(“Gen III” or the “Company“) (TSX VENTURE:GIII) (FRA:PN41) is pleased to announce that the Commissioner of Patents at the Canadian Intellectual Property Office inside Innovation, Science and Economic Development Canada has granted Gen III, Canadian Patent No. 2,845,173 (““Method for Producing Base Lubricating Oil from Oils Recovered From Combustion Engine Service.”“)
Gen III submitted its initial patent application on March 3, 2014. The formal Letters Patent for Gen III’s latest patent application was issued on June 5, 2018, and the patent remains in force for twenty (20) years from the date of filing (expiring March 3, 2034).
This is the seventh patent secured by Gen III on top of an additional ten patents applications previously filed, under review or pending.
Company President & COO Gordon Driedger stated, “Our team is extremely pleased to have secured the most recent Canadian process patent. While we advance our Bowden project we are also continuing to build value in Gen III through the protection of our intellectual property both in Canada and abroad. These protections will help greatly as we complete our first facility and initiate talks on future re-refineries.”
About Gen III Oil Corporation
Gen III Oil Corporation is an innovative clean-tech used motor 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 seven patents issued and has ten 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 late Q2 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
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.