BP Plc (BP)

[nev_investor]

ReGen III Signs Definitive Agreement with bp

Vancouver, British Columbia--(Newsfile Corp. - May 17, 2021) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN41) ("ReGen III" or "the Company"), formerly known as Gen III Oil Corporation, is pleased to announce that further to the Company's press release dated May 3rd, 2021, ReGen III has signed a definitive, multi-year offtake agreement (the "Definitive Agreement") with bp for bp to purchase all of the Company's base oil production from the Company's proposed 5,600 bpd US Gulf Coast re-refining facility (the "USGC Facility"). The USGC Facility will serve as the foundation for ReGen III's future growth plans.

"This off-take supply agreement is a landmark Company milestone as it advances our proprietary and patented ReGen™ technologies to in-market, commercial adoption. This agreement rewards our long-standing conviction that our solutions address the growing global demand for environmentally friendlier base oil production by simultaneously recycling waste and reducing greenhouse gas emissions," states Greg Clarkes, Chairman and CEO of ReGen III. "We thank the global team at bp, who worked closely with us for fifteen months against the backdrop of a global pandemic. This team was instrumental to us realizing the Definitive Agreement."

ReGen III's proprietary and patented ReGen™ technologies re-refine used lubricating oils to produce high-quality Group II+ and Group III base oils that fill the onshore North American production shortfall. From a life-cycle assessment standpoint, the initial facility is estimated to eliminate 725,000 tonnes/annum of CO2 equivalent emissions versus the burning or current disposal methods for used motor oil[1]. This is the equivalent to removing the greenhouse gas emissions generated by over 156,000 automobiles in one year[2].

The Company's strategic objective is to become the leader in the global re-refined base oils market. Securing an off-take supply agreement for 100% of our USGC Facility's base oils production allows the Company to complete non-dilutive, best-terms financing to meet expansion and market penetration goals. The Company plans to identify a USGC Facility site shortly and move through project financing talks and all other necessary steps to advance the USGC Facility in a timely manner.

The agreement is the successful culmination of previous and related disclosure of a "potential client" and confidential negotiations with a "super major" in past press releases.

ReGen III leads the way with innovations in re-refining technology, with 10 patents awarded and seven pending globally. Our ReGen™ technology not only re-refines used lubricating oils removing waste but recycles it into new synthetic products and reduces the need to source virgin crude oils to manufacture engine lubricants.

About bp

https://www.bp.com/en/global/corporate/who-we-are.html

About ReGen III

ReGen III is a cleantech company creating more sustainable solutions that include better environmental outcomes and compelling economics. ReGen III owns a portfolio of patented technologies that enable used motor oil ("UMO") re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. For more information about the Company, please visit www.ReGenIII.com .

On Behalf of the Board of ReGen III Corp.

"Greg Clarkes"
Greg Clarkes
Chief Executive Officer

For further information, contact Mark Redcliffe at [phone].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

https://www.newsfilecorp.com/release/84325