by investar » Wed Nov 11, 2020 5:31 am
Super Major deal!!!
With Biden as President, this stock will thrive. 10 bagger in two years???
November 5, 2020
Gen III signs LOI with super major and announces plans for a marine facility in the US Gulf Coast
VANCOUVER, British Columbia, Nov. 05, 2020 (GLOBE NEWSWIRE) — Gen III Oil Corporation (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: 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.