VANCOUVER, British Columbia, Feb. 05, 2020 (GLOBE NEWSWIRE) — Gen III Oil Corp. (“Gen III” or the “Company”) (TSX-V: GIII) (OTCQX: ISRJF) announces that it has granted 600,000 stock options to the Company’s President and Chief Operating Officer, Gordon Driedger, entitling him to purchase one common share for each option held at a price of $0.25 per share and valid for a period of two years. The options were granted pursuant to the Company’s stock option plan and will vest in two tranches.
The options granted to Mr. Driedger replace the 600,000 options granted to him on January 5, 2018, which expired unexercised on January 5, 2020.About Gen III Oil CorporationGen 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“Greg Clarkes”
Greg Clarkes
Chief Executive OfficerFor further information, contact Greg Clarkes at (604) 806-5275Neither 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 set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of Gen III Oil Corporation. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated use of proceeds of the Offering. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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