Dallas, Texas (PRWEB) November 19, 2013
VeroLube Inc. (“VeroLube” or the “Company”), a provider of used oil re-refining services and route based collection of used motor oil, announces today the development of the first two (2) new used oil re-refineries using VeroLube’s patented, proprietary and certified ReGen™ re-refining process. These initial re-refineries will be located in Bowden, Alberta Canada and Houston, Texas.
“These first two re-refineries will commence VeroLube’s strategic growth plan for both the vertical integration of strategic used oil collection companies and the development of strategically located used oil re-refineries worldwide utilizing our patented and proprietary ReGen™ re-refining process” said Mr. Leslie Wulf, Chief Executive Officer of VeroLube.
“VeroLube has secured the optimal strategic and financial partners to execute its growth and development plans” said Mr. Bruce Hall, Chief Financial Officer of VeroLube.
The anticipated closing for the acquisitions of used oil collection companies under contract will commence in the first quarter 2014, and the first two re-refineries are under design with construction to commence in 2014.
VeroLube’s ReGen™ re-refining process was created, tested, certified and patented over the past ten years. This process creates four high quality products with ninety seven percent (97%) recovery from the used oil input. In the certification process, used oil from various locations worldwide were successfully processed through the ReGen™ re-refinery process. Unique to the ReGen(TM) process is that approximately 50% of its finished product is Group III base lubricating oil (synthetic quality) without requiring hydrotreating.
“The ability for the Company to re-refine various grades of used oils into high quality products, especially Group III base lubricating oil without hydrotreating, gives VeroLube a significant market advantage over other used oil re-refinery operations” said Mr. Wulf.
VeroLube’s used oil re-refineries are being engineered and designed in a modular train format to allow for the re-refinery to process different grades of used oil and allow for expansion based on the availability of used oil feedstock. The Company has engaged Houston-based Wood Group Mustang (http://www.mustangeng.com), a world-class engineering, procurement and construction services firm, for design and development services, which will be executed from both its Calgary, Alberta and Houston, Texas offices.
“Wood Group Mustang has an extensive background in both traditional refining and re-refining and has been involved with projects involving several re-refinery processes over the years. The VeroLube-patented ReGen™ process is definitely an advantaged process that can produce advantaged outcomes,” said Mr. Rick Kolodziej, Process Technology Manager, Wood Group Mustang.
Bowden, Alberta Canada: This re-refinery will have an initial throughput capacity of 1,000 barrel per day (BPD) (15 million gallons annually) which will thereafter be expanded to a 2,000 BPD (30 million gallons annually) throughput capacity. The re-refinery will be located in Bowden, Alberta, just north of Calgary on property owned by Parkland Refining Ltd. (“Parkland”) (http://www.parkland.ca). This site provides significant existing infrastructure and permitting in place that reduces the overall capital cost as compared to a pure “greenfield” location. Parkland is the largest independent distributor of fuel and oil in Canada and brings several strategic benefits to VeroLube including access to terminal services as well as the potential for process operations personnel.
Houston, Texas: This re-refinery will have an initial throughput capacity of 4,000 BPD (60 Million gallons annually) with the ability to expand to 6,000 BPD (90 million gallons annually) at a site located on the Houston ship channel.
About VeroLube, Inc.
VeroLube, Inc. (“VeroLube”) is a provider of used oil re-refining services using its own patented and certified ReGen™ re-refining process producing high yields of quality hydrocarbon products from used motor oils and is a vertically integrated route based collector of used motor oil. http://www.verolube.com
For further information:
Andrew Szabo, Chief Marketing Officer, VeroLube, Inc.,972-740-2037, andrew(at)verolube(dot)com.
Certain statements in this Release which are not historical facts may constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Any statements related to VeroLube’s projected revenues, earnings, growth rates, revenue mix, staffing and resources, and product plans are forward looking statements as are any statements relating to future events, conditions or circumstances. The use of terms such as “believes”, “anticipated”, “expected”, “projected”, “targeting”, “estimate”, “intend” and similar terms are intended to assist in identification of these forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance, achievements or developments of VeroLube to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions. Except as required by law, VeroLube does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.
The Company undertakes no obligation, except as required by law, to update publicly or otherwise any forward-looking information, whether as a result of new information, future events or otherwise, or the above list of factors affecting this information. Many factors could cause the actual results of VeroLube to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements.