology in the field of fuel technology, including: (i)
            bio-fuels, including biodiesel and ethanol-based fuels and other
            "alternative" fuels, (ii) conventional fuels, (iii) fuel additives
            and technology and the sale and distribution of such products and
            (iv) the manufacture and distribution of biodiesel and ethanol and
            any alternative fuel (the "Business") in the Territories

      3.1.2 Each of the Shareholders undertakes to each of the other
            Shareholders to use all reasonable endeavours to promote the
            interests of the Company in connection with the Business.

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3.2   Undertakings with regard to Conduct of Business

      3.2.1 Each of the Shareholders undertakes to each of the other
            Shareholders:

            (A)   to exercise its respective rights and powers under this
                  Agreement and as a holder of Shares to ensure, so far as it
                  lawfully can, that the provisions of this Agreement are
                  complied with; and

            (B)   to procure, so far as it is able to do so, that any director
                  appointed by it shall so act and vote in relation to the
                  affairs of the Company (subject always to the fiduciary duties
                  of such Directors to the Company) to ensure that the Business
                  and all the affairs of the Company are carried on in a proper
                  manner and bona fide in the best interests of the Company.

            (C)   A reference to a meeting of the Board of Directors shall mean
                  a meeting of the Board of Directors in which a quorum is
                  present. For the purposes of all actions to be taken or
                  approved by the Board of Directors, at least one director or
                  officer of AG Partners and at least one director or officer of
                  NewGen shall be necessary to constitute a quorum for the
                  transaction of business.

      3.2.2 The Company shall comply with the requirements and standards
            relating to the conduct of the Business and of its affairs set out
            in Sub-Clause 3.2.1(B).

4.    THE TERRITORIES

4.1   The Company has the exclusive right to carry out the Business in the
      countries and regions set out below (the "Territories"):

      - Europe (excluding Germany)
      - Scandinavia and the Nordic Region
      - The Middle East, Pakistan and India
      - The ASEAN region (Indonesia, Malaysia, Philippines, Singapore, Thailand,
      Brunei Darussalam, Vietnam. Lao People's Democratic Republic,
      Burma/Myanmar and Cambodia)
      - Australia

      and will, by virtue of the License Agreement, receive an exclusive license
      to use the technology in the Territories, in return for payment of the
      royalties set out in the License Agreement.

4.2   If NewGen or any of the other Shareholders identifies an opportunity in
      the Territories, it will notify the Company of such an opportunity and the
      opportunity will be evaluated by the Company. If the opportunity is
      progressed, it will be progressed by and will take place within the ambit
      of the Company

4.3   The Territories can be expanded following the demonstration of attainment
      of performance objectives in the Territories as agreed from time-to-time
      by the Shareholders..

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5.    GENERAL UNDERTAKINGS

5.1   Undertakings of the Company

      The Company undertakes to each of the Shareholders that:

      5.1.1 Compliance with Agreement

            It will duly and punctually perform, enforce and comply with all its
            rights and obligations pursuant to this Agreement, and the
            Memorandum of Association of the Company and the New Articles.

      5.1.2 Information

            Each of the Shareholders shall be entitled to examine the books and
            accounts of the Company and shall be supplied with all information,
            including copies of all published accounts, directors' reports and
            notices of meetings of the Company and all other circulars and
            notices issued or given to members of or those dealing with the
            Company relating to the Business or otherwise to the affairs and
            financial or other position of the Company. The Shareholders and the
            Company agree that, for this purpose, the Directors shall be
            entitled to pass any information relating to the Company, its
            Business or affairs to any Shareholder, and neither the Shareholder
            nor the Company shall raise any objection to such passing of
            information nor allege any breach of any duty of confidence to the
            Company as a result of such action.

      5.1.3 Audits and Review

            Any Shareholder may from time to time require that (at its own cost)
            an audit or review of the Business and any other affairs of the
            Company is carried out, and shall in such case be entitled to
            designate a person to carry out such audit or review on its behalf.
            Such person (which may, but need not be, the Shareholder itself, the
            Auditors or an adviser, consultant or contractor of the Shareholder)
            shall be entitled (subject to the provisions of Clause 13 ):

            (A)   to visit and inspect any premises of the Company and to
                  discuss the affairs, finances and accounts of the Company with
                  its officers and employees; and

            (B)   to inspect and request and to copy and to retain copies of any
                  books, records or other documents relating to the Business or
                  any other affairs of the Company

            and the Company shall afford such access and co-operation as may be
            reasonable in the circumstances to facilitate the carrying out of
            such audit or review.

5.1.4 Notice Requirements

From and after the date of this Agreement:

      (A)   The Company shall provide written notice to the Shareholders
            promptly (in any event within 10 days) after it shall become aware
            of the occurrence of any of the following:

            (i)   the commencement of any Proceeding or labor dispute by any
                  Person against or affecting the Company or any of its
                  Subsidiaries, which, if determined adversely to the Company or
                  any of its Subsidiaries, might reasonably be expected to have
                  a Material Adverse Effect on the Company or any of its
                  Subsidiaries;

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            (ii)  any default under any indebtedness of the Company or any of
                  its Subsidiaries which entitles the lenders thereunder to
                  accelerate the obligations of such borrower; and

            (iii) the receipt by the Company or any of its Subsidiaries, of (A)
                  any notice or claim to the effect that the Company or any of
                  its Subsidiaries is or may be liable to any Person as a result
                  of the Release by the Company, any of its Subsidiaries or any
                  other Person of any Hazardous Material into the environment
                  and (B) any notice alleging any violation of any
                  Environmental, Health and Safety Law by the Company or any of
                  its Subsidiaries if, in either case, such notice or claim
                  relates to an event which could reasonably be expected to
                  subject the Company or any of its Subsidiaries to Liabilities
                  in excess of (pound)45,000.

      (B)   Upon request of the any Shareholder, the Company shall, and shall
            use its best efforts to cause its Subsidiaries to, provide such
            further information (including copies of any pleadings, notices,
            correspondence or such other documents) regarding the status of any
            of the events set forth under Sub-Clauses (i) - (iii) above, that
            the Shareholders deem are reasonably necessary to enable the
            Shareholders and their respective advisors, accountants and counsel
            to evaluate such matters.

5.1.5 Conduct of Business

From and after the date of this Agreement the Company shall, and shall use its
best efforts to cause each of its Subsidiaries to, take all actions required to
ensure that the Company and each of its Subsidiaries (i) remain duly registered
and qualified to conduct business under the laws of the jurisdiction of its
incorporation and to qualify and remain qualified to conduct business in each
jurisdiction in which the nature of its operations requires it to be so
qualified and (ii) at all times maintain its existence in full force and effect
and preserve and insofar as such matters are within the control of the Company
or its Subsidiaries, keep or cause to be preserved and kept, all rights material
to the Business.

5.1.6 Compliance with Laws

From and after the date of this Agreement, the Company shall, and shall use its
best efforts to cause each of its Subsidiaries to, take all actions required to
ensure that the Company and each of its Subsidiaries:

      (A)   obtain all Requisite Regulatory Approvals, Permits and
            authorizations necessary to conduct the Business;

      (B)   conduct its operations with respect to the Business in material
            compliance with all Laws and restrictive covenants applicable to the
            Business; and

      (C)   not directly or indirectly conduct the Business in, make any
            investment in any Person with material business operations in, or
            export any intellectual property provided to the Company under the
            License Agreement to, any country with which NewGen would be
            prohibited from conducting trade, business or export activities
            pursuant to any U.S. Law or regulation relating to export controls
            or trade sanctions or embargoes ("Prohibited Conduct"). NewGen shall
            use reasonable efforts to keep Company up-to-date on the countries
            affected by any such prohibition.

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5.1.7 Payment of Obligations

From and after the date of this Agreement, the Company shall, and shall use its
best efforts to cause each of its Subsidiaries to, pay or discharge or cause to
be paid or discharged (i) all taxes imposed upon the Company or any of its
Subsidiaries, or on any of its properties or assets or in respect of any of its
franchises, business, income or property, before any penalty or interest accrues
thereon and (ii) all claims (including, without limitation, claims for labor,
services, materials and supplies) for sums which have become due and payable and
which by law have or may result in any lien or encumbrance upon any of the
property or assets of the Company or any of its Subsidiaries, prior to the time
when any penalty or fine shall be incurred with respect thereto, except in each
case for so long as the Company or its Subsidiaries is contesting any such taxes
claimed by appropriate means.

5.1.8 Maintenance of Property

From and after the date of this Agreement, the Company shall, and shall use its
best efforts to cause each of its Subsidiaries to: (i) take all actions required
to ensure that all property and assets of the Company or any of its Subsidiaries
used in the Business be maintained and kept in adequate condition, repair and
working order and supplied with all necessary equipment and (ii) make all
necessary repairs, renewals, replacements and improvements to such property and
assets as may be necessary to conduct the Business.

5.1.9 Non-competition Agreements

Promptly following the Completion, the Company shall, and shall use its best
efforts to cause its Subsidiaries to, enter into non-competition,
non-solicitation, nondisclosure and invention assignment agreements with all key
employees of the Company or any Subsidiary.

5.1.10 Insurance

The Company shall, and shall use its best efforts to cause its Subsidiaries to,
maintain insurance against hazards and liabilities, such insurance being
comparable in scope and amount to other similarly situated Persons with
operations similar to the Business.

5.1.11 Contributions

From and after the date of this Agreement, the Company shall, and shall use its
best efforts to cause its Subsidiaries to, take all necessary action to ensure
that no Person affiliated with the Company or any of its Subsidiaries (whether
an employee, representative, agent or otherwise) shall make or pay any donation,
contribution, honoraria, gift, or other similar payment (whether or not in cash)
of any amount by or on behalf of the Company or any of its Subsidiaries to any
customer, supplier, labor union or governmental entity or any Person who is
employed by or otherwise represents any customer, supplier, labor union or
governmental entity or any family member of such Person.

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5.2   Undertakings and Agreement of the Shareholders

      5.2.1 General Undertaking

            Each Shareholder agrees to exercise its voting and any other rights
            attaching to the Shares and its rights pursuant to this Agreement
            (all such rights being together for the purposes of this Clause
            "Shareholder Rights") to procure, so far as it lawfully can, that
            the Board of Directors shall determine the general policy of the
            Company in the carrying on of the Business in accordance with the
            express provisions of this Agreement and of the New Articles.

      5.2.2 Matters requiring Approval

            The Company shall undertake none of the activities specified below
            without the prior approval of a majority of the Directors present at
            a meeting duly convened and held in accordance with this Agreement
            and the New Articles:

            Incurring of Commitments, Liabilities, etc

            (A)   the incurring of any un-Budgeted capital expenditure by the
                  Company in excess of (pound)25,000 in respect of any one
                  transaction, or which exceeds by (pound)10,000 the amount for
                  that item in the approved Budget;

            (B)   the entry by the Company into any contract, liability or
                  commitment which:

                  (i)   is incapable of being terminated within 12 months
                        without the payment of compensation on termination; or

                  (ii)  could involve expenditure or the incurring of any other
                        obligation by the Company which in any case exceeds by
                        (pound)10,000 the amount for that item in the approved
                        Budget; or

                  (iii) which relates to an item not included in an approved
                        Budget;

            (C)   the creation or giving of any Encumbrance in respect of all or
                  any part of the undertaking, property or assets of the Company
                  or the acceptance by the Company of any Encumbrance for its
                  benefit, in each case, to the extent that such creation,
                  giving or acceptance is outside the normal course of the
                  Business;

            (D)   subject to the provisions of Clause 9, the creation by the
                  Company of any borrowings or other indebtedness or obligation
                  in the nature of borrowings (including, without limitation,
                  obligations pursuant to any debenture, bond, note, loan stock
                  or other security of the Company and obligations pursuant to
                  finance leases) except as specifically provided for in the
                  approved Budget for the relevant year or by way of normal
                  trade credit;

                                                                              13
<PAGE>

            Acquisitions or Disposals

            (E)   any actual or proposed sale or other disposition of any assets
                  or rights of the Company or any actual or proposed acquisition
                  of any assets or rights by the Company in excess of an
                  aggregate amount of (pound)10,000 in any year except, in any
                  case, current assets used in the ordinary course of business
                  of the Company or as approved in any Budget;

            (F)   any actual or proposed leasing, licensing or parting with or
                  sharing possession or occupation of any property held or
                  occupied or which may be acquired by the Company;

            (G)   without prejudice to Sub-Clause 5.2.2(E) the acquisition,
                  whether by transfer, subscription or otherwise of any shares
                  or debentures in any company or corporation;

            Manner of Carrying on Business

            (H)   the entry by the Company into any partnership, joint venture
                  or other profit sharing agreement;

            (I)   any material change in the organisation of the Company or the
                  manner in which it carries on the Business;

            (J)   the cessation by the Company of the Business or the carrying
                  on of the Business on any materially reduced scale;

            (K)   any advance, loan or deposit of money by the Company not in
                  the ordinary course of the Business;

            (L)   the ceasing by the Company of the use of the name NewGen Fuel
                  Technologies Limited;

            (M)   the initiation, conduct, settlement or abandoning of any
                  claim, litigation, arbitration or other proceedings involving
                  the Company or any admission of liability by or on behalf of
                  the Company except in any case in relation to debt collection
                  in the ordinary course of the Business not exceeding the sum
                  of (pound)50,000 for any single claim or a total aggregate
                  amount of (pound)100,000 in respect of all such claim in any
                  financial year and including all costs and direct expenses;

            (N)   the making of any material change (from the point of view of
                  the relevant employee or category of employees) in the terms
                  and conditions of employment (contractual or non-contractual)
                  of any employee or category of employees or the making of any
                  such change in the terms of employment or the variation in the
                  scope of duties of or engagement, dismissal or termination of
                  employment of any employee with annual remuneration in excess
                  of (pound)50,000;

            (O)   any material change in the level of remuneration paid to any
                  of the Directors or the terms or conditions of employment of
                  any of the Directors;

                                                                              14
<PAGE>

            (P)   the appointment of any attorneys, agents or sub-contractors of
                  the Company, other than in the ordinary course of the
                  Company's business;

            (Q)   the variation of any terms of any of the Company's policies of
                  insurance or the taking out of any additional or replacement
                  policies of insurance other than renewals of the Company's
                  policies on substantially the same terms as those then in
                  force;

            (R)   any transaction with any person otherwise than at arms length
                  and for full value and any transaction with a Shareholder or a
                  Connected Person of any Shareholder; provided, that the
                  License Agreement and the Short Term Loan Agreement, including
                  any amendments or modifications thereto, shall not be subject
                  to the foregoing restriction;

            (S)   any proposal for the winding-up or liquidation of the Company;

            (T)   the proposal of any compromise or arrangement within the
                  meaning of Section 425 of the Act or any arrangement pursuant
                  to which the Company is to make a distribution of the kind
                  described in Section 213 of the Income and Corporation Taxes
                  Act 1988;

            (U)   The approval of any Budget.

            Accounts, Auditors

            (V)   the changing of the accounting reference date of the Company;

            (W)   the making of any change to the Agreed Accounting Practices
                  and Policies except where such change is recommended by the
                  Auditors as a consequence of a change in generally accepted
                  accounting practices or policies applicable to companies
                  carrying on businesses of a similar nature to the Business or
                  as a consequence of a change in law;

            (X)   the approval of the statutory accounts of the Company;

            (Y)   the removal of the Auditors, or the appointment as auditors or
                  joint auditors of the Company of any firm except the Auditors;

            Matters affecting Capital and Corporate Governance

            (Z)   the issue of any Shares in the Company (by way of bonus,
                  rights or otherwise) and/or the grant of any option or right
                  to acquire or call for the issue of the same whether by
                  conversion, subscription or otherwise;

            (AA)  the redemption or purchase by the Company of any Share or the
                  reduction in the share capital, or any uncalled or unpaid
                  liability in respect thereof, capital redemption reserve or
                  share premium account of the Company;

            (BB)  the recommendation of or proposals for any payment of any
                  dividend or any other distribution of the Company other than
                  as permitted by this Agreement;

                                                                              15
<PAGE>

            (CC)  the creation or amendment of any employee share scheme and/or
                  the issue of any options under any such scheme;

            Pensions

            (DD)  the adoption of, or participation by the Company in, any
                  pension scheme or the amendment of any existing pension scheme
                  of the Company or, except in compliance with the advice of
                  actuaries appointed at a quorate meeting of the Directors to
                  review such scheme, any variation in or cessation of the
                  contributions made by the Company to any such scheme.

      5.2.3 Negative Pledge

            Each of the Shareholders undertakes to each of the other
            Shareholders and to the Company that it shall not create or permit
            to subsist any Encumbrance on or affecting any of the Shares held by
            it.

      5.2.4 Restriction on Disposal of Shares

            Each of the Shareholders undertakes to each of the other
            Shareholders and to the Company that it shall not at any time
            transfer or otherwise dispose of any Shares or of any interest in or
            option over any Shares in any case otherwise than in accordance with
            the New Articles and in any event shall not do so within 2 years of
            the date of this Agreement; provided, that: (a) an indirect transfer
            by NewGen as a result of a sale of substantially all of NewGen's
            assets or more than 35% of NewGen's voting securities (b) a transfer
            by NewGeen that is a Required Divestiture and (c) the pledge or
            other Encumbrance by NewGen of its Shares as security in connection
            with a bona fide commercial financing transaction shall not be
            within the scope of the foregoing restriction.

      5.2.5 Relationship of Agreement and New Articles

            If, during the continuance of this Agreement, there shall be any
            conflict between the provisions of this Agreement and of the New
            Articles, then as between the Shareholders, during such period, the
            provisions of this Agreement shall prevail.

      5.2.6 No Amendment to New Articles

            Nothing contained in this Agreement shall be deemed to constitute an
            amendment of the New Articles or of any previous articles of
            association of the Company.

5.3   Undertaking of all Parties

      5.3.1 Compliance with New Articles

            Each of the parties agrees that at all times during the currency of
            this Agreement it shall fully and punctually perform, enforce and
            comply with all rights and obligations on its part under the New
            Articles.

                                                                              16
<PAGE>

      5.3.2 Effect of Undertaking

            It is agreed that it is the intention of each of the parties that
            the effect of the undertaking contained in Sub-Clause 5.3.1 is that
            each provision of the New Articles shall be enforceable by the
            parties inter se and in whatever capacity.

6.    BUDGETS AND ACCOUNTS

6.1   Preparation and Approval of Budgets

      6.1.1 Initial Budget

            The Budget for the period from the date of this Agreement through 31
            December 2005 is set out in Schedule 2.

      6.1.2 Subsequent Budgets

            Not earlier than 90 nor later than 30 Business Days before the
            commencement of each financial year, the Company shall produce to
            each of the Shareholders a draft Budget for that financial year,
            complying with the principles set out in Sub-Clause 6.5.

6.2   Consultation Between Parties

      6.2.1 Further Information

            Within 10 Business Days following receipt by the Shareholders of
            each draft Budget pursuant to Sub-Clause 6.1, any Shareholder shall
            be entitled to request such further information as may reasonably be
            necessary in order for such Shareholder to reach an informed view as
            to the content, reasonableness and prudence of the draft Budget. Any
            such request shall be made in writing and be copied to each party.
            The Company shall, insofar as it is able to do so, comply with any
            such request within 5 Business Days after its receipt and shall copy
            its response to each party.

      6.2.2 Consultation

            Following receipt by the Shareholders of each draft Budget pursuant
            to Sub-Clause 6.1 and, as appropriate, any further information
            supplied pursuant to Sub-Clause 6.2.1, the parties shall consult
            upon the content of such draft Budget and shall each use all
            reasonable endeavours to reach agreement as to the contents of such
            draft Budget. In the event of failure so to agree within 30 days
            after the submission of the draft budget the provisions of
            Sub-Clause 6.4 shall apply.

6.3   Amendments to Budgets

      During the course of any financial year, the Company may from time to time
      request any changes to be made to the approved Budget. Any such request
      shall be made in writing to each of the Shareholders and, for the purposes
      of endeavouring to agree to any such change, the request shall be treated
      as if it formed part of a draft Budget, in accordance with Sub Clause 6.2,
      save that the timetable for endeavouring to reach agreement shall be 10
      days rather than 30 days.

                                                                              17
<PAGE>

6.4   Disputed Budgets

      In the event of any failure to agree amongst the parties as to the form or
      content of any draft Budget (which expression shall, for the purposes of
      this Sub-Clause, include any proposed revision pursuant to Sub-Clause
      6.3), then pending resolution of the dispute or failure to agree the
      Company shall not be entitled to carry out any activities which are the
      subject of dispute, except in so far as necessary in order to comply with
      legally binding obligations which it has previously incurred in accordance
      with this Agreement or insofar as the carrying out of such activities
      falls within the terms of any previous approved Budget.

6.5   Principles Governing Budget

      Any draft Budget produced by the Company, and any approved Budget shall,
      unless the parties otherwise agree:

      6.5.1 be itemised monthly and cover the immediately following financial
            year;

      6.5.2 contain forecasts of turnover, cost of sales, trading profit or loss
            for each month during the period which it covers;

      6.5.3 include all anticipated expenditure during the period under the
            following principal headings: e.g

            (A)   cost of goods sold ("COGS"), including breakdown of fuel,
                  additive, and royalties;

            (B)   payroll and taxes;

            (C)   marketing;

            (D)   facilities;

            (E)   other operating expenses, including travel & entertainment,
                  administrative, accounting, legal, etc.;

            (F)   lease & interest expenses;

            (G)   depreciation & amortization; and

            (H)   capital expenditure;

      6.5.4 Contain a Balance Sheet and Cashflow Statement in a manner
            consistent with the Agreed Accounting Practices and Policies;

      6.5.5 identify any requirements for external funding of any such
            activities and the proposed method of raising such funding; and

      6.5.6 be prepared, so far as is practicable, in a manner consistent with
            the Agreed Accounting Practices and Policies.

6.6   Monthly Information and Performance

      6.6.1 Management Information

                                                                              18
<PAGE>

            The Company shall prepare monthly management information which shall
            contain a report of the revenue and expenditure of the Company
            during the month, a comparison of the actual revenue and expenditure
            against that forecast for the corresponding period in the approved
            Budget, an explanation of any difference between the two in excess
            of per cent and of any factors or circumstances known to the Company
            which may lead the Company to consider that the results of the
            Company for forthcoming months may differ from the approved Budget
            by an amount in excess of 10 per cent. Such information shall be
            delivered to the Shareholders within 14 days after the end of the
            month to which it relates.

      6.6.2 Variations from agreed Budget

            If the management information produced pursuant to Sub-Clause 6.6.1
            demonstrates a shortfall or forecast shortfall between any actual or
            forecast figure and the corresponding figure in the approved Budget,
            the Company shall as soon as practicable prepare a revised budget
            for the remainder of the then current financial year and shall
            propose such revised budget as a draft budget, with respect to which
            the provisions of this Clause 6 shall have effect.

6.7   Annual Accounts

      Without prejudice to the preceding provisions of this Clause 6, at the end
      of each financial year, or as soon as reasonably practicable thereafter,
      the Company shall procure:

      6.7.1 that an account shall be taken of all the assets and liabilities of
            the Company and of all dealings and transactions of the Company
            during such financial year;

      6.7.2 that the Directors shall prepare a report and accounts in accordance
            with the Act and the Agreed Accounting Practices and Policies to be
            audited by the Auditors within 60 days of the end of each financial
            year; and

      6.7.3 that such accounts shall be laid before the Company in general
            meeting not later than 4 months after the relevant accounting
            reference date.

7.    STRATEGIC CONSULTATION

      In addition to the above consultations, the Shareholders will meet once a
      quarter to discuss strategy for the Company.

8.    TECHNICAL SUPPORT

      NewGen agrees to provide full technical support for all Company efforts in
      the Territories, as required for successful execution of the Business
      strategies agreed on a quarterly basis.

9.    FUNDING OF THE COMPANY

9.1   Initial Funding

      The initial operating funds for the Company will be provided via a
      short-term loan of $US200,000, as documented by the Short Term Loan
      Agreement. Of this loan, US$96,590.60 has already been paid by NewGen, as
      shown in Schedule 2. A further US$26,819.54 of the remaining balance has
      been invoiced for other expenses. Newgen undertakes to pay promptly these
      amounts which have been invoiced from the remaining balance of the
      $200,000. Newgen further undertakes that it will forward the balance of
      the $200,000, namely US$76,589.86, to the Company's Bank account within 7
      days of the date of this Agreement.

                                                                              19
<PAGE>

9.2   Additional Funding

      9.2.1 No Shareholder shall have any obligation to provide any additional
            capital to the Company. Further, it is agreed that, to the extent
            that further funding, whether for capital or revenue expenditure is
            necessary for the Company in order to develop or carry on the
            Business in accordance with the terms and intention of this
            Agreement, such funding should first be sought by the Directors on
            behalf of the Company from third party investors, on the best terms
            reasonably available to the Company. It is acknowledged by the
            Shareholders that such funding is likely to be provided by way of
            equity investment in the Company. It has been agreed in principle
            that new shares of the Company will be registered for such equity
            investment, as well as to provide incentives for partners and hiring
            of officers as determined to be in the best interest of the company.
            Issue of such equity requires the prior approval of the board of
            Directors of the Company.

      9.2.2 Upon successful equity capital funding of the Company, NewGen will
            provide an additional short term loan to match the equity capital
            raised, up to a maximum loan amount of (pound)500,000 on the same
            terms as the Short Term Loan Agreement.

      9.2.3 Unpaid salaries and expenses for Mr G Dawson and Mr A Greystoke will
            be deferred until such time that additional funding is acquired by
            the Company.

      9.2.4 The Company will not enter into any agreement for the provision of
            Funding to it in an amount over (pound)100,000 without the agreement
            of the Shareholders.

10.   ALLOCATIONS AND DISTRIBUTIONS

      10.1 Allocations of Net Profits and Net Losses from Operations. All Net
Profits, Net Losses and other items of income, gain, loss, deduction and credit
of the Company shall be allocated annually to the Shareholders pursuant to each
Shareholder's Shareholding.

      10.2 Distributions. The Board of Directors shall determine in its
reasonable judgment to what extent, if any, the Company may make Distributions
in accordance with this Agreement, and shall authorize the Managing Director to
make such Distributions to the Shareholders at such times and in such amounts as
the Board of Directors determines.

      10.3 Limitations on Distributions. No Distribution shall be declared and
paid unless, after the Distribution is made, the assets of the Company are in
excess of all liabilities of the Company.

11.   PROTECTION OF THE BUSINESS

11.1  Definitions

      In this Clause:

                                                                              20
<PAGE>

      11.1.1 "competing business" means any business that is primarily engaged
            in the business of selling fuel additives to sellers of conventional
            or alternative fuels or selling conventional or alternative fuels,
            which may or may not contain fuel additives, blends with
            conventional fuels, in either case, that provide benefits similar to
            the benefits provided with the technology being licensed by the
            Company from NewGen;

      11.1.2 "restricted goods or services" means goods or services of the same
            type as or substantially similar to any goods or services supplied
            by the Company or any of its Subsidiaries in carrying on any
            material aspect of the Business;

      11.1.3 "Restricted Parties" means Messrs. Greystoke, Dawson, King,
            Williamson, and Hazel, and any other current or future key employee
            or Director of the Company or any Subsidiary. (To the extent that
            any such persons are not parties to this Agreement, the Company will
            procure that such persons enter separate deeds to give effect to
            these obligations);

      11.1.4 references to acting directly or indirectly include (without
            prejudice to the generality of that expression) references to acting
            alone or jointly with or by means of any other person.

11.2  Restrictions

      Each of the Restricted Parties, and solely with respect to Sub-Clause
      8.2.2(b), each Shareholder covenants with each of the other parties that:

      11.2.1 until the expiration of 2 years from the date of termination of
            this Agreement (the "Termination Date"), he shall not directly or
            indirectly carry on or be engaged or interested in a competing
            business other than NewGen, or one of its Subsidiaries, save that he
            may hold for investment up to five per cent of any class of
            securities of any competing business quoted or dealt in on the
            London Stock Exchange or the AIM market in the United Kingdom;

      11.2.2 until the expiration of 2 years from the Termination Date, he shall
            not directly or indirectly:

            (A)   solicit, canvass or approach or endeavour to solicit, canvass
                  or approach on behalf of a competing business any person for
                  the purpose of offering to that person restricted goods or
                  services or supply on behalf of a competing business other
                  than NewGen, or one of its Subsidiaries:

                  (i)   who, to his knowledge, was provided with goods or
                        services or licence rights by the Company in the course
                        of the carrying on of the Business at any time during
                        the 2 years up to and including the Termination Date; or

                  (ii)  who, to his knowledge, was negotiating with the Company
                        for the supply of goods or services or exploitation
                        rights in the course of the carrying on of the Business
                        at any time during the 12 months up to and including the
                        Termination Date;

                                                                              21
<PAGE>

            (B)   solicit or entice away or endeavour to solicit or entice away
                  from the Company on behalf of a competing business other than
                  NewGen, or one of its Subsidiaries, any person who is then
                  employed by the Company, or who was employed by the Company at
                  any time during the twelve (12) months immediately preceding
                  the Termination Date, in each case in an executive, senior
                  technical, or senior sales capacity with a view to inducing
                  that person to leave such employment and to act for a
                  competing business in the same or a similar capacity..

11.3  Restrictions Separate

      Each of the restrictions set out in Sub-Clauses 11.2.1 and 11.2.2 are
      separate and severable and in the event of any such restriction being
      determined as unenforceable in whole or in part for any reason, such
      unenforceability shall not affect the enforceability of the remaining
      restrictions or (in the case of restrictions unenforceable in part) the
      remainder of that restriction. The duration, scope and geographic area for
      which the provisions set forth in this Agreement are to be effective are
      reasonable. If any court of competent jurisdiction determines that any
      provision of this Agreement is invalid or unenforceable by reason of such
      provision extending the covenants and Agreements contained herein for too
      great a period of time or over too great a geographical area, or by reason
      of its being too extensive in any other respect, such agreement or
      covenant shall be interpreted to extend only over the maximum period of
      time and geographical area, and to the maximum extent in all other
      respects, as to which it is valid and enforceable, all as determined by
      such court in such action. Any determination that any provision of this
      Agreement is invalid or unenforceable, in whole or in part, shall have no
      effect on the validity or enforceability of any remaining provision of
      this Agreement.

11.4  Company Obligation

      The Company shall use all reasonable efforts to ensure that all future
      directors and key employees of the Business (whether through the Company
      or any of its Subsidiaries) enter into substantially identical
      restrictions as are set forth in this Clause 10.

12.   REPRESENTATIONS AND WARRANTIES

      Each party to this Agreement represents and warrants to each of the other
      parties that:

12.1  It has the power or capacity to enter into and to exercise its rights and
      to perform its obligations under this Agreement;

12.2  It has taken all necessary action to authorise the execution of and the
      performance of its obligations under this Agreement;

12.3  the obligations expressed to be assumed by it under this Agreement are
      legal, valid, binding and enforceable;

12.4  neither its execution nor performance of this Agreement will contravene
      any provision of:

      12.4.1 any existing law, treaty or regulation; or

      12.4.2 any obligation (contractual or otherwise) which is binding upon it,
            or upon any of its assets;

                                                                              22
<PAGE>

12.5  all consents, licences, approvals or authorisations of, exemptions by or
      registrations with or declarations by, any governmental or other authority
      required by it with respect to this Agreement have been obtained or made,
      are valid and subsisting and will not be contravened by the execution or
      performance of this Agreement; and

12.6  (in the case of each of the Shareholders) the Shares to be transferred to
      and/or subscribed for by it will not, upon or after such transfer and/or
      subscription, become subject to any Encumbrance.

13.   DEFAULT

13.1  Events of Default

      It shall be an event of default (an "Event of Default") if:

      13.1.1 any party does not pay any amount payable by it under this
            Agreement and such amount remains unpaid after the expiry of 20
            Business Days following the giving by any of the other parties to
            such party of a notice requiring such payment to be made;

      13.1.2 an order is made by a court of competent jurisdiction, or a
            resolution is passed, for the dissolution or administration of that
            party (otherwise than in the course of a reorganisation or
            restructuring previously approved in writing by the other parties);
            or

      13.1.3 any step is taken (and not withdrawn within 30 days) to appoint a
            manager, receiver, administrative receiver, administrator, trustee
            or other similar officer in respect of any assets which include
            either (i) (in the case of a Shareholder) the Shares held by that
            Shareholder or (ii) (in the case of each of the parties) shares or
            other securities in that party; or

      13.1.4 any party convenes a meeting of its creditors or makes or proposes
            any arrangement or composition with, or any assignment for the
            benefit of, its creditors; or

      13.1.5 any party commits a material breach of this Agreement and (if
            capable of remedy) fails to remedy the same (or establish plans to
            remedy the same in a manner satisfactory to the non-defaulting
            parties) within 30 days of notice to do so being given by any other
            party (and in which such other party expresses its intention to
            exercise its rights under this clause).

13.2  Consequences of an Event of Default

      If an Event of Default occurs in relation to a Shareholder (a "Defaulting
      Shareholder") then, without prejudice to the Defaulting Shareholder's
      obligations under this Agreement and to any other rights or remedies
      available to any of the parties with respect to the Defaulting
      Shareholder, any of the other Shareholders shall be entitled by notice in
      writing to the Defaulting Shareholder (copied to the other parties) at any
      time whilst such Event of Default subsists to require:

      13.2.1 that the Defaulting Shareholder shall not exercise its right to
            attend and vote at general meetings of the Company; and/or

                                       23
<PAGE>

      13.2.2 that any director appointed by the Defaulting Shareholder shall be
            suspended.

14.   TERMINATION

14.1  Termination

      This Agreement shall, notwithstanding Completion, remain in full force and
      effect as between all the parties until the earlier of:

      14.1.1 the dissolution of the Company; or

      14.1.2 the agreement of all the parties that it be terminated.

14.2  Consequences of Termination

      Termination of this Agreement (pursuant to Sub-Clause 14.1) shall be
      without prejudice to any accrued rights or obligations of the parties up
      to the date of termination and the provisions of Clauses 1, 11, 12, 16, 17
      and 18 shall remain in full force and effect notwithstanding termination.

15.   COSTS AND EXPENSES

15.1  Each party shall bear its own costs and expenses, including the fees and
      expenses of its legal and other advisers and VAT or any similar tax
      thereon, incurred in connection with the establishment of the joint
      venture pursuant to this Agreement including:

      15.1.1 the negotiation, preparation, printing and execution of this
            Agreement and any other documents referred to in this Agreement or
            ancillary or incidental to it; and

      15.1.2 the negotiation, preparation, printing and execution of all
            supplements, waivers and variations of this Agreement or any other
            such documents as are referred to in Sub-Clause 15.1.1.

16.   CONFIDENTIALITY AND ANNOUNCEMENTS

16.1  General Restrictions

      Subject to the exceptions provided in Sub-Clause 16.2, none of the parties
      shall, at any time, whether before or after the expiry or sooner
      termination of this Agreement, without the written consent of the other
      parties, divulge or permit its officers, employees, agents, advisers or
      contractors to divulge to any person (other than to any respective
      officers or employees of a party or a person to whom, in each case,
      disclosure of information is permitted by this Agreement and who require
      the same to enable them properly to carry out their duties) or use, other
      than for the purpose of performing its obligations under this Agreement or
      to further the business:

      16.1.1 any of the contents of this Agreement;

      16.1.2 any information which it may have or acquire (whether before or
            after the date of this Agreement) relating to the Business and/or
            any customers of or suppliers to the Business, or otherwise to the
            business, assets or affairs of the Company save in each case for its
            own proprietary or confidential information or trade secrets;

                                                                              24
<PAGE>

      16.1.3 any information which, in consequence of the negotiations relating
            to this Agreement or of a party being involved in the Business or
            the Company in any manner whatsoever (including as a Shareholder and
            as an appointor of a director) or performing or exercising its
            rights and obligations under this Agreement, any party may have
            acquired (whether before or after the date of this Agreement) with
            respect to the customers, business, assets or affairs of any other
            party.

16.2  Exceptions

      The restrictions imposed by Sub-Clause 16.1 shall not apply to the
      disclosure of any information by a party (the "disclosing party"):

      16.2.1 which now or hereafter comes into the public domain otherwise than
            as a result of a breach of such undertaking of confidentiality;

      16.2.2 which is required by law to be disclosed to any person who is
            authorised by law to receive the same;

      16.2.3 which is required to be disclosed by the regulations of any
            recognised exchange upon which the share capital of the disclosing
            party is or is proposed to be from time to time listed or dealt in;

      16.2.4 to a court, arbitrator or administrative tribunal in the course of
            proceedings before it to which the disclosing party is a party in a
            case where such disclosure is required by such proceedings;

      16.2.5 to any professional advisers to the disclosing party who are bound
            to the disclosing party by a duty of confidence which applies to any
            information disclosed;

      16.2.6 to the other parties to this Agreement;

      16.2.7 pursuant to the terms of this Agreement; or

      15.2.8 to potential lenders to or investors in a disclosing party in
            connection with a bona fide financing transaction or to a Person
            that would be a Permitted Assignee.

17.   MISCELLANEOUS PROVISIONS

17.1  No Partnership

      Nothing in this Agreement or in any document referred to in it shall
      constitute any of the parties a partner of any other, nor shall the
      execution, completion and implementation of this Agreement confer on any
      party any power to bind or impose any obligations to any third parties on
      any other party or to pledge the credit of any other party.

17.2  Assignment

      None of the parties may assign any of their respective rights or
      obligations under this Agreement nor any of the documents referred to in
      this Agreement in whole or in part (otherwise than pursuant to a transfer
      of Shares in accordance in all respects with the provisions and
      requirements of this Agreement and of the New Articles) save that either
      party shall be entitled to assign its rights and obligations under this
      Agreement to: (i) any Connected Person, (ii) any lender in connection with
      a bona fide loan transaction or (iii) any third party who shall be an
      indirect transferee resulting from an indirect transfer by the party as a
      result of a sale of substantially all of its assets or more than 35% of
      its voting securities (a "Permitted Assignee").

                                                                              25
<PAGE>

17.3  Waiver

      No delay by or omission of any party in exercising any right, power,
      privilege or remedy under this Agreement shall operate to impair such
      right, power, privilege or remedy or be construed as a waiver thereof. Any
      single or partial exercise of any such right, power, privilege or remedy
      shall not preclude any other or future exercise thereof or the exercise of
      any other right, power, privilege or remedy. The rights and remedies
      provided in this Agreement are cumulative and not exclusive of any rights
      and remedies provided by law.

17.4  Entire Agreement

      17.4.1 This Agreement, together with the documents in the agreed form,
      represents the entire understanding, and constitutes the whole agreement,
      in relation to its subject matter and supersedes any previous agreement
      between the parties with respect thereto and, without prejudice to the
      generality of the foregoing, excludes any warranty, condition or other
      undertaking implied at law or by custom.

      17.4.2 Each party confirms that, except as provided in this Agreement, no
      party has relied on any representation or warranty or undertaking which is
      not contained in this Agreement, or in the documents in the agreed form
      and, without prejudice to any liability for fraudulent misrepresentation,
      no party shall be under any liability or shall have any remedy in respect
      of misrepresentation or untrue statement unless and to the extent that a
      claim lies under this Agreement.

17.5  Notices

      17.5.1 Any notice or other communication to be given by one party to
            another under, or in connection with the matters contemplated by
            this Agreement shall be addressed to the recipient and sent to the
            address or facsimile number of such other party given in this
            Agreement for the purpose and marked for the attention of the person
            so given or such other address or facsimile number and/or marked for
            such other attention as such other party may from time to time
            specify by notice given in accordance with this clause to the party
            giving the relevant notice or communication to it. In the case of
            each Shareholder, the relevant details as at the date of this
            Agreement are set out in Schedule 1. In the case of the Company,
            such details are:

            Address: Elan House, 5-11 Fetter Lane, London EC4A 1QD, England
            Facsimile Number: +44-(0)-207-822-7600
            For the attention of: Geoffrey Dawson

      17.5.2 In the case of NewGen, such details are:

            Address: 6000 Fairview Rd, Charlotte, NC, 28210
            Facsimile Number: +1 704 552 3591
            For the attention of: Scott Deininger

                                                                              26
<PAGE>

         17.5.3 In the case of AG Partners, such details are:

               Address: Elan House, 5-11 Fetter Lane, London EC4A 1QD, England
               Fax number: +44-(0)-207-822-7600
               For the attention of: Alexander Greystoke

         17.5.4   Any notice or other communication to be given by any party to
                  any other party under, or in connection with the matters
                  contemplated by this Agreement shall be in writing and shall
                  be given by letter delivered by hand or sent by first class
                  prepaid post (airmail if overseas) or facsimile, and shall be
                  deemed to have been received:

            (A)   in the case of delivery by hand, when delivered; or

            (B)   in the case of airmail post, at the expiration of 48 hours
                  following the posting; or

            (C)   in the case of facsimile or electronic data transmission, at
                  the time of sending (but the sender is under a duty to seek
                  confirmation of receipt).

      17.5.5 Any notice or other communication not received on a Business Day or
      received after 17:00 hours local time on any Business Day in the place of
      receipt shall be deemed to be received on the next following Business Day.

17.6  Counterparts

      This Agreement may be executed in any number of counterparts and by the
      different parties on separate counterparts, each of which when executed
      and delivered shall constitute an original, but all the counterparts shall
      together constitute but one and the same instrument.

17.7  Variations

      No variation to this Agreement shall be effective unless made in writing
      and signed by or on behalf of the parties.

17.8  Standstill Agreement

      No Shareholder shall directly or indirectly engage in any transaction
      pursuant to which such Shareholder buys or sells (including short sales)
      shares of NewGen or any affiliate of NewGen that are listed or quoted on
      any U.S. or non-U.S. public securities or options exchange, except for the
      following: (i) any sales of shares or option transactions from shares or
      options received or originally purchased directly from NewGen by the
      Shareholder in amounts not to exceed US $250,000 annually or (ii) regular
      sales made pursuant to a plan of disposition under Rule 10b-5-1
      promulgated under the Securities and Exchange Act of 1934, as amended.

18.   GOVERNING LAW, JURISDICTION AND SERVICE OF PROCESS

18.1  This Agreement shall be governed by, and construed in accordance with,
      English law.

18.2  The Courts of England shall have exclusive jurisdiction in relation to any
      claim, dispute or difference concerning this Agreement and any matter
      arising therefrom.

                                                                              27
<PAGE>

IN    WITNESS whereof the parties have executed this Agreement on the day and
      year first hereinbefore mentioned.

AG Partners Limited

By:      _________________________

Name:    _________________________

Title:   _________________________

Date:    _________________________

NewGen Technologies Incorporated

By:      _________________________

Name:    _________________________

Title:   _________________________

Date:    _________________________

NewGen Fuel Technologies Limited

By:      _________________________

Name:    _________________________

Title:   _________________________

Date:    _________________________

                                                                              28DATED NOVEMBER 29, 2005

                        (1)   NEWGEN TECHNOLOGIES INC

                        (2)   NEWGEN FUEL TECHNOLOGIES LTD

                              TECHNOLOGY LICENCE &
                              DEVELOPMENT AGREEMENT

<PAGE>

                                    CONTENTS

CLAUSE                                 HEADING                              PAGE
------                                 -------                              ----

   1           DEFINITIONS                                                     3
   2           LICENCE                                                         4
   3           PAYMENT                                                         5
   4           COMMUNICATION OF IMPROVEMENTS                                   6
   5           PROMOTION OF SALES                                              6
   6           NON-DISCLOSURE OF INFORMATION                                   6
   7           IMPROVEMENTS TO LICENCED TECHNOLOGY                             7
   8           REGISTRATION MAINTENANCE AND ENFORCEMENT OF RIGHTS              7
   9           THIRD PARTY RESTRICTION                                         7
  10           DURATION OF AGREEMENT                                           7
  11           TERMINATION                                                     8
  12           ASSIGMNENT AND SUB-LICENCING                                    9
  13           NO WARRANTY AS TO PATENT OR GOODS                               9
  14           NOTICES                                                        10
  15           SEVERABILITY                                                   11
  16           RESERVED RIGHTS                                                11
  17           INDEMNITY BY LICENSOR                                          11
  18           INDEMNITY BY LICENSEE                                          12
  19           GOVERNING LAW AND JURISDICTION                                 12

               SCHEDULE 1 - LICENSOR'S TRADEMARK
               SCHEDULE 2 - ANNUAL PERFORMANCE TARGETS

<PAGE>

THIS AGREEMENT is made the 29th day of November, 2005 BETWEEN:

      1) NEWGEN TECHNOLOGIES INC having its registered office at 6000 Fairview
      Road, suite 1201, (Charlotte, NC, USA 28210 ('the Licensor') and

      2) NEWGEN FUEL TECHNOLOGIES LTD having its registered office at KSB Law,
      Elan House 5-11 Fetter (LaneLondon EC4A 1QD ) ('the Licensee')

IT IS AGREED as follows:

1 DEFINITIONS

In this Agreement the following expressions shall have the following meanings:

'Business'                          exploiting technology in the field of
                                    petro-diesel, petrol, biodiesel, biodiesel
                                    mixtures and by-products, ethanol, ethanol
                                    mixtures and by-products, fuel additives;
                                    and, the manufacture, sale and distribution
                                    of products derived therefrom;

'Effective Date'                    the date of this Agreement;

'Goods Sold'                        the motor fuel additives manufactured by or
                                    for Licensee or its affiliates, using the
                                    Licensed Technology, sold either as
                                    stand-alone products, or as component
                                    products, in each case as sold by or for
                                    Licensee or its affiliates.

'Infringement Claim'                means a claim by any third party alleging
                                    misappropriation or infringement of such
                                    third party's trade secret, patent,
                                    copyright or trademark rights;

'Patents'                           means Great Britain Patent Applications
                                    (reference numbers GB0509818.1, GB0509653.2
                                    and GB0509649.0) filed with the Patent
                                    Office on May 12, 2005.

"Improvements"                      additional proprietary intellectual
                                    property, including patents; all patents
                                    issued on Patents, and all extensions,
                                    continuations, divisions thereof and, all
                                    Improvements thereon, to the extent owned by
                                    the Licensor, trade secrets, business
                                    methods, processes, know-how and copyrights,
                                    based, solely or primarily, upon, the
                                    Patents and/or Processes or Goods Sold.

'New Technology'                    all technology, including all patents issued
                                    thereon; all extensions, continuations,
                                    divisions thereof; and, the related
                                    technical information, know-how,
                                    manufacturing techniques, engineering data,
                                    chemical formulae and specifications of
                                    materials produced, developed or acquired by
                                    one or both of the parties in connection
                                    with the Business, BUT EXCLUDING
                                    Improvements;

                                       3
<PAGE>

'Processes'                         the processes and methods of working,
                                    current at the date of the License and
                                    relating to, or in respect of, or for the
                                    manufacture of, the Goods Sold;

"Licensed Technology"               collectively, the Patents, Licensor's New
                                    Technology, Improvements, Processes and
                                    Technical Knowledge.

'Product Liability Claim'           means a claim (whether in contract, tort, or
                                    otherwise) by any third party alleging that
                                    any Goods Sold have caused any destruction
                                    of, or injury (including death) to, property
                                    or persons, or are defective;

'Quarter Days'                      31 March, 30 June, 30 September, and 31
                                    December;

'Technical Knowledge'               knowledge about the Patents, Improvements,
                                    Licensor's New Technology and Processes and
                                    all technical information, know-how,
                                    manufacturing techniques, engineering data,
                                    chemical formulae, specifications of
                                    materials and other information in the
                                    possession of the Licensor relating to or in
                                    respect of or for use with the Patents, New
                                    Technology, Improvements and Processes and
                                    all or part of which may be necessary to
                                    enable the Licensee to work or practice the
                                    Processes for the manufacture of the Goods
                                    Sold to a standard and quality similar to
                                    the standard and quality of the equivalent
                                    goods manufactured by or for the Licensor

'Territories'                       means Europe (excluding Germany),
                                    Scandinavia and the Nordic Region, the
                                    Middle East, Pakistan and India, the ASEAN
                                    region (Indonesia, Malaysia, Philippines,
                                    Singapore, Thailand, Brunei Darussalam,
                                    Vietnam. Lao People's Democratic Republic,
                                    Burma/Myanmar and Cambodia), and Australia.

'Year'                              each period of 365 days calculated from the
                                    calendar quarter day following the date on
                                    which the Licensee shall have commenced the
                                    manufacture of the goods for commercial
                                    purposes

2 LICENCE

      2.1   The Licensor grants to the Licensee an exclusive license of the
            Licensor's right, title and interest in and to the Licensed
            Technology in the Territories in order to:(i) commercialize,
            manufacture, use, promote, market, sell and distribute any products
            or services in connection with the Licensed Technology, (ii)
            develop, commercialize, manufacture, use, promote, market, sell and
            distribute any products or services in connection with any New
            Technology (including Improvements), (iii) develop, commercialize,
            manufacture, use, promote, market, sell and distribute Improvements
            and (iv) otherwise conduct the Business, in each case, within the
            Territories (collectively, the "License").

                                       4
<PAGE>

      2.2   As consideration for the License, the Licensee shall pay to the
            Licensor royalties pursuant to the terms of clause 3 of this
            Agreement.

3 PAYMENT

The Licensee shall pay to the Licensor as follows:

      3.1   On [March] 3rd 2006, and on each March 3rd thereafter the Licensee
            shall pay a sum of $US25,000.00 (the "Retainer") to the Licensor for
            as long as this Agreement remains in effect. The Retainer will be
            adjusted as and when the Licensee grants sub-licenses from the
            License, to take account of the increased market size (if any)
            expected to be derived from such sub-licensing. Market size will be
            determined based on total oil consumption in the market covered by
            the sub-license. The retainer will be determined as a ratio of this
            oil consumption v. US oil consumption, multiplied by the US retainer
            rate of $250,000.

      3.2   As long as this Agreement remains in effect, the Licensee shall pay
            to the Licensor, on the Quarter Days, a royalty in respect of the
            use of the Licensed Technology. Such royalty shall be calculated at
            the rate of 0.115% of the Total Gross Turnover (defined below) since
            the previous Quarter Day ("Royalties"). The Retainer will be
            deducted from the Royalties if and to the extent that the total,
            annual Royalties in any one year exceed the Retainer.

      3.3   The first payment of Royalties shall be due immediately after the
            Licensee has been paid for its first sale of Goods Sold in the
            Territories ("First Payment"). All subsequent Royalties shall be
            paid on the Quarter Days of each year the first such Quarter Day
            being that which falls first after the First Payment. .

      3.4   'Total Gross Turnover' means the aggregate price of the Goods Sold
            in the relevant period which the Licensee (or any person, firm or
            corporation controlling or controlled by the Licensee) actually
            receives from its customers including: the cost of manufacturing the
            Goods Sold in the Territories and a proportionate allocation of
            manufacturing overhead costs, all as determined in accordance with
            generally accepted accounting principals, consistently applied, in
            the United States ("GAAP") as stated in financial statements to be
            prepared by Licensee; transport charges and other delivery costs;
            and, taxes of the nature of sales, purchase, excise or other similar
            taxes charged upon or included in the selling price or invoice value
            to such customers; and before the deduction, by the Licensee, of any
            taxes on income, profit or otherwise; and before the deduction of
            any currency exchange or bank fees.

      3.5   To minimize the exchange rate risk to Licensor, Licensee shall
            accrue Royalties in US$ on a monthly basis at the exchange rate (US$
            : invoice currency) current on the last business day in the City of
            London in each month. Payment on each Quarter Day shall be the
            aggregate of such accrued amounts.

                                       5
<PAGE>

4 IMPROVEMENTS BY LICENSOR OR LICENSEE

      4.1 (a) Each of Licensor and Licensee (as the case may be) shall, during
      the continuance of this Agreement and at no additional charge to the
      other, communicate to the other any Improvements which the Licensor or
      Licensee (as the case may be) may acquire, invent, make or discover.
      Licensor shall permit the Licensee to use and apply the Licensor's
      Improvements within the Territories on an exclusive basis.

            (b) To the extent that Improvements belong to the Licensor, such use
      and application by Licensee shall be in accordance with the Licence. The
      Licensor shall also grant to the Licensee any patent or similar license
      which may be necessary to give effect to this clause.

            (c) To the extent that Improvements belong to the Licensee, the
      Licensor shall receive an exclusive, sub-licensable right and license to
      exploit, develop, commercialize, manufacture, use, promote, market, sell
      and distribute the Licensee's Improvements throughout the world, other
      than in the Territories, at no charge to the Licensor.

      4.2 All Improvements made solely or primarily by the Licensor shall be
      owned by the Licensor. All Improvements made solely or primarily by the
      Licensee shall be owned by the Licensee. All other Improvements shall be
      owned jointly by the Licensee and Licensor on terms to be agreed between
      themselves on a case-by-case basis and, failing such agreement, on a
      simple, royalty-free joint ownership basis.

      4.3 The Licensor shall use its reasonable efforts to comply with all
      applicable laws relating to Licensee's Improvements. The Licensee shall
      pay any prosecution fees and costs and all maintenance taxes, fees and
      costs imposed within the Territories relating to the Licensee's
      Improvements. The Licensor shall pay any prosecution fees and costs and
      all maintenance taxes, fees and costs imposed outside of the Territories
      relating to the Licensee's Improvements.

5 PROMOTION OF SALES

The Licensee shall use reasonable endeavours to promote and extend the use and
the sale, in the Territories, of the Goods Sold.

6 NON-DISCLOSURE OF INFORMATION

The Licensee shall hold the Licensed Technology as absolutely secret and shall
not during the continuance of this Agreement or at any time after its expiration
or termination disclose or permit the same to be disclosed to any person, firm
or company save that any part thereof which has entered the public domain other
than by default of the Licensee shall be deemed not to come within the
provisions of this clause.

7 NEW TECHNOLOGY

      7.1   New Technology developed or acquired by the Licensee or the Licensor
            (as the case may be) shall be promptly disclosed to the Licensor or
            the Licensee, as the case may be.

      7.2   The Licensee shall make available to the Licensor (and vice versa)
            any New Technology. All New Technology acquired solely or primarily
            by the Licensor shall be owned by the Licensor. All New Technology
            acquired solely or primarily by the Licensee shall be owned by the
            Licensee. All other New Technology shall be owned jointly by the
            Licensee and Licensor on terms to be agreed between themselves on a
            case-by-case basis and, failing such agreement, on a simple,
            royalty-free joint ownership basis.

                                       6
<PAGE>

      7.3   For New Technology acquired and/or owned by the Licensee, the
            Licensor shall receive an exclusive, sub-licensable right and
            license to exploit, develop, commercialize, manufacture, use,
            promote, market, sell and distribute the Licensee's New Technology
            throughout the world other than in the Territories on the basis of a
            fair market royalty value, which value shall be determined in good
            faith by the parties. If the parties cannot agree, after 30 business
            days of good faith negotiations, as to the fair market value of any
            royalty payable under any New Technology license, then they shall
            each prepare and submit their own calculation of such fair market
            value in writing to an independent financial advisory firm with
            expertise in intellectual property valuations (or, if the parties
            cannot agree on a single such firm, each party shall select one such
            firm and those two firms shall select a third firm, with all three
            firms (acting by a majority) to resolve the matter). Such firm (or
            firms) shall select one of such two calculations to be the fair
            market value, which determination shall be binding on both parties.
            The non-prevailing party shall bear all costs and expenses of
            retaining such firm (or firms).

      7.4   The Licensor shall use its reasonable efforts to comply with all
            applicable laws relating to Licensee's New Technology. The Licensee
            shall pay any prosecution fees and costs and all maintenance taxes,
            fees and costs imposed within the Territories relating to the
            Licensee's New Technology. The Licensor shall pay any prosecution
            fees and costs and all maintenance taxes, fees and costs imposed
            outside of the Territories relating to the New Technology.

8 REGISTRATION MAINTENANCE AND ENFORCEMENT OF RIGHTS

      8.1   The Licensor shall comply with all applicable laws relating to the
            Licensed Technology and shall pay any prosecution fees and costs and
            all maintenance taxes, fees and costs relating to the Licensed
            Technology.

      8.2   The Licensor shall have the right to participate with the Licensee
            in any prosecution, protection or defence, relating to an
            infringement of the Licensed Technology.

      8.3   The Licensor shall, at its sole expense, use its reasonable efforts,
            diligently to prosecute, maintain and renew, in the Territories, all
            rights relating to the Licensed Technology and to protect all such
            rights from and against infringement by third parties.

      8.4   The Licensor shall use its best efforts to obtain and secure all
            filings, registrations and applications necessary for protecting,
            preserving and/or enforcing the Patents in the Territories (the
            "Patent Filings"). All Patent Filings shall be made by the Licensor
            in the Licensor's name, to be owned by the Licensor, and shall be
            made or filed at the expense of the Licensor. The Licensee shall
            take any action reasonably requested at the Licensor's cost and
            expense by the Licensor in connection with the Patent Filings

      8.5   All filings, registrations and applications necessary for
            protecting, preserving, and/or enforcing the Licensee's New
            Technology in the Territories shall be made by the Licensee in the
            Licensee's name, to be owned by the Licensee, and shall be made or
            filed at the expense of the Licensee.

                                       7
<PAGE>

      8.6   The Licensee shall take any action reasonably requested by the
            Licensor, at the Licensor's cost and expense in connection with the
            Licensee's New Technology filings outside of the Territories.

9 THIRD PARTY RESTRICTION

The parties to this Agreement recognise that the other of them may have entered
into or may enter into agreements with a third party whereby there is a
restriction on disclosing information belonging to such third party, and in any
such case the Licensor or the Licensee as the case may be will endeavour to
obtain the consent of any such third party to disclose such information.

10 DURATION OF AGREEMENT

      10.1  This Agreement shall commence on the Effective Date and continue in
            effect until terminated as provided for in this Agreement.

      10.2  If, within the first two (2) years after the Effective Date, the
            Licensee fails to meet the Performance Based Criteria, as defined
            below, the License automatically shall become non-exclusive.

      10.3  "Performance Based Criteria" shall be limited to the following:

            (a)   any material, uncured (after notice thereof from the Licensor
                  and a reasonable opportunity to cure) persistent breach of the
                  terms of this Agreement by the Licensee; and

            (d)   the Licensee's failure to meet the annual performance targets,
                  as set out in Schedule 2, (the "Annual Performance Targets").
                  The Annual Performance Targets shall be determined in good
                  faith by the Licensor's Board of Directors and the Licensee's
                  Board of Directors (jointly, the "Boards") at least 30 days
                  prior to each successive anniversary of the Effective Date;
                  provided, that if, after 30 business days of good faith
                  negotiations, the Boards cannot agree upon the Annual
                  Performance Target for any specific year, the Annual
                  Performance Target for that year shall be equal to a value
                  equivalent to a 5% improvement of the previous year's Annual
                  Performance Targets.

11 TERMINATION

      11.1  The Licensor or Licensee (as the case may be) shall have the right
            to terminate this Agreement and all rights and licences granted or
            to be granted under it upon the happening of one or more of the
            following events:

            11.2.1 if the Licensee or Licensor shall become insolvent; or

            11.2.2 if the Licensee or Licensor shall go into liquidation whether
                  compulsory or voluntary except for the purpose of amalgamation
                  or reconstruction; or

            11.2.3 if the Licensor shall commit any material breach of this
                  Agreement and the covenants on the part of the Licensor
                  contained in it and shall fail to remedy such breach (if
                  capable of being remedied) within 28 days after written notice
                  to the Licensor by the Licensee specifying the nature of the
                  breach; or

                                       8
<PAGE>

            11.2.4 if the Licensee or Licensor shall have a receiver appointed
                  of any of its assets or undertaking or any distress, execution
                  sequestration or other process shall be issued against any
                  property of the Licensee or Licensor.

      11.3  Any such termination shall be without prejudice to the rights of the
            Licensor or Licensee (as the case may be) to recover any sums due to
            it under this Agreement and to the rights or remedies of either
            party in respect of any antecedent breach of this Agreement.

      11.4  If the Licensee terminates this Agreement under clause 11.2.3 then,
            at its option, the Licensee shall be free to continue to exploit the
            Licensed Technology in the Territories on a Royalty-free basis.

12 ASSIGNMENT AND SUB- LICENCING

      12.1 Licensee may grant sub-licenses within the Territories, on condition
      that it ensures that any sub- Licensee shall be bound by the terms of this
      Agreement.

13 NO WARRANTY AS TO PATENT OR GOODS SOLD

      13.1  Nothing in this Agreement or the Licence is to be construed as a
            representation or warranty that any patent or similar industrial
            property right is valid or that manufacture, use, sale, lease or any
            other dealing or disposition of any of the Patents, Processes,
            Technical Knowledge or Goods Sold made in accordance with them in
            whole or in part is not an infringement of any industrial property
            right not owned or controlled by the Licensor.

      13.2  The Licensor does not warrant that the Patents, Processes or
            Technical Knowledge as used by the 1 Licensee will be sufficient for
            the manufacture of the Goods Sold by the Licensee so that the same
            are manufactured in a condition suitable for the open market.

14 NOTICES

14.1 Any notice or other communication to be given by one party to another
under, or in connection with the matters contemplated by this Agreement shall be
addressed to the recipient and sent to the address or facsimile number of such
other party given in this Agreement for the purpose and marked for the attention
of the person so given or such other address or facsimile number and/or marked
for such other attention as such other party may from time to time specify by
notice given in accordance with this clause to the party giving the relevant
notice or communication to it. In the case of the Company, such details are:

            Address: Elan House, 5-11 Fetter Lane, London EC4A 1QD, England
            Facsimile Number: +44-(0)-207-822-7600
            For the attention of: Geoffrey Dawson

14.2 In the case of NewGen, such details are:

            Address: 6000 Fairview Rd, Charlotte, NC, 28210
            Facsimile Number: +1 704 552 3591
            For the attention of: Scott Deininger

                                       9
<PAGE>

14.3  Any notice or other communication to be given by any party to any other
      party under, or in connection with the matters contemplated by this
      Agreement shall be in writing and shall be given by letter delivered by
      hand or sent by first class prepaid post (airmail if overseas) or
      facsimile, and shall be deemed to have been received:

            (A)   in the case of delivery by hand, when delivered; or

            (B)   in the case of airmail post, at the expiration of 48 hours
                  following the posting; or

            (C)   in the case of facsimile or electronic data transmission, at
                  the time of sending (but the sender is under a duty to seek
                  confirmation of receipt).

14.4  Any notice or other communication not received on a Business Day or
      received after 17:00 hours local time on any Business Day in the place of
      receipt shall be deemed to be received on the next following Business Day.

15. SEVERABILITY

The provisions of this Agreement shall be deemed separable. Therefore, if any
part of this Agreement is rendered void, invalid or unenforceable, such
rendering shall not affect the validity or enforceability of the remainder of
this Agreement; provided, however, that if the part or parts which are void,
invalid or unenforceable as aforesaid shall substantially impair the value of
this whole Agreement to any party, that party may cancel, and terminate the
Agreement by giving written notice to the other party.

16 RESERVED RIGHTS

The Licensor retains its exclusive rights to use, and to license to others, the
Patents, subject to the Licensee's rights within the Territories set forth in
this Agreement. The Licensee shall at all times retain its exclusive right to
use the New Technology within the Territories.

17. INDEMNITY BY LICENSOR

The Licensor hereby indemnifies and shall defend and hold harmless the Licensee
and its shareholders, directors, officers, employees, agents and affiliates from
and against any and all claims, losses and expenses based on, caused by or
arising as a result of or in connection with any of the following:

      (a)   Any breach or default under or with respect to any of Licensor's
            duties, obligations or representations pursuant to the terms of this
            Agreement;

      (b)   Any negligence, recklessness, wilful or intentional
            misrepresentation, misconduct or fraud, or violation of law by
            Licensor or its shareholders, directors, officers, employees, agents
            or affiliates;

      (c)   Any Product Liability Claim based on, caused by or arising as a
            result of or in connection with the Licensed Technology; and

      (d)   Any Infringement Claim with respect to the Licensed Technology

The Licensor's obligations shall only apply to claims based on the Licensee's
use of the Licensed Technology as authorized by the Licensor. The Licensor's
indemnification obligations shall not apply to the extent that any claims,
losses or expenses are caused by the Licensee.

                                       10
<PAGE>

18 INDEMNITY BY LICENSEE

The Licensee hereby indemnifies and shall defend and hold harmless the Licensor
and its shareholders, directors, officers, employees, agents and affiliates from
and against any and all claims, losses and expenses based on, caused by or
arising as a result of or in connection with any of the following:

      (a)   Any breach or default under or with respect to any of Licensee's
            duties, obligations or representations pursuant to the terms of this
            Agreement;

      (b)   Any gross negligence, recklessness, wilful or intentional
            misrepresentation, misconduct or fraud, or violation of law by
            Licensee or its shareholders, directors, officers, employees, agents
            or affiliates;

The Licensee's indemnification obligations shall not apply to the extent that
any claims, losses or expenses are caused by the Licensor.

19 GOVERNING LAW AND JURISDICTION

This Agreement shall be read and construed according to and shall be governed by
the law of England and Wales. The Courts of England shall have exclusive
jurisdiction in relation to any claim, dispute or difference concerning this
Agreement and any matter arising therefrom.

IN WITNESS

Executed as a deed by
NewGen Technologies Inc
acting by two Directors/a               /s/ Bruce Wunner
Director and the Secretary              Director
                                        Print name Bruce Wunner

                                        /s/ Michael D'Onofio
                                        Director/Secretary
                                        Print name Michael D'Onofio

Executed as a deed by
NewGen Fuel Technologies Ltd
acting by two Directors/a               /s/ Geoff Dawson
Director and the Secretary              Director
                                        Print name Geoff Dawson

                                        /s/ Alex Greystoke
                                        Director/Secretary
                                        Print name Alex Greystoke

                                       11

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