Capital Reserve Canada Ltd. (OTCBB:CRSVF) ("CRC" or "the Company") is pleased to announce that it has entered into a long-term agreement with Genoil Inc. (TSXV:GNO) on behalf of its wholly owned subsidiary Two Hills Environmental Inc’s (THI). This agreement extends Genoil's lease on the THI site into a long-term contract for Industrial Waste Recycling and Disposal.
In this 15 year agreement, THI will build-out the infrastructure for deep well disposal and develop a salt cavern facility for recycling and permanent disposal of industrial waste over the next 12 months.
The agreement outlines the 15 year partnership between the two companies to operate and manage a waste disposal business. The Two Hills Environment plant is located 10 km north of Two Hills, Alberta on the west side of Highway 36 and is strategically located to sources of oilfield waste that is being generated in Northern Alberta’s Fort McMurray and Cold Lake regions.
Genoil has agreed to pre-pay the 15 year lease, and in preparation of this deal has upgraded the infrastructure on the THI site over the past year. Genoil’s plant infrastructure is fully operational and ready to receive industry waste and provide upgrading service for the partnership.
"The agreement with Genoil is a significant step and a strong strategic fit to enhance CRC’s position in the oil and gas sector while accelerating revenue growth” stated Mr. Steve Claussen the CEO and President of CRC. “ CRC looks forward to working with Genoil and Industry to help mitigate industrial waste in Alberta” added Mr. Claussen.
Genoil is an international engineering technology development company based in Alberta, Canada, that develops innovative hydrocarbon, oil and water separation, and marine technologies for the oil and gas and commercial marine industries.
CRC is a growing environmental technology solutions firm, developing industrial-scale projects that address current environmental concerns. Specifically, Two Hills (a wholly-owned subsidiary of CRC.) is establishing itself as a leader in the emerging greenhouse gas mitigation industry (e.g. Carbon Capture & Sequestration) as well as several other developed and emerging environmental industries including: industrial waste recycling and disposal, biofuels / bioenergy production and environmental services and remediation. CRC’s board of directors is led by former Premier of Alberta Mr. Don Getty.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release regarding the company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements and as such, speak only as of the date made. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in the Company’s latest 20-F dated July 15, 2009.