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ARLINGTON, Texas, Dec. 08, 2020 (GLOBE NEWSWIRE) -- Greenway Technologies, Inc. (OTCQB: GWTI), (the “Company”), an advanced gas-to-liquids (“GTL”) technology development company, today announced an exclusive worldwide patent licensing agreement with the University of Texas at Arlington (UTA) for all patent applications currently filed with the Patent and Trademark Office, relating to GWTI’s natural gas reforming technologies developed under its sponsored research agreement with UTA.
Under the agreement, GWTI will have exclusive rights, through the license, to all referenced patents relating to the Company’s proprietary G-Reformer™, Fischer-Tropsch and catalyst technologies. These are in addition to GWTI’s three issued patents and one recently allowed patent.
In a statement, Ray Wright, co-founder and chairman of the board, said “Greenway Technologies has been working closely with the University of Texas at Arlington over the last ten years to develop and patent processes and procedures to perfect innovative gas-to-liquids solutions. Together we believe we have developed a winning solution to convert abundant and inexpensive natural gas into valuable fuels and chemicals that are used universally throughout the world.”
Kent Harer, GWTI’s president said “We are pleased to deepen our relationship with the innovative engineering team at UTA and to work with UTA to develop technologies that can reduce carbon emissions. The technologies under development can convert natural gas, including flared gas, into cleaner fuels and other products that are in high demand. We firmly believe our technology will be the standard by which all clean fuel technologies are measured.”
About Greenway Technologies, Inc.
Based in Arlington, Texas, the Company, through its wholly owned subsidiary, Greenway Innovative Energy, Inc., is engaged in the research and development of proprietary GTL syngas conversion systems that can be scaled to meet oil and gas field production requirements. The Company’s patented technology has been integrated into its recently completed first-generation commercial G-Reformer™ unit, a unique component used to convert natural gas into synthesis gas. When combined with a FT reactor and catalyst, G-Reformer™ units can be deployed to process a variety of natural gas streams including pipeline gas, associated gas, flared gas, vented gas, coal-bed methane, and biomass to produce fuels including gasoline, diesel, jet fuel, and methanol as well as valuable chemical outputs. When derived from natural gas, these fuels are incrementally cleaner than conventionally produced oil-based fuels.
Notice Regarding Forward-Looking Statements:
This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the ongoing effects of the pandemic on delays and orders regarding Greenway's proprietary gas-to-liquids system, potential business developments and future interest in our clean fuel technologies.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, general economic and political conditions, the continuation of the JV with the University of Texas at Arlington, and the ongoing impact of the pandemic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Kent Harer, President
Greenway Technologies, Inc.
For more information, visit GWTI's website: www.gwtechinc.com