(BSNS WIRE) Greenvolt Power Corp Forms Alliance With AOL Technology To Tap
Greenvolt Power Corp Forms Alliance With AOL Technology To Tap Into $200M US
Market
Business Editors
ORILLIA, Ontario--(BUSINESS WIRE)--May 31, 2001--
Developer of Leading Edge Oil Well Pump Technology Finds
Greenvolt's Magnesium Air Saltwater Fuel Cell is Ideal Solution for
Powering Tertiary Recovery in Remote Locations
Greenvolt Power Corp (OTCBB:GVLT), a development stage company
specializing in alternative energy sources, announced an alliance with
AOL Technology, an OEM/reseller of Greenvolt products.
AOL is an OEM and reseller of a number of innovative oil/gas
remediation technologies, including the well-known Balanced Oil
Recovery System (BORS) Lift. The BORS Lift, which is able to
rejuvenate shallow, low-volume stripper wells, responds to the need
for more sophisticated technology for oil recovery in remote
locations. The Greenvolt Magnesium Air Saltwater Fuel Cell (MASWFC),
which runs on saltwater alone, provides a cost-effective,
environmentally friendly solution to powering of the BORS Lift.
AOL Technology found that by "racking and stacking" five Greenvolt
MASWFC with two super capacitators, or electric energy storage
devices, the MASWFC can power the BORS Lift in remote locations for
15-50 days depending on the production level and fluid depth of the
well. AOL Technology's own Monitor & Control System is equipped with
an automatic flush unit that can either activate or shut off the
MASWFC by refilling it with or flushing out saline solution. The
system also alarms the operators when service is required and an anode
replacement is due.
"There are over 400,000 oil wells in the United States that
require a low-cost method of tertiary recovery," announced Thomas
Faul, President and CEO of Greenvolt Power Corp, and Daryn Bozek,
partner of AOL Technology, in a joint statement. "This is a $200M a
year market in the US alone, yet no other technology currently
addresses this issue. We are very pleased that our two companies can
work together to bring about an effective, low-cost solution that
won't negatively impact the environment."
About Greenvolt Power Corp
Greenvolt Power Corp, a development stage company, focuses on the
commercialization of alternative, efficient and affordable sources of
energy through the utilization of unique, frost-proof and
emission-free modular Alkaline Fuel Cell (AFC) systems and products,
with a future eye on exploring other alternative energy sources such
as Solid Polymer fuel cells and Magnesium Air Water fuel cells.
An abundant, renewable power source, fuel cells are designed to
produce non-polluting, direct current electric power for use in
stationary and portable power applications. For additional
information, visit the company's website at www.greenvolt.com.
About BORS Lift/AOL Technology
BORS Lift was developed specifically for use in stripper wells,
which are shallow, low-volume wells that typically have a limited life
span and are prone to closure due to high water cuts and lack of
production. The BORS Lift allows these wells to get back into
production by allowing the natural static pressures to establish a
balance point between the oil and water column through a series of
logging applications and reservoir engineering. AOL Technology/BORS
Lift simply lifts the oil out of the well bore, leaving the water
behind and saving the producer substantial overhead and environmental
costs while typically increasing production by at least 100%.
AOL Technology is a developer of leading edge oil well
technologies that ultimately benefit its clients with reduced costs,
increased production, greater yields and security. AOL Technology
systems can be applied to almost any business arena from a
non-intrusive standpoint.
For more information, please visit www.aoltechnology.com.
This press release contains forward-looking statements relating to
future results of the company as defined in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially as
a result of certain risks and uncertainties. These risks and
uncertainties include, but are not limited to: the successful
commercialization of its alternative fuel cell technology; its ability
to acquire and develop both new and existing forms of alternative
energy technology; market acceptance and demand; pricing pressures and
other competitive factors; as well as other risks and uncertainties,
including but not limited to those detailed from time to time in the
company's Securities and Exchange Commission filings. These
forward-looking statements are made only as of the date hereof, and
the company undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
--30--jsk/in*
CONTACT: Greenvolt Power Corp
Thomas Faul, 705/326-1117
www.greenvolt.com
or
Promark Inc.
Ken Lowman, 215/923-8600
KEYWORD: INTERNATIONAL CANADA
INDUSTRY KEYWORD: UTILITIES OIL/GAS
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