Speaking of PR's. This is music to my ears!
Freestone Resources, Inc. (OTCQB: FSNR) and Dynamis Energy, LLC today announced a joint venture intended to vertically integrate the Petrozene product line. Petrozene, used as an additive, provides a cost-effective solution for dealing with tanker sludge, paraffin problems, storage tank maintenance, and more.
Under the agreement, Freestone and Dynamis will share resources with the goal of normalizing supply of the chemicals necessary for the production and supply of Petrozene.
Freestone and Dynamis have been working diligently for over a year to develop the strategy to complete this transaction, which will provide world-scale supply of the Petrozene product line. This transaction has resulted in the formation of Freestone Dynamis Energy Products, LLC (FDEP).
“This has been a complex transaction that involved the coordination of multiple parties, but I firmly believe that our persistence and dedication to this project will pave the way for the expansion of Freestone and the development of our relationship with Dynamis,” said Clayton Carter, CEO at Freestone Resources.
The transaction includes the purchase of the Texas-based company, C.C. Crawford Retreading Company, Inc. (CTR). CTR is located in Ennis, Texas and has been in the tire disposal and repair business since 1987. As a wholly owned subsidiary of Freestone, CTR will continue its ongoing operations and will be the catalyst for consistent feedstock for Petrozene. FDEP will be installing and operating a proprietary technology for Petrozene at the site. The necessary infrastructure for immediate operations of the technology is already in place at the CTR facility.
The specific technology that FDEP will operate at the CTR site has been in commercial operation for several years, and its products have been utilized successfully to make Petrozene. Freestone and Dynamis have conducted substantial due diligence on the technology and are confident that implementation of the technology will provide Freestone the necessary control over the production of Petrozene. This consistent supply will provide opportunities to accept long-term contracts for large volumes of Petrozene sales. The technology will also produce other byproducts of value that can result in additional revenue streams.
Kevin McNulty, CEO of Dynamis Energy said, “We are very pleased to partner with Freestone Resources and excited about the opportunity to combine our technology expertise with Freestone and it’s revolutionary Petrozene product. This is the first of many projects we expect to come from this Joint Venture.”
CASE CLOSED!!!!
