Gen III Oil Corporation (“Gen III” or the “Company“) (TSX VENTURE:GIII) is pleased to announce the engagement of PCL Industrial Management Inc. (“PCL“) as the Company’s Engineering, Procurement and Construction (“EPC“) contractor for its Bowden, Alberta re-refinery project.
PCL will be joining the Gen III Bowden project team and will be working closely with our engineers, Stantec Consulting Ltd., to progress the design, initiate procurement planning, and provide constructability advice. PCL will be providing the Company with a fixed price lump sum proposal to finalize a turnkey EPC contract for the design and construction of the Bowden project.
Company President and COO, Mr. Gordon Driedger stated, “We are very pleased to have a company of such a high caliber as PCL working on our project. I have had the opportunity to work with PCL for the past 20 years on a number of major projects where they have demonstrated their ability to complete projects on time and on budget. They have a highly skilled team that brings a wealth of experience to the project team. They were selected after a careful review of shortlisted leading EPC firms.”
“We are extremely pleased to be part of Gen III’s team and 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,” said Roger Keglowitsch, Chief Operating Officer, PCL Heavy Industrial. “We look forward to working with their talented team of professionals and providing Gen III with a fixed-price contract and moving towards a timely completion.”
About PCL Industrial Management Inc.
PCL Industrial Management Inc. is part of the PCL Construction family of companies and is headquartered in Edmonton, Alberta. These diverse operations in the civil infrastructure, heavy industrial, and buildings markets are supported by a strategic presence in 31 major centers. The group brings to its work over a century of construction experience, competitive pricing, financial strength, integrity, a foundation of quality and workplace safety, and the demonstrated ability to take projects to completion. Together, these companies have an annual construction volume of $8 billion, making PCL the largest contracting organization in Canada and one of the largest in North America. Watch us build at PCL.com.
About Gen III Oil Corporation
Gen III Oil Corporation is an innovative oil processing company with the most 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, P.Eng
President and Chief Operating Officer
For further information contact Gordon Driedger at (604) 806-5275
Suite 1750 – 400 Burrard Street
Vancouver, BC V6C 3A6
Tel: (604) 806-5275 Fax: (604) 806-4875
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.