PetroBeam is the leading developer of electron beam processing techniques to upgrade heavy petroleum feedstocks. PetroBeam is migrating a well established industrial process applying it to the midstream and downstream sectors of the petroleum industry. In the midstream market the Company’s proprietary process is expected to reduce transportation costs. In the downstream application, PetroBeam is focused on improving upgrading and refining operating capacities at costs significantly less than the current alternatives, improve yield and quality of transportation fuels, while reducing the industry’s effluent waste and greenhouse gas emissions on a per barrel basis.

PetroBeam plans to license its technology to producers and refiners globally and own/operate a limited number of independent production facilities. The Company expects to complete its proof of concept work using its 75 bbl/d rate pilot facility by mid-2009. To demonstrate the ability to scale up the process the Company will utilize its 1,000 bbl/d pilot plant, which is expected to be completed by the end of 2012.

The Company’s technology has been studied and researched by its scientists for over 15 years. In 2005, PetroBeam was founded to develop and commercialize its patent pending process. Since inception, the Company has raised over $9.5 milion of capital, including a $6 million equity investment from Ion Beam Applications S.A. (“IBA”), the global leader in electron beam accelerators with approximately 80% of the installed power worldwide. The Company’s corporate office is located in Raleigh, NC. PetroBeam’s R&D lab and pilot plants are located in Edgewood, NY.