ESP Resources, Inc. Signs Reseller and License Agreement With BPT Americas, LLC for Distribution of Petrochemicals to the Middle East, Northern Africa and Russia
SCOTT, La., May 24, 2011 (GlobeNewswire via COMTEX) -- ESP Resources, Inc. (OTCBB:ESPI) (the "Company" or "ESP Resources"), a manufacturer, blender, distributor, and marketer of specialty chemicals and analytical services to the oil and gas industry, announced that it has signed a Reseller and License Agreement ("Agreement") with a Bahrain-based petroleum trade company, BPT Americas, LLC ("BPT "), as the sole authorized reseller of all of the Company's petrochemical products in the Middle East, including Northern Africa and Russia. BPT, which maintains a representative office in Manama, Kingdom of Bahrain, supplies materials to clients within the represented areas in the oil and gas, chemical and petrochemical, corrosion protection, power generating, pipeline construction and refining industries. BPT has extensive relationships with several of the national oil companies located in the Middle East and Northern Africa.
The Agreement is for an initial term of one year, with a five year renewal period. Through this Agreement, testing is already underway of ESP Resources' entire petrochemical product line to Tatweer Petroleum-Bahrain Field Development, a joint operating entity between a major oil and gas exploration company and the National Oil and Gas Authority of Bahrain. One of ESP Resources' senior field technicians has been stationed in Bahrain for the past sixty days to oversee testing and expects a recommendation for the use of the Company's products to be submitted within the next thirty days. In addition, further testing of the Company's petrochemical products is expected to commence in the countries of Oman, Kuwait, Yemen and Saudi Arabia in the next six months as a result of this Agreement.
"We expect the initial financial impact of this contract with BPT Americas to boost our sales by over 15% based on the interest level generated to date by this partnership," stated David Dugas, President of ESP Resources. "As testing unfolds in these other countries over the next six months, the impact on our company's growth can be significant for our revenue, profits and our international presence," Dugas stated further.
A field tech had already been there for 60 days (March 24 give or take) when this PR came out. They were looking for recommendations within the next 30 days (June 24 give or take). In addition, further testing was to be done over the next 6 months (November 24 give or take). One would think that we should have some results from the initial testing, but I believe they will gives us that information soon or later.
JMO, Sho-Nuff
Striving through this huge forest of stocks to get to the right one at the right time.
