Exhibit 1


                             Joint Filing Agreement

AGREEMENT dated as of November 1, 2007,  between Pinetree Income Partnership and
Pinetree Capital Ltd. (collectively, the "Parties").

Each of the Parties hereto  represents to the other Party that it is eligible to
use Schedule 13G to report its beneficial interest in shares of common stock, no
par value per share, of Valcent Products, Inc. ("Schedule 13G") and it will file
the Schedule 13G on behalf of itself.

Each of the  Parties  agrees  to be  responsible  for the  timely  filing of the
Schedule 13G and any and all  amendments  thereto and for the  completeness  and
accuracy of the information concerning itself contained in the Schedule 13G, and
the other  Parties  to the  extent it knows or has  reason to  believe  that any
information about the other Parties is inaccurate.

                                        PINETREE INCOME PARTNERSHIP



                                        By: /s/ Larry Goldberg
                                            -------------------------
                                        Name:  Larry Goldberg
                                        Title: Authorized Signing Officer



                                        PINETREE CAPITAL LTD.



                                        By: /s/ Larry Goldberg
                                            -------------------------
                                        Name:  Larry Goldberg
                                        Title: Executive Vice President and
                                               Chief Financial Officer


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