ReGen III Provides Update on Relationship with Koch Project Solutions
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2021) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) ("ReGen III" or the "Company") is pleased to announce that further to its partnership announcement with Koch Project Solutions, LLC ("KPS") on March 29, 2021 and the use of proceeds outlined in the Company's June 17 2021, short form prospectus, the Company has moved into the second phase of the KPS three-phase project execution plan with the signing of a Master Services Agreement ("MSA").
During the first phase of the partnership, KPS completed numerous meetings with the ReGen III project team members (PCL Industrial Construction Ltd., Koch Modular Process Systems, LLC and Process Dynamics Inc.) to assess the Company's project design and technology status. In addition to this work, KPS was actively supporting ReGen III with its site search, selection and development activities that led up to the Company's signing of the letter of intent with Oiltanking North America, LLC ("Oiltanking") for their terminal and tank farm site in Texas City, TX. Various Koch Industry resources were engaged to support these efforts and their involvement continues with the Oiltanking site.
Under the MSA, KPS continues to build on previous scope and process documents, taking advantage of the Company's detailed work completed for the Company's Alberta project. KPS is now moving through the full Front-End Engineering and Design ("FEED") phase of the project on an expedited basis. The FEED will include the FEL2 and FEL3 scope of work that will result in a Class 2 (+/- 10%) project cost estimate and an Engineering, procurement, and construction lump sum turnkey ("EPC LSTK") wrap. Fully wrapped EPC LSTK contracts include cost, schedule, performance and technology guarantees and this will provide ReGen III with a single point of responsibility namely, KPS, for engineering, construction, commissioning and start-up.
During the third phase KPS will continue to lead ReGen III's world class engineering, construction and licensed vendor teams through the completion of detailed design, construction, commissioning, and start-up of the Company's new 5,600 bpd re-refining facility in Texas. In support of the Texas re-refining facility, ReGen III signed a definitive, multi-year offtake agreement with bp for the purchase of all ReGen III's base oil production. This facility will serve as the foundation for ReGen III's future growth.
Gord Driedger, President of ReGen III stated, "We have been working closely and constructively with Koch Project Solutions and our project partners for the past seven months to develop the critical front-end engineering and estimating plan. During this second phase we look forward to executing the plan and drawing on KPS's extensive resources and experience to expedite the program. When completed, KPS will provide ReGen III with a proposal that will include price, schedule and technology certainty for the USGC Facility."
"We are honored to be part of this innovative re-refinery project with ReGen III that will be a game changer for the way future used motor oils are cleaned and re-processed," says George Schlowsky, president of Koch Modular. "Not only are we excited to bring our knowledge and expertise to the table, but we believe that together we are making more efficient use of resources to create additional value in society."
Says Paul Switzer, president of Koch Project Solutions, "Koch Project Solutions continues to help innovative companies bring superior technologies to market. Innovations like ReGen III mine value from waste products and returns them to beneficial use."
About Koch Project Solutions
Koch Project Solutions strives to be the preferred partner for capital project execution. Built on a foundation of safety, Koch Project Solutions partners with project owners to develop customized execution and contracting strategies designed to maximize the return on investment. Koch Project Solutions is a part of Koch Engineered Solutions providing world-class services and technologies broadly across industrial sectors. Superior Outcomes. Consistently Delivered. Learn more at: www.kochprojectsolutions.com.
About Koch Modular
Koch Modular has successfully designed and constructed modular systems for the global Chemical Processing Industry for over 30 years. Specializing in mass transfer, Koch Modular supports innovative technology companies on their pathway from concept to commercialization, providing pilot testing and process conceptualization services, process design package development, detailed engineering, and modular constructed systems. To learn more, visit kochmodular.com.
About ReGen III
ReGen III is a cleantech company creating more sustainable solutions that include better environmental outcomes and compelling economics. ReGen 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.ReGenIII.com.
On Behalf of the Board of ReGen III Corp.
Chief Executive Officer
For further information, contact Mark Redcliffe at (778) 668-5988
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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 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.ReGen III.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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