Gen III Oil Corporation (“Gen III” or the “Company“) (TSX VENTURE:GIII) (FRA:PN41) is pleased to announce the hiring of Mr. Mark Redcliffe in the role of Executive Vice President, Corporate Finance.
Mr. Redcliffe brings significant securities industry and venture investment banking experience to the Company and he will be instrumental in moving forward the construction of Gen III’s first Group III base oil re-refinery in Bowden, Alberta. Mr. Redcliffe sat on the Investment Industry Regulatory Organization of Canada’s Pacific District Council for several years, was the founding President & CEO of Jordan Capital Markets Inc. and was most recently the Executive Vice President responsible for P&L at Mackie Research Capital Corp. in British Columbia.
Mr. Redcliffe has 21 years-experience in the securities industry and holds both an MBA and the CPA, CMA designation. Mr. Redcliffe has established ties with Canadian and international private equity firms, investment dealers, family offices and high net worth individuals and has successfully overseen more than 500 private placements, Initial Public Offerings and cross-border advisory mandates.
Greg Clarkes, CEO of Gen III Oil, stated, “We are very pleased that Mark has agreed to take on the role of Executive Vice President, Corporate Finance as the company moves into this critical phase of its development. Mark’s knowledge of the global private equity and capital markets will be a major asset to us realizing maximum value for the company and its shareholders.”
The Company also announces that it has granted 500,000 stock options to Mr. Redcliffe, entitling him to purchase one common share for each option held at a price of $0.70 per share and valid for a period of two years. The options will vest in equal two tranches, ½ on December 31, 2018 and ½ upon commissioning of the Company’s Bowden facility.
The Company is also pleased to announce that it has been recognized in the 2018 TSX Venture 50® as the number one performing company in the energy and energy services sector.
About TSX Venture 50®
The Venture 50 are the top ten companies listed on the TSX Venture Exchange in each of five major industry sectors – mining, energy & energy services, clean technology & life sciences, diversified industries and technology – based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2017.
Gen III is featured in a TSX Venture 50® video at: https://youtu.be/C5Gfx-H0rb8
About Gen III Oil Corp
Gen III Oil is an innovative oil processing company with the most advanced re-refining technology in the industry. The Company’s patented ReGenTM 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
Chief Executive Officer
For further information contact Greg Clarkes 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.