Biofutures International plc

('Biofutures' or the 'Company')

Trading update

17 November 2008

Further to the announcement on 4 November 2008, the directors of Biofutures ("Directors") are pleased to announce that they have successfully completed their due diligence in relation to building a 200,000 metric tonne per annum palm oil refinery plant on Zurex Corporation Sdn. Bhd's ("Zurex") 14 acres of land at POIC Lahad Datu in Sabah, Malaysia ("Refinery Project") and intend to commence work on the project with immediate effect. 

The total build cost of the Refinery Project is expected to be between RM 30 million and RM 35 million (£5.5 million - £6.5 million). Although these costs could be covered by the cash balances of the Company which totalled £7.96 million as at 31 October 2008, bank borrowings in Asia may be sought. The Directors anticipate that the Refinery Project will be operational by 31 March 2010.  

As described to the shareholders of Biofutures ("Shareholders") in the circular dated 20 May 2008, the plant will initially be built as a palm oil refining plant and if a palm oil biodiesel plant becomes economically feasible in the future, a trans-esterification module and associated ancillary equipment could be added to the Refinery Project to enable the production of palm oil biodiesel.

The Directors regard the commencement of the Refinery Project as a step towards fulfilling the investing strategy described to the Shareholders in the circular dated 20 May 2008.

For further information please contact:

Julie Pomeroy, Finance Director, Biofutures International plc      0117 920 0092

Emily Morgan, Blomfield Corporate Finance Limited                  01275 871 717

Paul Vann, Winningtons Financial PR                                          0117 920 0092

RNS news service provided by Hemscott Group Limited.