VANCOUVER, British Columbia, Nov. 28, 2019 (GLOBE NEWSWIRE) — Gen III Oil Corp. (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) is pleased to announce the following update:
Gen III secured approval (No. 421401-00-00) from Alberta Environment and Parks (“AEP”) for the construction, operation and reclamation of the Bowden ReGen chemical manufacturing plant and waste management facility. The permit is effective November 26, 2019.
The initial application was made to AEP for an Environmental and Enhancement Act Industrial Approval for the Bowden Facility in July 2018, followed by a successful public notification period in June 2019.
Senior management is grateful to both the AEP team overseeing Gen III’s application and for the support of its consultants, including Tetra Tech and Stantec Environmental, without which this would not have become a reality.
Gordon Driedger, President and COO added, “I am extremely pleased with the outcome of the environmental permitting process. It has been a long, comprehensive exercise but a significant milestone has been achieved and this further de-risks the Bowden project. The work of Gen III’s team members to source, analyze, collate and deliver copious amounts of technical information in support of the permitting process has been first class and I am grateful for their efforts.”
The receipt of the Bowden facility environmental permit is a significant milestone for Gen III and its shareholders and it continues the Company’s delivery of numerous de-risking milestones, including:
About Gen III Oil Corporation
Gen III is first and foremost a cleantech company; building a green project that has 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. 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. Gen III’s strategy has been to focus its engineering design and build efforts on brownfield projects and joint-ventures utilizing its proprietary, modular processing technologies. The Company’s systems will also be used to materially improve existing re-refinery assets acquired by Gen III. In addition, the Company will be able to substantially enhance the performance of 3rd party re-refining operations through the issuance of technology licenses. 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”). 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 Mark Redcliffe at (778) 668-5988