Granite Energy Acquires Worldwide License
University of Utah technology complements ‘Green’ initiative.
Salt Lake City, Utah (PRWEB) May 31, 2007 -- Granite Energy (OTC: GNGI) (the Company) today announced the acquisition of a worldwide Licensing Agreement with the University of Utah. The agreement will complement the new “Green” division for Granite Energy offering its clients an alternative energy perspective. This world wide licensing agreement from the University of Utah is for its patent of a small, low cost, highly efficient catalytic slurry reactor, which can be applied in exothermic synthesis gas conversion processes.
The following features distinguish this reactor from “conventional” gas-sparged slurry reactors:
| | - The excellent dispersion of the gas reactants with the catalyst phase.
- Short residence time.
- High throughput per unit reactor volume.
- Outstanding mass and heat transfer characteristics.
- Operate over a wide range of temperature and pressure.
- Up to one thousand times more efficient than currently known technologies.
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Granite’s acquisition will position the company to deliver innovations that fulfill the increasing demand for more alternative energy solutions in the market while also continuing to develop its proven reserves that empowers investors to choose the combination of technologies that best serves their needs. Combined with Granite Energy’s recently acquired “Green Start” subsidiary, the potential exists to literally create fuels from municipal solid waste.
“Bringing Granite Energy together with the University of Utah Research Foundation will allow us to surpass what we currently deliver as an oil and natural gas company, and reinvent our industry as a technology leader. We believe Granite Energy will drive growth and innovation for the entire industry, enabling us to create a foundation to evolve into one of the leading energy companies that is differentiated by solutions that are environmentally friendly,” said Granite Energy’s Chairman, Bruce Lybbert.
For additional information about Granite Energy, Inc., go to www.graniteenergy.com
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as “may,” “will,” ”should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue,” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
SOURCE: Granite Energy, Inc.
CONTACT:
Granite Energy Inc.
Aaron Bringhurst
801-532-6800
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