VANCOUVER, British Columbia, Sept. 04, 2018 (GLOBE NEWSWIRE) — Gen III Oil Corp. (“Gen III” or the “Company”) (TSXV: GIII) (OTCQX: ISRJF) is pleased to announce it has entered into a technical and re-refinery operations consulting arrangement with Mike Ebert and Blue Process Advisors, LLC, (the “Consultant”).
Mr. Ebert commenced his 34-year career in the oil refining business with Esso Petroleum Canada in Sarnia, Ontario before moving to Safety-Kleen’s Breslau re-refinery. Safety-Kleen is North America’s largest collector, recycler, and re-refiner of used oil. Safety-Kleen owns and operates the largest oil re-refining capacity in North America, collecting and processing more than 220 million gallons of oil per year.
At Safety-Kleen, Mr. Ebert was the re-refinery manager of the Breslau, Ontario re-refinery from 1990 to 1994. He then moved to the East Chicago, Indiana re-refinery where he held the positions of Refinery Manager, VP US Refinery Operations and VP of Oil Engineering, Technology and Business Development between 1994 and 2011. At East Chicago, Mr. Ebert more than doubled the plant’s capacity, from 55 to 115 million US gallons. He also led the design, engineering, construction and commissioning of a US$15 million blending plant at the site.
Mr. Ebert joined Clean Harbors Environmental Services (“CHES”) when they acquired Safety-Kleen in 2011. CHES is North America’s leading provider of environmental, energy and industrial services. CHES’s customer base spans several industries, including chemical, energy, and manufacturing, as well as numerous government agencies. CHES operates throughout the United States, Canada, Mexico and Puerto Rico.
Mr. Ebert continued in his role of VP of Oil Engineering, Technology and Business Development where he oversaw the 50% expansion of the Breslau plant and CHES’s early oil re-refining acquisitions.
Mr. Ebert left CHES to become President of Puralube USA, Inc. in 2014. He was responsible for developing Puralube’s re-refinery project in Florida and establishing their lube oil sales footprint in North America.
In 2016 Mr. Ebert formed Blue Process Advisors, LLC., a consulting company focusing on green and renewable process industries.
Mr. Ebert earned a BASc in Chemical Engineering from the University of Waterloo and an MBA (cum laude) with a major in Operations Management from York University.
Company President & COO Gordon Driedger stated, “Mike Ebert’s first-hand industry knowledge of re-refining and used motor oil is impeccable. Mike has demonstrated an ability to maintain compliance in a highly regulated business and has operated under the jurisdiction of local regulatory agencies, state environmental agencies, USEPA, OSHA, DOT, FRA, US Coast Guard and their Canadian equivalents. We are extremely fortunate to have access to Mike’s expertise and experiences which are already proving accretive as we finalize front-end engineering and design.”
The company also announces that, as part of the consulting agreement, it has granted 300,000 stock options exercisable at $0.70 to Mr. Ebert. The options will vest in three tranches and will closely align Mr. Ebert’s goals with those of Gen III.
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 five patents in North America, two internationally and has ten patent applications, patents pending or patents 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.
To see our TSX Venture 50® video, click here
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.