Gulf Ethanol Signs Letter of Intent for Biodiesel Plan

Gulf Ethanol Corporation (OTC:GFET) announced today that it has signed a Letter of Intent to purchase the biodiesel plant owned and operated by Systems Management Group, Inc.

Gulf Ethanol plans to relocate this plant to Central America to produce biodiesel out of palm oil. The plant has produced biodiesel for commercial users in the U.S. prior to increases in American feedstocks that made production inefficient in the U.S. It can produce up to 500,000 gallons per month making it one of the largest producers in the U.S.

We see this as a big step forward in our dual fuels strategy, noted JT Cloud, Gulfs President. This plant gives us a proven technology for the production of biodiesel that we can deploy throughout Central America where feed stocks are plentiful and fuels are needed, he added.

GFET plans to develop and commercialize clean technologies that will facilitate the efficient use of natural recourses. Other companies that compete in the same space as Gulf are GreenShift (OTCBB: GERS), AE Biofuels (OTCBB: AEBF), Nova Biosource Fuels, Inc. (AMEX: NBF) and BioFuel Energy Corp. (NasdaqGM: BIOF).

About Gulf Ethanol Corporation

Gulf Ethanol is an alternative energy company focused on the development of the cellulosic ethanol industry with a particular emphasis on Texas and the Gulf Coast. For more information please visit our homepage at: www.GulfEthanolCorp.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.

Contacts:

Gulf Ethanol Corporation, Houston
William Carmichael, 713-461-9229
Fax: 713-461-9230
ir@gulfethanolcorp.com

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