Odyssey Enters Strategic Partnership With Hylem Water
JOHANNESBURG, South Africa, Apr 26, 2010 (GlobeNewswire via COMTEX) -- Odyssey Oil & Energy, Inc. /quotes/comstock/11k!oogi (OOGI 0.28, +0.13, +83.33%) is pleased to announce a strategic partnership with Hylem Water (Pty) Ltd. Odyssey has entered into a Memorandum of Understanding to help Hylem raise an amount of $2.5 million in order for Hylem to implement its business plan and Odyssey will take up to a 51% interest in Hylem.
Hylem Water manufactures and markets its Rubicon Sachet, which purifies drinking water making it particularly effective in rural areas; it also has the license for the Ferate Technology, which removes heavy metals from mining and industrial wastewater.
"Hylem is a perfect fit in our on going quest as a Green Technology Company," said Arthur Johnson - President.
About the Bio-Fuels Division
ALG Western Oil (Pty) Ltd, a subsidiary of Odyssey, is currently operating in a joint venture with Xstrata Alloys, a subsidiary of Xstrata Plc /quotes/comstock/23s!a:xta (UK:XTA 1,200, +35.01, +3.00%) , the world's largest producer of ferrochrome in a project at one of Xstrata's Ferro-chrome smelters near Rustenburg in South Africa to capture and sequestrate the carbon dioxide emissions thereby creating carbon credits.
Currently all the carbon monoxide from the ferrochrome smelters is flared to carbon dioxide and released into the atmosphere.
The current phase is the growing of a selected algae strain in photo bio-reactors, utilizing the carbon dioxide (CO2) flue gas coming from the exhausts of the generators, (with the aid of sunlight and some nutrients, through the process of photosynthesis) to sequestrate the environmentally harmful CO2 emissions and produce high value compounds like vegetable oil which can be used directly as a bio fuel instead of diesel and or jet fuel, carbohydrates and protein to be used in the animal feed industry and the release of oxygen back into the atmosphere.
ALG Western Oil has a pilot plant at Xstrata's Boschoek Smelter, The next phase will be the rolling out on a commercial scale.
The process turns harmful emissions into oxygen while producing bio-fuel, a clean renewable source of energy. By using Algae as the feedstock no food related resources are being consumed to produce the bio-fuel.
For further information on the company please contact the company at
+27(11) 807-1446
www.odysseyoil.net
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company's dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company's products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Odyssey Oil & Energy, Inc.
