TORONTO, May 16, 2012 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) is pleased to announce that Nano Dispersions Technology Inc. ("NDT") has been granted a U.S. patent (#8177867) for "nano-dispersions of coal in water as the basis of fuel related technologies and methods of making same." The patent was issued on May 15, 2012.
The patent process was initiated by NDT by filing the patent application on June 30, 2009. Based on a memorandum of understanding ("the MOU") signed October 15, 2009 between NDT, Alpha Ventures Finance Inc., and Blue Advanced Colloidal Fuels Corp. ("Blue ACF"), NDT granted exclusive rights to the patent to Blue ACF for the entire 10-year duration of the patent. Pursuant to the MOU, Blue ACF also has a 36-month exclusivity period related to any vehicle developed by Blue ACF for applications of the patent using coal and asphaltite.
Luis Carvajales, Chief Executive Officer of Pacific Coal, commented: "Blue ACF is developing innovative, value-added and cost-efficient fuels using our Colombian coal. Colloidal Coal in Water ("CCW") presents an alternative new energy source made out of colloidal size particles of solid fossil fuels suspended in water, and we are very excited that NDT has received a patent for its CCW technologies. This patent is very significant to Pacific Coal because it enables us to leverage our coal and asphaltite resources through an exclusive protected technology."
Pacific Coal Resources currently has a 5% equity interest in Blue ACF and has an option to increase it to 20% (the "Option"). The Company has advanced US$5.0 million under the Option and has agreed to fund an additional US$15.0 million, subject to successful testing of the CCW and Colloidal Asphaltite in Water processes. The additional funding is to begin within the 3-month period following the completion of such testing.
About Blue ACF
Blue Advanced Colloidal Fuels Corp. is a private company focused on developing, manufacturing and marketing colloidal fuels. These fuels may be made out of coal, petcoke, asphaltite or biomass. The Company is also using currently its proprietary technology to develop sorbents for emission abatement. Blue ACF is innovative on fuels solutions, bringing into the market highly technological, low cost and environmentally efficient fuels.
Nano Dispersions Technology Inc. is a private research laboratory, based in the City of Knowledge in Panama, which specializes in the development of emulsions for energy, industrial and medicinal uses, using proprietary technology and leveraging its state of the art fluid dynamics know-how. Colloidal Coal in Water is but one of the various technologies that this group has developed in the last few years.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a Canadian-based mining company focused on coal, coking coal, asphalt and asphaltite exploration, development and production from prospective producing, development-stage and exploration-stage properties in Colombia. The Company has acquired or entered into agreements to acquire various interests in several operating coal mines and projects, representing a substantive coal and asphaltite exploration and production area throughout Colombia.
Pacific Coal is committed to implementing its exploration and development strategy with a comprehensive environment, safety and community program, meeting international standards of best practice.
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Pacific Coal to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Pacific Coal disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
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