|January 12, 2015|
Petrosonic Energy, Inc. Receives Confirmation on Excise Tax for its SFO Manufacturing in Albania
|CALGARY, AB - Petrosonic Energy, Inc. (PSON), an emerging leader in heavy oil upgrading and related technologies, announced today that the Albanian Parliament passed the fiscal year 2015 law on December 26, 2014, thus, resolving the level of excise tax issue for the synthetic fuel oil (SFO) that the company manufactures in Albania. This very important step allows the company to begin processing SFO from its 3,000 barrels per day heavy crude emulsion process plant and start generating revenue beginning 1st Quarter of 2015.|
"We are very pleased with this news as it allows the company to commence processing and generating revenues, the achievement of which is a major milestone for Petrosonic and its shareholders," announced Art Agolli, CEO of Petrosonic. "The start of the heavy crude emulsion process demonstrates our ability to generate revenue from our technologies and to complete our projects on time. We expect the cash flow from this facility to allow the company to be cash flow positive and move more aggressively in commercializing all its technologies."
"2015 is a pivotal year for Petrosonic," added Art Agolli. "As we commence revenue generation from our emulsion plant in Albania and complete our de-asphalting Sonoprocess pilot plant with Western Research Institute at their site in Laramie, Wyoming. The success of our pilot plant will expand our commercial platform potential by allowing us to demonstrate to the industry the comparative advantages of our Sonoprocess, which at a critical time of low crude prices, reducing the cost of transportation of heavy crude oil to markets becomes even more imperative for producers, transporters and refiners."
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 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.
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SOURCE: Petrosonic Energy, Inc.
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