Gen III and Koch Project Solutions Announce Partnership Engagement
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2021) - Gen III Oil Corporation (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN41) ("Gen III" or the "Company") is pleased to announce it has engaged Koch Project Solutions, LLC ("KPS") to provide project execution management services leading up to turnkey delivery of its new facility in the U.S. Gulf Coast ("USGC"). KPS will lead Gen III's world class engineering, construction and licensed vendor teams (PCL Industrial Construction Ltd., Koch Modular Process Systems and Process Dynamics Inc.) through the completion of detailed design, construction, commissioning, and start-up.
The USGC re-refinery is one of three North American projects currently being advanced by Gen III. Robust engineering and blue-chip project execution for Gen III's innovative re-refineries will be paramount to our success. KPS intends to wrap all elements of project delivery under its leadership providing Gen III with a single point of responsibility for engineering, construction, commissioning and start-up. The first phase of the KPS engagement is under way and we look forward to fast tracking project execution with KPS leading our team.
There are over 1.6 billion gallons of used lubricating oils generated in North America every year, of which only 1.1 billion gallons are collected. Half of the collected oils are burned as plant fuels and the remaining oil is more likely to end up in illegal disposal methods. The DOE has emphasized to Congress there needs to be a systemic change in how this toxic waste is handled:
Gen III's USGC facility will clean and process over 78 million US gallons of used lubricating oils per year. By providing an additional 5,600 barrels per day of re-refining capacity to the North American marketplace, Gen III's USGC facility will result in the elimination of over 725,000 tonnes of CO2 equivalent emissions every year versus current burning and disposal methods. According to the EPA, this equates to:
- The greenhouse gas emissions from over 156,000 vehicles; or
- The CO2 emissions from over 122,000 average households' electrical use in one year; or
- The carbon sequestered by 12 million tree seedlings grown for ten years; or
- The carbon displaced from the installation of more than 1GWe of solar derived energy.
Gord Driedger, President of Gen III commented, "We look forward to drawing on the extensive resources and experience of Koch Project Solutions, a subsidiary of Koch Engineered Solutions, to maximize the efficiency and value of our projects. We are excited that the Koch Engineered Solutions family of companies are using their considerable resources to advance Gen III's disruptive renewables business. We look forward to working together to drive change in the way used motor oils are cleaned and re-processed into high grade Group II+ and Group III based lubricants that meet today's transportation sector needs and reduce vehicle emissions."
"Gen III brings an innovative approach to waste oil re-refining, focused on the production of the highest quality base oil lubricants which are well suited for modern vehicles," said Paul Switzer, president of Koch Project Solutions. "As part of Koch Engineered Solutions, we are well positioned and excited to bring our expertise to deliver superior performance and to help Gen III realize its vision. Koch Project Solutions supports innovation that creates greater value from underappreciated resources."
About Gen III
Gen III is a cleantech company that is building sustainable green projects with compelling economics, without relying on 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. For more information about the Company, please visit www.geniiiesg.com.
About Koch Project Solutions
Koch Project Solutions is built on more than half a century of proven performance. As a Koch Engineered Solutions company, we work as problem solvers and capability builders for industrial customers. Koch Engineered Solutions operates in 25 countries with 4,000 full-time employees at 56 global engineering and sales offices, and 17 manufacturing facilities.
KES is a division of Koch Industries. In their long history, Koch companies have been granted about 10,300 patents, and have earned more than 1,300 awards since 2009 for safety, environmental excellence, community stewardship, innovation and customer service. For more information about the Company, please visit www.kochind.com/companies/koch-engineered-solutions.
On Behalf of the Board of Gen III Oil Corporation
Chief Executive Officer
For further information, contact Mark Redcliffe at (778) 668-5988
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 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 anticipated terms of any proposed transaction and engagement and any statements regarding the Company's business plans, expectations 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.geniiiesg.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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