On October 1, 2009, Kreido Biofuels Inc. announced that David Nazarian resigned as a director of the company, effective immediately. On October 2, 2009 and David Mandel resigned as a director of the company, also effective immediately.

On April 20, 2009, Kreido Biofuels, Inc. effected a separation agreement and general release dated as of April 15, 2009 with G.A. Ben Binninger, Chief Executive Officer of the company, pursuant to which his Employment Agreement dated December 1, 2007 and his employment with the company and its wholly owned subsidiaries were voluntarily terminated. Mr. Binninger will continue to serve as a director of the company. As of April 15, 2009, the company effected a Separation Agreement with G.A. Ben Binninger, Chief Executive Officer of the company, pursuant to which his Employment Agreement dated December 1, 2007 and his employment with the company and its wholly owned subsidiaries were terminated. On April 23, 2009, the company elected John Philpott, Chief Financial Officer of the company, as the Chief Executive Officer of the company. Mr. Philpott will report to the Board of Directors of the company.

Kreido Biofuels Inc. filed its 10-K on March 31, 2009 for the period ending December 31, 2008. In this report its auditor, Vasquez & Company LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.