TSX Venture Exchange Symbol: SNV
VANCOUVER, Oct. 30 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or
"the Company") today announced under the terms of SONIC's purchase agreement
with Northern Oil Research Technologies Inc. ("NOR") the second performance
milestone has been met. This milestone involved performance evaluation to meet
medium sour oil grades using heavy oils to achieve a minimum of 25 API with
the upgraded oil quality acceptable to PetroSonic's potential clients.
Accordingly, the former shareholders of NOR were entitled to be issued
shares in the Company valued at five hundred thousand dollars and issued on a
formula based on current market prices.
However, management's belief that the current market turmoil has forced
its share price to trade well below expectations of when the NOR purchase
agreement was completed and the current share price is not reflective of the
true value of recent developments. Therefore, management has successfully
negotiated with the former shareholders of NOR to issue the shares above
market at 0.20 cents per share equating to 2.5 million common shares of Sonic.
Management would like to thank the former shareholders of NOR for their
commitment to the overall success of Sonic. The issued shares will be subject
to a four month hold period as well as restrictions on transfer contained in
the original purchase agreement.
About SONIC and PetroSonic
PetroSonic is a wholly owned subsidiary of SONIC and the exclusive
licensee of a heavy oil upgrading process utilizing proprietary processes and
sonic reactor technology developed and owned by SONIC. The PetroSonic
upgrading process incorporates de-asphalting and oxidation stages in a low
temperature and pressure process.
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 are subject to
various risks and uncertainties 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.
For further information:
For further information: please contact SONIC @: Tel: (604) 736-2552,
www.SONICTSI.com, Email: info@SONICTSI.com