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GREEN OASIS ENVIRONMENTAL, INC. RECEIVES DEPOSIT ON PRIOR ORDER
CHARLESTON, S.C., March 6 /PRNewswire/ -- Green Oasis Environmental,
Inc. (GRNO) announced today that it had received final payment toward a
$100,000 deposit for a Model 1000 EnviroEconomics waste oil processing
plant from AMBIX Technologies, Inc., successor-in-interest to RecOil,
Inc. The Model 1000 has not been previously manufactured or tested,
but its design is based on the previously manufactured and tested Model
200/400. The deposit relates to one of three units originally ordered
by RecOil, Inc. in December, 1996, as reported by the Company in its
January 6, 1997 press release.
The $100,000 deposit for the Model 1000 unit was satisfied by
reclassifying a series of stockholder loans made by Raymond C. O'Brien
to the Company during November and December, 1997, totalling $47,250,
and payment of $50,000 by AMBIX and $2,750 by Mr. O'Brien on February
24, 1998. The deposit is non-refundable, and will be applied toward
the purchase and installation price of $2.6 million for the Model 1000
unit. Green Oasis will receive the $1.6 million of the purchase price
in a series of progress payments scheduled to be paid over a five month
construction and installation period. Green Oasis has no information
regarding the source of AMBIX's funds for the $1.6 million of progress
payments, and is not obligated to commence construction of the unit or
place orders for components or other materials until the first progress
payment is received. The $1,000,000 balance of the purchase price for
the unit will be paid by delivery of AMBIX's subordinated term note
upon completion of the installation of the unit. The note will bear
interest at the rate of 8%, payable monthly over ten years, and the
first installment under the note is due 90 days following AMBIX's first
sale of No. 2 diesel fuel. Green Oasis will also receive a royalty for
sales of No. 2 diesel fuel by AMBIX, based on the rack price of No. 2
diesel in the area market. AMBIX has also been granted an exclusive
development agreement for Texas and Louisiana, subject to its
satisfying the payment terms of the license fee.
Installation of the unit at AMBIX's site in Bay City, Texas, is
scheduled to be completed within five months following receipt of the
first progress payment. AMBIX is responsible for securing all
construction, operating and environmental permits for the unit.
AMBIX is a successor-in-interest to RecOil, Inc., which is owned by
Raymond C. O'Brien and members of his family. Mr. O'Brien and his
family beneficially own more than 5% of Green Oasis common stock, and
in the past, Mr. O'Brien has performed a number of financial advisory
services for Green Oasis.
Green Oasis' 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.
-0- 03/06/98 /CONTACT: William D. Carraway
of Green Oasis, 803-722-5771, or e-mail, grno@awod.com/
CO: Green Oasis Environmental, Inc. ST: South Carolina IN: OIL ENV
SU:
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