VANCOUVER, British Columbia, Oct. 01, 2020 (GLOBE NEWSWIRE) — Gen III Oil Corporation (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQB: ISRJF) is pleased to announce the appointment of Mr. Brian J. O’Sullivan to the Company’s Board of Directors (“the Board”). The appointment aligns with the Company’s continuous improvement strategy and expansion of expertise at the Board level. Mr. O’Sullivan is currently the President & CEO of Cachet Capital Inc. and is responsible for their Renewable Energy Operations. A lawyer by training and an early mover in the renewable energy space, Mr. O’Sullivan will contribute significant expertise relevant to the Company’s operations and development.
“On behalf of the Board, I am thrilled to welcome Brian and look forward to working together in leveraging his insight and experience,” commented Mr. Gregory Clarkes, CEO of Gen III. “Brian is a proven entrepreneur and his international experience, understanding of renewable energy, project development and capital raising in the ESG space will be a huge asset for us as we continue to build on the momentum created by the interest shown in our re-refined base oils from multiple super-majors.”
Mr. O’Sullivan started developing wind projects in 1982 and has been a leader in the renewable energy industry since then. Mr. O’Sullivan served on the Board of the American Wind Energy Association and eventually became its President. Mr. O’Sullivan co-founded the California Wind Energy Association and served as its President for 5 years. Mr. O’Sullivan and his associates have developed projects in over 10 countries including the US, Mexico, India and Italy with over 2500 MW installed worldwide. Mr. O’Sullivan draws on his extensive knowledge and experience from operating various companies globally and most recently Mexico Power Group (MPG), where he participated in developing a 130 MW wind farm for Volkswagen, AG. Mr. O’Sullivan holds a B.A. in Philosophy, from Stanford University and a law degree from the University of Toronto.
The appointment is effective immediately.
Options Granted to New Appointee
In connection with the Board appointment, the Company has issued 750,000 stock options at an exercise price of $0.20 per option, valid for a period of two years from the date of grant. The options vest 90 days from the date of grant.
In conjunction with the appointment of Brian O’Sullivan, the Board has accepted the resignations of Mr. Bryan Nethery and Mr. John Detmold, effective September 30, 2020. The Company thanks Bryan and John for their years of service to the Company and we wish them well with their future endeavours.
Further to the Company’s press release of September 17 th , 2020, commercial offtake negotiations with one of the super-majors continue to progress well. Gen III is waiting on the final analysis of its Group III base oil samples from the facilities of a second super-major fuels and lubricants producer. Discussions with several banks and private equity groups are simultaneously underway for our projects’ portfolio and we continue to build our syndicate of First Nations for the Alberta project.
The Company has received consent from the TSX Venture Exchange (the “TSXV”) to extend the expiry dates of 5,453,750 outstanding share purchase warrants (the “September Warrants”) issued on September 30, 2019, by three months. The September Warrants will now expire on December 30, 2020. The exercise price and all other terms and conditions of the September Warrants remain unchanged.
About Gen III
Gen III is first and foremost a cleantech company, that is building a green project that has compelling economics, without government subsidies. Gen III owns a portfolio of patented technologies that enable used motor oil (“UMO”) re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. The Company currently holds 8 patents issued in North America, 2 patents issued overseas and has 7 patent applications, patents pending or under review in strategic countries/regions around the world. The Company’s first full-scale facility is currently under development in Alberta, with targeted production commencing 18 months after the requisite financing is obtained (the “Project”). With off-take agreements in hand, the Company has in place agreements for the sale of all its finished products when commercial production begins at its Alberta facility. The Alberta facility is being designed to process 2,800 bpd of used motor oil into a range of base stocks and related petroleum products. For more information about the Company, please visit www.geniiiesg.com .
On Behalf of the Board of Gen III Oil Corporation
Chief Executive Officer
For further information, contact Mark Redcliffe at (778) 668-5988
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the use of proceeds of the Offering, the term extension for the September Warrants and any statements regarding the Company’s business plans, expectations and objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Management’s Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company’s profile and on the Company’s website, https://www.geniiiesg.com/. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.