Gen III Oil Corp. Announces Off-Take Marketing Agreement Letter of Intent With Elbow River Marketing Ltd. for 100% of Bowden Refinery Production
19.06.2017 | Marketwire
VANCOUVER, Jun 19, 2017 - Gen III Oil Corp. ("Gen III" or the "Company") (TSX VENTURE:GIII) is pleased to announce the signing of a Letter of Intent ("LOI") with Elbow River Marketing Ltd. ("Elbow River"), a wholly owned subsidiary of Parkland Fuel Corporation ("PFC"), for a five-year off-take marketing agreement for 100% of Gen III's finished products from our first Gen III re-refinery (the "Plant") to be constructed on PFC's Bowden, Alberta distribution and storage facility."We are proud to enter into this agreement with Elbow River as their reputation, expertise and stature in the lubricant, marketing and distribution industry in North America assure ourselves and our shareholders the long-range security that our high-quality base oils will be marketed by a premier corporation that will see us realize maximum value for our products," said Company CEO Greg Clarkes.
The parties anticipate to have the definitive agreement executed by the end of the month.
About Elbow River Marketing, Ltd.
Elbow River acts as an intermediary in a variety of fuels markets across all of North America, bringing buyers and sellers together, as well as providing logistical services to facilitate delivery of a variety of energy products from the buyer to the seller. Elbow River is ideally positioned to capture maximum value available to Gen III once the Plant achieves operational status. Elbow River is a wholly owned subsidiary of PFC, an approximately C$3B public corporation traded on the Toronto Stock Exchange under the symbol PKI.
About Gen III Oil Corporation
Gen III Oil Corp. is an innovative oil processing company with the most advanced re-refining technology in the industry, which will produce large quantities of Group III and Group II+ base oils. Gen III is developing their first full-scale facility in Bowden, Alberta with scheduled production beginning in Q4 of 2018.
On Behalf of the Board of Gen III Oil Corp.
Greg Clarkes
Chief Executive Officer
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 substantial known and unknown risks and uncertainties, certain of which are beyond the control of Gen III Oil Corp.. 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.
Contact
Gen III Oil Corp.
Greg Clarkes, Chief Executive Officer
(604) 806-5275