Los Angeles, CA (PRWEB) August 6, 2007
OriginOil, Inc., the developer of a breakthrough technology to transform algae, the most promising source of renewable oil, into a true competitor to petroleum, launched its corporate website today. The website is the first glimpse into the OriginOil System, a complete bioreactor-based process where microalgae can be rapidly grown and cracked to extract algae oil for fuel and chemical production.
Crude oil has recently traded near $80 and the price may be poised to reach as high as $100 per barrel. U.S. petroleum industry leaders have stated that world oil and gas supplies are not likely to keep up with rising global demand over the next 25 years. The need for an alternative to petroleum is clear.
"We've known for a long time that algae has the best potential for displacing petroleum over time," said Riggs Eckelberry, president and CEO, adding, "but its potential has always been held back for lack of critical enabling technology. We believe OriginOil's technology is the missing element to enable mass production of algae oil."
The OriginOil website outlines the current challenges in algae production and explains the Company's breakthrough technology, Quantum Fracturing" ™, which addresses these challenges. The site discusses the applications for algae-based feedstock; it is also a resource center for information on algae production as a biofuel.
The Company intends to be a technology provider to the growing alternative energy and biofuel industry. Therefore, while OriginOil intends to sell complete algae oil production systems, it will also pursue co-ventures and licensing agreements with large-scale producers. As a technology company, OriginOil does not plan on becoming a marketer of end products such as biodiesel and other fuels.
About OriginOil, Inc.:
OriginOil™, Inc. is developing a breakthrough technology that will transform algae, the most promising source of renewable oil, into a true competitor to petroleum. Much of the world's oil and gas is made up of ancient algae deposits. Today, our technology will produce "new oil" from algae, through a cost-effective, high-speed manufacturing process. This endless supply of new oil can be used for many products such as diesel, gasoline, jet fuel, plastics and solvents without the global warming effects of petroleum. Other oil producing feedstock such as corn and sugarcane often destroy vital farmlands and rainforests, disrupt global food supplies and create new environmental problems. Our unique technology, based on algae, is targeted at fundamentally changing our source of oil without disrupting the environment or food supplies. To learn more about the Company, please visit our website at http://www.originoil.com.
Safe Harbor Statement:
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.