Sonic Announces Operational Update and Name Change
TSX Venture Exchange Symbol: SNV
CALGARY, June 29 /CNW/ - Sonic Technology Solutions Inc. ("Sonic" or "the Company") is pleased to announce the following update.
Pursuant to the news release on February 4, 2010, the Company and its partner (Albnafta) have established a company in Albania for the operation of the joint venture. Sonic has also delivered a Sonic reactor to Albania and it is being prepared for installation at the facility site. Albnafta has funded and is continuing to fund the purchase of all facility modifications, new equipment and operations towards its capital commitment and has commenced preparation of the site. Foundational work and construction of the building to house the sonic reactor has been completed at the facility and all tankage, vessels, pumps and equipment have been ordered. Delivery of remaining equipment is expected through July and August. Initial sonic reactor start-up commissioning is expected to commence with various diluents/solvents and heavy oils in late July, after which final construction of remaining support equipment and continuous operations will be completed, towards achieving 1,000 bopd throughput processing capability. The parties are still settling certain outstanding legal documentation and related matters in respect of the joint venture, which is anticipated to be completed in the next two weeks.
Name Change to Reflect New Strategic Direction
Sonic will be changing its name to Sonoro Energy Ltd. to reflect its new strategic direction focusing on the energy industry. The name change is scheduled to become effective on or about July 7, 2010. The Company's Albanian joint venture is the first step in its strategic shift to a resource focus, partnering with local market producers, processors and refiners to increase the value of heavy oil production. The Company is also actively pursuing international exploration and production opportunities, with a focus on bitumen and heavy oil.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this release that are forward-looking statements, including completion of relevant joint venture agreement documents, funding of the capital for the joint venture, timing, cost and completion of the heavy oil upgrading facility and prospect of moving to a second phase of the de-asphalting process are subject to various assumptions and risks concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement except in compliance with applicable securities laws.For further information: please contact Richard Wadsworth Chief Executive Officer, at: Tel: 604 736-2552, Email: info@SONICTSI.com, www.SONICTSI.com