(MENAFN- GlobeNewsWire - Nasdaq) PALM BEACH GARDENS, FL, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Blue Biofuels , Inc. ( PINK : ALLM , now PINK: BIOF ) .

Alliance BioEnergy Plus Inc., has formally changed its name to Blue Biofuels, Inc. (the“Company”) and the Company has received approval from FINRA for a symbol change to BIOF, effective August 27, 2021. The symbol ALLM will no longer be used.

ABOUT OUR CLEAN TECHNOLOGY

CTS technology is a near zero carbon footprint system that can convert virtually any plant material – grasses, wood, paper, farm waste, yard waste, forestry products, fruit casings, nut shells, and the cellulosic portion of municipal solid waste -- into sugars and subsequently into biofuels, and bioplastics, without the use of enzymes or liquid acids. CTS stands for Cellulose to Sugar. The cellulose is converted into sugar and lignin. The sugar is further converted into bio-ethanol and other biofuels. The lignin may be further converted into bioplastics. The CTS process is an independently-developed patented and proprietary technology that is fully owned by the Company.

Management believes that bio-fuel originating from the Company's CTS process will be eligible to receive generous D3 cellulosic Renewable Fuel Credits (“RINs”) from the US Government. The D3 RIN is currently around $3/gallon of ethanol, which could be in addition to the market price of ethanol. This incentive is offered to all domestic cellulosic fuel producers whose fuel is used in the transportation industry. This mandate was 590 million gallons for 2020. The mandate for 2021 has not yet been finalized by the US Environmental Protection Agency.

Information in this document may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Blue Biofuels, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Blue Biofuels, Inc. disclaims any obligation to update forward looking statements contained in this estimate, except as may be required by law. 

Contact:

Ben Slager, CEO

Anthony Santelli, CFO

SOURCE: Blue Biofuels, Inc. Bluebiofuels .com

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