VANCOUVER, British Columbia, Oct. 08, 2019 (GLOBE NEWSWIRE) — Gen III Oil Corp. (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) is pleased to announce the following update:
Further to the Company’s August press release regarding successful licensing of our Group III based 5W-30 passenger car motor oil formulation (“PCMO”), Gen III’s top four global petroleum additives manufacturing partner completed their work on the 5W-20 and 10W-30 formulations in late September.
Both formulations were submitted to the American Petroleum Institute’s (“API”) Engine Oil Licensing and Certification System (“EOLCS”) seeking the API Resource Conserving, SN Plus and ILSAC GF-5 certifications. The API EOLCS is a voluntary licensing and certification program that authorizes engine oil marketers that meet specified requirements to use the API Engine Oil Quality Marks globally.
Gen III is pleased to announce it was notified by the API that is has achieved API certification and licensing for both its Group III based SAE Viscosity Grade 5W-20 and 10W-30 formulations. Gen III may now utilize the Resource Conserving, SN Plus and ILSAC GF-5 designations on three of its Group III base oil formulations.
Gen III’s Group III base oil derived PCMO formulations can be found on the API Directory of Licensees:
Having achieved the milestones of a second and third API certification evidences our corporate strategy of over-testing and engineering for the key purpose of de-risking the Bowden Plant and all other opportunities we are developing.
Gen III management believes these recent developments will continue to enhance the value of the Company’s offtake from the perspective of potential institutional investors. Gen III also re-confirms the due diligence process is ongoing with several large institutional parties.
About Gen III Oil Corporation
Gen III is first and foremost a cleantech company, that is building a green project that has compelling economics, without government subsidies. Gen III owns a portfolio of patented technologies that enable used motor oil (“UMO”) re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. The Company currently holds 8 patents issued in North America, 2 patents issued overseas and has 7 patent applications, patents pending or under review in strategic countries/regions 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 18 months after the requisite financing is obtained (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 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