Posted May 18, 2010

Netspace International Holding Inc., trading on the Pink Sheets as NSIH, announced May 18 that its wholly owned subsidiary, Alternative Fuels Americas, has signed a Letter of Intent to acquire Integrated Biodiesel Industries of Sao Paulo, Brazil.

Alternative Fuels Americas is a biodiesel consolidation company seeking to acquire companies at every phase of the biodiesel cycle, instituting operational efficiencies and reducing the cost of biodiesel.

Integrated Biodiesel Industries has made significant advances in recent years in feedstock development in Brazil and Argentina, and has exclusive world rights to a proprietary modular refining technology.

"This LOI marks the beginning of the implementation of our carefully crafted business plan," comments AFA CEO Craig Frank. "We are excited by the brain trust, experience and technology that IBI and its team bring to the table. We are looking forward to combining talents and resources to the benefit of shareholders of both companies."

"We are excited by the possibilities presented by the AFA acquisition," says Marcelo Lopez, IBI CEO, "and we see the two companies as sharing an industry vision and ideas on strategies for realization. We believe that AFA is the right company for our shareholders going forward."

AFA and IBI have initiated a process of due diligence and will be holding meetings to complete the acquisition over the next 90 days.

SOURCE: NETSPACE INTERNATIONAL HOLDINGS INC.