VANCOUVER, British Columbia, May 30, 2018 (GLOBE NEWSWIRE) -- Mr. Gordon Driedger, P.Eng, President and COO of Gen III Oil Corp. (“ Gen III ” or the “ Company ”) (TSX-V: GIII ) is pleased to announce the selection of Koch Modular Process Systems, LLC, (" Koch Modular ") as the Company’s preferred Engineering, Procurement and Fabrication subcontractor for the Performance Guaranteed Stage 2 Extraction and Distillation Process System.
Koch Modular has agreed to expand their role on the Gen III project team to develop the Process Design Package and enter into a Design Build contract for Stage 2 of the Company’s patented 3-stage ReGen™ re-refining process. Koch Modular will be providing the Company with a fixed price lump sum proposal for the design and fabrication of the Performance-Guaranteed Stage 2 of the Bowden project.
In addition to the Stage 2 work, Koch Modular is prepared to assist Gen III with evaluation, leadership and input on the overall (Stage 1 – 3) process design and process integration. Further, Koch Modular is able to bring valuable experience during the module installation, commissioning and process start-up phases of the project.
Company President and COO, Mr. Gordon Driedger stated, “We are very pleased to have a company of such a high caliber and valuable subject matter expertise as Koch Modular working more closely with our team. I have had the opportunity to work with Koch Modular during the preliminary phase of design where they have demonstrated their expertise and ability to perform. They have a highly skilled team that brings a wealth of specific industry knowledge to the project team. They were selected after a careful review of shortlisted leading Design-Build proponents.”
Koch Modular Vice President of Business Development, Mr. Brian Loftus stated, “We are extremely pleased to be part of Gen III’s team working on such an exciting project. We are especially proud to be part of a sustainable project that will be the first of its kind in Alberta. We look forward to working with their talented team of professionals and providing Gen III with a Stage 2 Process Design Package and a Design-Build turnkey contract. Under this Agreement, Koch Modular is available to work more closely with Gen III’s project team to assist with both design and project delivery services.”
About Koch Modular Process Systems
Koch Modular Process Systems, LLC (“Koch Modular”) specializes in the process design, detailed engineering and manufacturing of modular reaction and mass transfer systems for the chemical process industry. Headquartered in Paramus, New Jersey, Koch Modular’s highly-skilled team combines a unique blend of single-source capabilities that, together, provide a true step-change in process, product and project delivery in the chemical process industry.
Koch Modular was established through a joint venture with Koch-Glitsch LP , one of the world’s most prominent suppliers of mass transfer equipment. Koch-Glitsch’s parent company is Koch Industries , one of the largest privately held corporations in the United States. Koch Modular’s construction company partners can be found in strategic areas of the US and Canada in order to best serve our clients world-wide. Koch Modular regularly invests in R&D, both their own, and on behalf of their clients, through a pilot plant facility located in Houston, Texas .
About Gen III Oil Corporation
Gen III Oil Corporation is an innovative oil processing company with a highly advanced re-refining technology in the industry. The Company’s patented ReGen™ technology process combines proven refining technologies into a proprietary process that is able to extract a higher quantity of high quality base lubricating oils than traditional re-refineries, including greater than 50% Group III production of synthetic grade motor oil in a commercial scale re-refining operation. The Company currently holds 4 patents issued in North America and has several patent applications, patents pending or under review in strategic countries 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 in Q1 of 2019 (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 of 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
“Gordon Driedger” Gordon Driedger President and Chief Operating Officer
For further information, contact Gordon Driedger at (604) 806-5275
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 set forth in this news release may contain forward-looking statements that involve financial projections, substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These include, but are not limited to, the statements regarding the quantity and quality of the re-refined products that might be produced; the cost of construction of the first ReGen ™ re-refinery; raising sufficient capital to support the construction of the Project; the estimated operating costs for the Project; the market for the finished products; negotiating off-take agreements for those finished products; and the anticipated annual recurring revenue and EBITDA derived from those operations. Actual results may differ materially from the forward-looking information contained herein. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, except as required by applicable law. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
