VANCOUVER, British Columbia, Nov. 05, 2020 (GLOBE NEWSWIRE) — Gen III Oil Corporation (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQB: ISRJF) is pleased to announce the Company has signed a Letter of Intent (“LOI”) with a super major international energy company (“SM”) for the offtake of all of Gen III’s future production of Group II+ and Group III base oils from a proposed 5,600 bpd marine terminal facility in or near Houston, Texas. SM will also have rights related to all future production of Gen III’s Group II+ and Group III base oils from additional facilities constructed by the Company globally.
Gen III’s proprietary and patented ReGen™ technologies re-refine used lubricating oils to produce high-quality Group II+ and Group III base oils that fill the onshore North American production shortfall. Gen III’s re-refining solutions address the growing global demand for environmentally friendlier base oil production by simultaneously recycling waste and reducing greenhouse gas emissions.
The Company’s strategic objective is to become the leader in the global re-refined base oils market. Securing an off-take supply agreement with an SM allows the Company to complete non-dilutive financing to meet expansion and market penetration goals.
“This off-take supply LOI is the penultimate milestone agreement as Gen III moves from vendor-scale pilot plant testing to in-market, commercial adoption,” states Greg Clarkes, Chairman and CEO of Gen III. “The Company’s mandate is to leverage Gen III’s proprietary ReGen™ re-refining technologies through SM’s extensive global footprint and experience in high-quality differentiated fuels, lubricants, retail and advanced low carbon mobility solutions. Congratulations to our team.”
The LOI covers a minimum five-year period with further extension options.
Gen III is currently working with SM to expedite a definitive agreement, further detailing our commercial relationship. The LOI announcement follows previous and related disclosure of a “potential client” and confidential negotiations with a “super major” in Oct. 1, Sept. 17 and July 28 press releases.
Gen III leads the way with innovations in re-refining technology, with 10 patents awarded and seven pending globally. Our ReGen™ technology not only re-refines used lubricating oils removing waste but recycles it into new synthetic products and reduces the need to source virgin crude oils to manufacture engine lubricants.
About Gen III
Gen III is first and foremost a cleantech company, that is building a sustainable 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. 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
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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.