Green Oasis Environmental, Inc. Extends Again Its Agreement With
Manova
PR Newswire - December 18, 1997 13:07
CHARLESTON, SC, Dec. 18 /PRNewswire/ -- Green Oasis Environmental, Inc. (GRNO) announced today that it had again extended its previously announced Letter of Intent with Istanbul, Turkey based MANOVA ARITMA CEVRE KORUMA PETROL (Manova) from January 31, 1998 to March 31, 1998. The extension resulted from the further revisions to the proposed waste oil collection law under consideration by a consortium of petroleum producing and importing companies under the auspices of the Turkish Ministry of Environmental Affairs that were made at the consortium's last meeting on December 9, 1997. The final meeting
of the consortium has been scheduled for February 4, 1998, after which the proposed law should be submitted to Parliament for approval.
Manova also has advised the company that it has completed its application for its Pre-License to operate a waste oil refining operation with the Turkish Ministry of Energy, and is waiting on the Ministry's comments or questions. Once accepted, the Pre-License will permit Manova to import refining equipment and put it in operation prior to receipt of a License of Operation.
William D. Carraway, President of the Company stated that "we felt the
extension of Manova's period of exclusivity with us for the Turkish market was appropriate, particularly in light of the progress that has been made both with the Ministry of Environmental Affairs and the Ministry of Energy.
Although Manova is optimistic that the proposed waste oil collection law will issue from the Turkish Parliament promptly after the next consortium meeting, it is difficult to predict with any certainty when or whether the Parliament will act on the proposal."
The Company's patent pending process is designed to produce marketable
fuels from waste oils in a closed cycle, one step process. The company manufactures equipment for its own use as well as markets to others.
SOURCE Green Oasis Environmental, Inc.
/CONTACT: William D. Carraway of Green Oasis Environmental, 803-722-5771,
or e-mail, grno@awod.com/ |
