|July 15, 2013|
Petrosonic Energy, Inc. Announces New Agreement
|CALGARY, AB, Jul 15, 2013 -- Petrosonic Energy, Inc. (OTCQB: PSON), an emerging leader in heavy oil upgrading and related technologies, announced today the execution of a new Memorandum Of Understanding Agreement with East West Partners LLC, a US energy company, for its Sonoprocess(TM) and related technologies.|
Under the agreement, subject to completion of due diligence by both sides, the parties commit to sign a definitive Sales, Distribution and License Agreement for the territories of China, Kazakhstan and state of California, USA. The Sales, Distribution and License Agreement will be on non-exclusive basis. The specific commercial terms will be determined in the definitive Sales, Distribution and License agreement to be signed between the parties shortly.
"I am excited to sign this MOU with East West. This new Memorandum of Understanding Agreement is a demonstration of the concrete interest by industry of our technologies and an important step in our commercialization process and revenue generation for the company. China, Kazakhstan and California have significant production of heavy oil and I expect this to be the first of many contracts and agreements to come for Petrosonic in these territories and elsewhere," stated Art Agolli, the CEO of Petrosonic.
"We are actively in discussions with several other potential customers and are working diligently to close these deals as well. This is an exciting time for Petrosonic as we move forward on several fronts."
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(TM) uses clean-tech 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.
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