ReGen III: bp Contract Extension Granted
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2022) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) ("ReGen III" or the "Company") is pleased to provide the following updates regarding its Sale, Purchase and Marketing Agreement with bp.
On May 1, 2021, bp signed a Sale, Purchase and Marketing offtake agreement with ReGen III for the purchase of one hundred percent (100%) of the Company's base oils produced at its proposed 5,600 bpd used motor oil recycling facility in Texas. Section 13.3(b) of this contract required ReGen III to close project financing by December 31, 2021 (the "Financial Closing Date"). In December 2021, bp agreed to extend the Financial Closing Date from December 31, 2021, to June 30, 2022.
bp is aware of the considerable progress being made by ReGen III on both the financing and engineering fronts for the Company's proposed Texas recycling facility. Due to the status of the negotiations with multiple potential funding partners, the ongoing due diligence processes and the timeline for completion of FEL-3, bp has agreed to:
- Extend the Financial Closing Date by nine (9) months from June 30, 2022, to March 31, 2023.
About ReGen III
ReGen III is a cleantech recycling company creating more sustainable solutions that include better environmental outcomes and compelling economics.
Last year, ReGen III engaged Koch Project Solutions, LLC ("KPS") to provide project execution management services leading up to the turnkey delivery of its new facility in Texas whereby, KPS will lead ReGen III's world class engineering, construction and licensed vendor teams (PCL Industrial Management Ltd., Koch Modular Process Systems and Duke Technologies) through the completion of detailed design, construction, commissioning, and start-up. ReGen III has already signed a definitive offtake agreement with bp to purchase 100% of the Company's base oils produced at the proposed Texas recycling facility.
For more information on ReGen III or to subscribe to the Company's mailing list, please visit: www.regeniii.com/investors/corporate-presentations and www.regeniii.com/newsletter-subscription.
For further information, please contact:
Vice President, Corporate Finance
Tel.: (403) 921-9012
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 other than statements of historical facts contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the Company's business plans, expectations, capital costs and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company's profile and on the Company's website, https://www.ReGenIII.com/. The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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