SPMP Star Petroleum Announces First Commercial Installation of New Catalytic Cracking Technology
Jun 8, 2006 9:00:00 AM
Copyright Business Wire 2006
CALGARY, Alberta--(BUSINESS WIRE)--June 8, 2006--
On behalf of Star Petroleum Corp. (the "Company") (PINK SHEETS: SPMP) President Rod Burns, P. Eng., today announced that the principals of Wellborn Energy Corp. ("Wellborn"), the Company's development partner, have reported to the Company that Process Innovators, Inc. ("PII") has negotiated the sale of their first commercial Low Profile Fluid Catalytic Cracking Unit ("LPFCCU") to an oil refinery located in the Western United States.
PII president Jim Vemich announced, "This news is of great importance to us because it justifies 12 years of development, expenditure of millions of dollars, testing, and fine tuning. We are very excited about the future as our demonstration phase comes to an end, and our commercial operations begin with the sale of our first unit." Mr. Vemich went on to say, "This is just the beginning because there is still much to be learned and there are many different applications of the technology that remain to be discovered."
Fine tuning will take place after set-up is complete, and the Company anticipates that important new data will result from the commercial operation of the unit. Also, the installation of this unit at the refinery will be invaluable to the Company as a showcase for the future marketing of the LPFCC technology. The Company has already received numerous inquiries from qualified buyers world-wide who are eager to attend at the site for the opportunity to review on-site operational data and to see a real world comparison to existing technology.
"One of the strongest selling points for the use of the company's unique LPFCC is the flexibility of our technology. With our first commercial installation we are proving up an important part of our business model and we anticipate that this will lead to a quick introduction of our technology to the industry on a global scale," said Russell Heaton of Wellborn. "Not only will we be able to build mobile, stand-alone catalytic cracking units for the field, but, as we are currently illustrating, we can 'marry' our technology into existing facilities, enabling the production of a higher-quality product at a lower cost, thereby improving the bottom line of our customers," he continued.
"The move to commercialization of the Technology represents a huge step forward for the Company and our joint development efforts," said Heaton. "It is vital that industry participants understand the magnitude of this development. We are no longer field testing a 'potential' or 'theoretical' technology. The commercial installation of the unit will result in the immediate generation of revenues, and, more importantly, will confirm its economic viability and importance to the entire industry," he continued.
About Star Petroleum Corp.
The Company is currently acquiring and venturing within the Oil and Gas sector. The initial focus and development will be on lower risk, high quality prospects which will provide the Company with a higher probability of success. The Company has additionally acquired interests in certain Oil & Gas related technologies to broaden the corporate opportunities within the industry.
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Source: Star Petroleum Corp.
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Star Petroleum Corp.
Rod Burns
877-782-7583
