APPLIED INTELLECTUAL CAPITAL, REDOX BIOFUELS & MITSUBISHI CORPORATION
Waste to Ethanol
06.18.08

Applied Intellectual Capital (“AIC”) (AIM: AINC), RedOx Biofuels (“RedOx”) a fully-owned subsidiary of AIC and Mitsubishi Corporation announced today the signing of a memorandum of understanding to work together for commercialization of a process developed by RedOx Biofuels to convert non-food feedstocks into ethanol.

The companies said that the partnership reflects their joint view that sustainable, low carbon fuels represent the future of transportation fuels.

Kim Ogaard-Nielsen, CEO of RedOx, further commented:

“With Mitsubishi Corporation’s global presence, its access to feed-stock, as well as its links to down-stream distribution we have found the ideal partner to bring our electro-chemical biofuels solution to the next level.”

ENQUIRIES:

RedOx biofuels Limited: Kim Ogaard-Nielsen Tel. +44 (0)1953 859139

Applied Intellectual Capital: Dr. Stephen Clarke Tel. +1 925 639 9399

Mitsubishi Corporation: Koichi Takita Tel +81 3 3210 2172

NOTES FOR EDITORS


About RedOx
RedOx is a wholly-owned subsidiary of AIC that uses its proprietary Metal Mediated Reduction Oxidation (MMR) synthesis technology to make ethanol, other biofuels, and high-value chemicals. RedOx aim is to reduce the global dependence on fossil fuels and products by making the production of biofuels and products more cost effective.

About MC
Mitsubishi Corporation (MC) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, MC employs a multinational workforce of approximately 54,000 people. MC has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.