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Nov 17, 2008 -- Genoil Inc. (OTCBB: GNOLF/TSX VENTURE: GNO) is providing an update on ongoing marketing and financing efforts on Genoil's heavy oil and refinery residue upgrading project with Haiyitong Inc. ("HYT") in China.
Genoil continues to work towards the development and financing of its heavy oil and refinery residue upgrading project with HYT. Genoil had previously press released that based on its internal analysis this project should provide a significant operating profit to the joint venture once the plant is operating. This rate of return has actually increased despite the lower oil price because the joint venture pays for its heavy crude and residue based on market price, but the sale price of products is fixed. These sale prices have not been reduced by Chinese authorities. There is no guarantee that sale prices will remain at this level, but at this time the project is more profitable than when crude prices were higher.
Genoil has recently revised its internal economic model for the entire project to respond to questions that have arisen around the current status of the project. Using current oil crude prices, the internal return on investment (IRR) of this project has improved significantly. Current estimations show the project IRR went to 63%, from 27%. Albeit counterintuitive, the slide in the crude prices has made a very positive impact on our economic model. Genoil recognizes that the volatility in the world oil market and the trends in supply and consumption can change the current conditions, but believes the IRR of the project will remain robust even if prices went back to previous levels.
Genoil's Chief Executive Officer, Mr. David Lifschultz, confirms that Genoil is continuing in its efforts to obtain project financing for US$65 million. In these difficult financing times Mr. Lifschultz states: "This is an on-going process, and we are optimistic that we will be able to secure financing for the project."
Genoil and HYT have agreed to build a 20,000 bpd Genoil Hydroconversion Upgrader (GHU(R)) unit at the refinery site. The purpose of this $170MM project is to enable the refinery to use lower cost feedstock. Instead of buying light, sweet crude to refine, HYT will be able to process a mixture of cheaper heavy sour crude oil and the existing refinery residues. These residues are currently sold as a low value by-product. It is expected that this process will result in significant cost savings to HYT and provide a revenue stream to Genoil. This plant will also demonstrate the viability of the Genoil's GHU to several major oil companies.
The Genoil proprietary upgrading technology is now being marketed to five national oil companies in different countries, and significant quantities of heavy crude are being discussed with each of them while Genoil's proposals are undergoing extensive due diligence reviews. At the same time, Genoil is working with a sovereign development bank to line up significant funding for these projects.
Genoil also continues with sales efforts for its oily water separation technologies. In addition to significant cost reductions applied to the Crystal and Crystalline brands and mentioned in our last press release, other important cost reductions have been recently achieved. Genoil believes the markets in Asia and other parts of the world are opening up to Genoil's separation equipment based on the new recently lowered prices and superior quality. Additionally, new sales agents are being recruited and being engaged in aggressive sales effort in many new regions.
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
Nov 18, 2008 -- Purio Inc. (OTCBB: PURO | Quote | Chart | News | PowerRating) is pleased to report that it has accepted an invitation to meet with high ranking government officials from a region of West Africa to formally present its water/wastewater technology.
"Discussions have been taking place between Purio and a representative of the Minister of Presidential and Public Affairs for several months while they have been searching the planet for the most effective water and wastewater treatment technology," says Joseph Swanson, VP of Purio. "Purio has communicated the features and benefits, performance statistics, and the versatility of our technology and, according to their feed-back, it appears that we may have equipment that's unique in the world. We are pleased that we've been invited to formally present our technology to the assembly at this important event."
Participating in the meeting, scheduled for Saturday, November 22, will be The United Nations Development Program (UNDP), a number of financial institutions including United Bank of Africa, and a delegation of government dignitaries including The Minister of Presidential and Public Affairs. A private meeting between Purio Executives and the Minister is planned following the main event to discuss possible strategies regarding Purio's involvement in the country's development plans.
Daryl English, President of Purio, says, "Developing countries are well aware that a most important factor influencing their populations' ability to prosper is good health. Clean, safe water is at the top of their list of priorities in that quest, and that's where Purio comes in. Our technology is designed to be versatile so that it can be deployed to either drinking water purification, or wastewater treatment. That versatility, along with the energy efficiency, offers a combination of benefits that are very attractive. We look forward to this meeting as a first step toward the development of productive and long-lasting relationships in West Africa so that together, we may accomplish this all-important task."
About Purio Inc.
Purio owns proprietary water clarification technology suitable to a broad number of applications including the clarification of surface water, industrial process water and sewage. Purio intends to apply its technology initially to industrial and commercial applications to reclaim water and reduce the need for fresh water in such applications. Purio further intends to use its proprietary technology to produce potable water for commercial and residential use. Purio will commercialize its technology via a number of channels, namely licensing strategic partners to build and sell &/or operate units outside of North America, outright sale of their second generation (patent pending) units to end users and will build, own and operate on a fee for service basis their larger permanent installation units in North America.
Nov 18, 2008 -- TX Holdings, Inc. (OTCBB: TXHG | Quote | Chart | News | PowerRating) is pleased to announce that the former CEO of TX Holdings, Inc. and wife Nicole have agreed, conditioned on the closing by February 9, 2009, of a proposed transaction with an unrelated party (the "Condition"), to return 4.5 million common shares of TX Holdings and forgive $1,482,732.04 of debt. If the Condition is satisfied, the company's balance sheet will improve. The agreement was made in order to facilitate negotiations for a merger with and/or acquisition of properties of a gas and oil company located in the Midwest (USA). There can be no assurance that the company will be able to successfully negotiate and close on the transaction within the time period allotted under the agreement. Set forth below is a description of the agreement as disclosed by the Company in a Current Report on Form 8-K filed with the Securities and Exchange Commission on Thursday 11/13/08:
Section 1-Registrants' Business and Operations
Item 1.01 Entry into Material Definitive Agreement
On November 11, 2008 the Company entered into a settlement agreement with Mark Neuhaus and Nicole Neuhaus. Mark Neuhaus is the former Chief Executive Officer and a former director of the Company. The agreement is subject to the condition precedent that the Company finalizes a transaction with a third party involving certain oil and gas properties within 90 days of November 11, 2008 ("Third Party Closing"). Effective as and when the Third Party Closing occurs, the agreement provides for mutual general releases between each of the Company and Mark and the Company and Nicole Neuhaus. In connection with the agreement, seven million shares of the common stock of the Company previously issued to Mark Neuhaus were delivered to the Company to be held pending the Third Party Closing. If the Third Party Closing occurs within the 90 day period, (1) four million five hundred thousand of the deposited shares will be cancelled and returned to authorized but unissued shares of the Company, (2) two million five hundred thousand of the deposited shares will be delivered to Nicole Neuhaus and (3) certain alleged claims of Mark Neuhaus against the Company for compensation and reimbursement for advances in the aggregate amount of one hundred seventy eight thousand eight hundred sixty two ($178,862.25) and a purported indebtedness of the Company to Mark Neuhaus in the amount of one million three hundred three thousand eight hundred seventy five ($1,303.875.79), including interest accrued through October 31, 2008 and represented by a convertible note dated as of September 28, 2007 will be cancelled. If the Third Party Closing does not occur within 90 days of November 11, 2008 the settlement agreement will be void and of no force and effect and the deposited shares will be returned.
Nov 18, 2008 -- VIASPACE Inc. (OTCBB: VSPC), announced today that that its Direct Methanol Fuel Cell Corporation (DMFCC) subsidiary has received an order from CMR Fuel Cells (LSE-AIM: CMF.L) of the United Kingdom for the development of methanol fuel cell cartridges for CMR's stand-alone, hybrid Direct Methanol Fuel Cell ('DMFC') charger. CMR is a specialist developer of high power density fuel cell stacks and systems for portable electronics applications and is developing a 25W fuel cell power supply unit that is hybridized with a battery.
Dr. Kukkonen, CEO of VIASPACE and DMFCC, commented, "CMR is a leading direct methanol fuel-cell developer. We have known them for long time, and are excited to be able to assist their development of a complete fuel cell solution for the consumer electronics market. It is a perfect partnership, CMR are fuel cell experts and we are cartridge experts -- together we can optimize the entire system."
John Halfpenny, CEO of CMR Fuel Cells, stated, "Our customers have very demanding requirements for the cartridge fuelling solution that they need and we believe that DMFCC will help deliver a superior product "
About VIASPACE
Originally founded in 1998 with the objective of transforming proven space and defense technologies from NASA and the Department of Defense into hardware and software solutions that solve today's complex problems, VIASPACE benefits from important patent and software licenses from Caltech, which manages NASA's Jet Propulsion Laboratory. In addition, VIASPACE has recently acquired a profitable company, which also has a license to grow a fast-growing grass for animal feed and as a feedstock for biofuels. For more information, please visit our website at www.VIASPACE.com, or contact for Investor Relations, Dr. Jan Vandersande, Director of Communications at 800-517-8050, or IR@VIASPACE.com.
About CMR Fuel Cells plc
CMR Fuel Cells plc is a high growth, UK AIM-listed developer of fuel cell 'stacks' and systems for portable and small stationary power generation applications. The Company is targeting the consumer electronics industry where there is growing demand for new power solutions which are longer running than today's Lithium batteries.
This demand is being driven by the increasing power requirements of portable electronics devices which have outgrown incremental improvements in the performances of traditional batteries. As a result, consumer frustration with short 'run-time,' 'return to mains' recharging and questionable battery safety is compelling the electronics industry to develop and deploy suitable alternatives for power delivery.
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