CALGARY, AB--(Marketwired - Apr 10, 2013) - Petrosonic Energy, Inc. (
Under the agreement, the energy company has engaged Petrosonic as a processor and producer of heavy hydrocarbon emulsion fuel oil and emulsified bitumen from heavy oil and will pay Petrosonic per barrel fees based on both the quantity of oil to be processed and the quality of the end product produced. Pricing of the processed oil, delivery dates and specifications, among other terms, will be determined at the time each purchase order is issued.
"I am excited at the Company's continued progress and at the positive response we continue to receive in the energy and oil markets," said Petrosonic CEO, Art Agolli. "This Master Toll Services Agreement is an important step in our commercialization process and brings us a step closer to achieving revenues from operations. I expect this to be the first of many contracts to come for Petrosonic," Agolli continued. "We are working diligently to create a customer base and we are in discussions with a number of potential customers. This is an exciting time for Petrosonic."
About Petrosonic Energy, Inc.
Petrosonic Energy, Inc. is in business to deliver innovative technologies to the energy sector. The primary focus is to provide technologies, which upgrade heavy oil economically and in an environmentally friendly manner. The Company's patented Sonoprocess™ uses cleantech sonic energy to de-asphalt heavy oil at much smaller scale and lower capital costs than conventional upgraders and without the use of water or release of emissions in the atmosphere.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.