ANNOUNCES OFF-TAKE MARKETING AGREEMENT LETTER OF INTENT WITH ELBOW RIVER MARKETING LTD. FOR 100% OF BOWDEN REFINERY PRODUCTION
Gen III Oil Corp. (GIII.V) has signed a letter of intent (LOI) with Elbow River Marketing Ltd., a wholly owned subsidiary of Parkland Fuel Corp., for a five-year off-take marketing agreement for 100 per cent of Gen III's finished products from its first Gen III rerefinery to be constructed on PFC's Bowden, Alta., distribution and storage facility.
"We are proud to enter into this agreement with Elbow River as their reputation, expertise and stature in the lubricant, marketing and distribution industry in North America assure ourselves and our shareholders the long-range security that our high-quality base oils will be marketed by a premier corporation that will see us realize maximum value for our products," said Company CEO Greg Clarkes.
The parties anticipate to have the definitive agreement executed by the end of the month.
About Elbow River Marketing, Ltd.
Elbow River acts as an intermediary in a variety of fuels markets across all of North America, bringing buyers and sellers together, as well as providing logistical services to facilitate delivery of a variety of energy products from the buyer to the seller. Elbow River is ideally positioned to capture maximum value available to Gen III once the Plant achieves operational status. Elbow River is a wholly owned subsidiary of PFC, an approximately C$3B public corporation traded on the Toronto Stock Exchange under the symbol PKI.
About Gen III Oil Corporation
Gen III Oil Corporation is an innovative oil processing company with the most advanced re-refining technology in the industry, which will produce large quantities of Group III and Group II+ base oils. Gen III is developing their first full-scale facility in Bowden, Alberta with scheduled production beginning in Q4 of 2018.