VANCOUVER, British Columbia, Aug. 12, 2019 (GLOBE NEWSWIRE) — Gen III Oil Corp. (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) is pleased to announce the following update:
Gen III recently shipped a sample of its Group III base oil to one of the top four global petroleum additives manufacturers. The purpose was to pursue the American Petroleum Institute’s (“API”) API SN Plus and ILSAC GF-5 certifications for three passenger car motor oil (“PCMO”) formulations namely, 5W-20, 5W-30 and 10W-30. The petroleum additives firm subsequently informed the Company that Gen III’s Group III base stock qualified for API certification through its 5W-30 formulation. The blending of the 5W-20 and 10W-30 PCMO formulations are ongoing.
Gen III then submitted its first Group III based 5W-30 PCMO formulation and ReGen III product to API’s Engine Oil Licensing and Certification System (“EOLCS”). The API EOLCS is a voluntary licensing and certification program that authorizes engine oil marketers that meet specified requirements to use the API Engine Oil Quality Marks globally.
Gen III is pleased to announce it has achieved API certification and licensing for its Group III based SAE Viscosity Grade 5W-30 formulation. The Company may now utilize the Resource Conserving, SN Plus and ILSAC GF-5 designations on its ReGen III product. Gen III is now listed on the API Directory of Licensees: https://engineoil.api.org/Directory/EolcsResultsDetail?accountId=-1&companyId=12562&resultsUrl=%2FDirectory%2FEolcsResults%3FaccountId%3D-1%26companyName%3DGen%2520III%2520Oil%2520Corporation At this time, Gen III believes it is one of only three companies certified by API for a re-refined base oil.
This is a significant milestone for Gen III and is the culmination of several years’ work. API licensing and certification of its Group III base oil will lead to higher prices for Gen III’s offtakes over uncertified base oils. Working with this premium petroleum additives firm will enhance Gen III’s product marketing efforts, introducing blenders from around North America to the Company’s ReGen III base oil. Gen III management believes these recent developments will significantly enhance the value of the Company’s offtake from the perspective of potential institutional investors.
Gen III also re-confirms the due diligence process is ongoing with several large institutional parties in connection with project finance.
About Gen III Oil Corporation
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 Bowden, Alberta, 100km north of Calgary, with targeted production commencing 18 months after the requisite financing is obtained (the “Project”). With a fully executed off-take marketing agreement in hand with Elbow River Marketing Ltd., a subsidiary of Parkland Fuel Corporation, the Company has in place agreements for the sale of all its finished products when commercial production begins at its Bowden facility. The Bowden 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.geniiioil.com.
On Behalf of the Board of Gen III Oil Corporation
Chief Executive Officer
For further information, contact Greg Clarkes at (604) 806-5275