Octillion Corp. Completes Name Change to New Energy Technologies, Inc.

Wed Jan 14, 2009 9:15am EST

* Reuters is not responsible for the content in this press release.

NASDAQ Assigns Company New Stock Symbol (NENE) Effective January 14, 2009 to
Finalize the Name Change
WASHINGTON--(Business Wire)--
Octillion Corp. (OTCBB: OCTL) announced today that it has changed its name to
New Energy Technologies, Inc. (OTCBB: NENE). The name change will become
effective on the Over-the-Counter Bulletin Board at the opening of trading on
Wednesday, January 14, 2009. 

"After careful consideration, in order to more clearly represent the true nature
of our business, I am pleased to announce that Octillion Corp. has a new name,
New Energy Technologies, Inc." stated Meetesh V. Patel, Esq., President and CEO
of New Energy Technologies, Inc. 

In recent weeks, New Energy Technologies, Inc. has accelerated its engineering
efforts and unveiled early details of its designed energy capture systems. The
Company has filed initial patents with the United States Patent and Trademark
Office related to its first generation devices that are capable of generating
electricity by harvesting wasted energy from vehicles in motion (view New Energy
Technologies` December 16, 2008 press release, unveiling key features of the
Company`s energy capture system and related patent filings:
http://www.octillioncorp.com/OCTL_20081216.html). Engineers anticipate that
these devices are manufacturable, reliable, and resistant to damage from
vehicles, road debris or weather. Among key feature considerations of the
systems are the important ability to: 

• Adapt to the unique characteristics of different vehicles to optimize the
amount of energy captured; 

• Reduce or avoid potentially undesirable effects on safety, comfort of vehicle
occupants, and the stability of cargo; 

• Adaptively monitor or regulate the speed or acceleration (or deceleration) of
vehicles 

Engineers envision that wasted kinetic energy from the movement of an estimated
6,000,000 trucks and 250,000,000 cars on America`s roadways could serve as a
potentially viable source for generating valuable electricity, the fastest
growing form of end-use energy in the world. 

America is the world`s largest consumer of electricity, according to the U.S.
Energy Information Administration, with nearly 70% of the nation`s electricity
generated by coal and natural gas. The environmental impact and rising costs of
these non-renewable fuels, along with the potential doubling of global
electricity consumption in the coming years, clearly illustrate the urgent need
for more creative, sustainable methods for generating electrical power. 

In addition to its energy capture devices, New Energy Technologies, Inc. is also
working towards developing photovoltaic technologies that would adapt home and
office glass windows, skylights, and building facades into products capable of
generating electricity from solar energy without losing significant transparency
or requiring major changes in manufacturing infrastructure. 

About New Energy Technologies, Inc.

New Energy Technologies, Inc., together with its wholly owned subsidiaries, is a
developer of next generation alternative and renewable energy technologies. 

Among our activities is the development of new technologies which can: (1)
Harness the kinetic energy of vehicles to generate electricity; and (2) Adapt
home and office glass windows, skylights, and building facades into products
capable of generating electricity from solar energy without losing significant
transparency or requiring major changes in manufacturing infrastructure. 

For additional information, please visit: www.octillioncorp.com

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To view the full HTML text of this release, please visit:
http://www.octillioncorp.com/NENE 20090114.html

Legal Notice Regarding Forward-Looking Statements

No statement herein should be considered an offer or a solicitation of an offer
for the purchase or sale of any securities. This release contains
forward-looking statements that are based upon current expectations or beliefs,
as well as a number of assumptions about future events. Although New Energy
Technologies, Inc. (the "Company" or "New Energy Technologies" or "Octillion" or
"Octillion Corp.") believes that the expectations reflected in the
forward-looking statements and the assumptions upon which they are based are
reasonable, it can give no assurance that such expectations and assumptions will
prove to have been correct. Forward-looking statements, which involve
assumptions and describe our future plans, strategies, and expectations, are
generally identifiable by use of the words "may," "will," "should," "could,"
"expect," "anticipate," "estimate," "believe," "intend," or "project" or the
negative of these words or other variations on these words or comparable
terminology. The reader is cautioned not to put undue reliance on these
forward-looking statements, as these statements are subject to numerous factors
and uncertainties, including but not limited to adverse economic conditions,
intense competition, lack of meaningful research results, entry of new
competitors and products, adverse federal, state and local government
regulation, inadequate capital, unexpected costs and operating deficits,
increases in general and administrative costs, termination of contracts or
agreements, technological obsolescence of the Company's products, technical
problems with the Company's research and products, price increases for supplies
and components, litigation and administrative proceedings involving the Company,
the possible acquisition of new businesses or technologies that result in
operating losses or that do not perform as anticipated, unanticipated losses,
the possible fluctuation and volatility of the Company's operating results,
financial condition and stock price, losses incurred in litigating and settling
cases, dilution in the Company's ownership of its business, adverse publicity
and news coverage, inability to carry out research, development and
commercialization plans, loss or retirement of key executives and research
scientists, changes in interest rates, inflationary factors, and other specific
risks. There can be no assurance that further research and development will
validate and support the results of our preliminary research and studies.
Further, there can be no assurance that the necessary regulatory approvals will
be obtained or that Octillion will be able to develop commercially viable
products on the basis of its technologies. In addition, other factors that could
cause actual results to differ materially are discussed in the Company's most
recent Form 10-QSB and Form 10-KSB filings with the Securities and Exchange
Commission. These reports and filings may be inspected and copied at the Public
Reference Room maintained by the U.S. Securities & Exchange Commission at 100 F
Street, N.E., Washington, D.C. 20549. You can obtain information about operation
of the Public Reference Room by calling the U.S. Securities & Exchange
Commission at 1-800-SEC-0330. The U.S. Securities & Exchange Commission also
maintains an Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically
with the U.S. Securities & Exchange Commission at http://www.sec.gov. The
Company undertakes no obligation to publicly release the results of any
revisions to these forward looking statements that may be made to reflect the
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events. 





Octillion Corp.
Meetesh V. Patel, Esq.
Phone: 800-213-0689
www.octillioncorp.com



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