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Midland, Inc. Announces California Breakthrough and Patent Info
Business Wire - April 16, 1998 18:14
%MIDLAND MIDL %TEXAS %CALIFORNIA %ENERGY %OIL %GAS V%BW P%BW
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DALLAS--(BUSINESS WIRE)--April 16, 1998--Midland, Inc.'s (Nasdaq/BB:MIDL) subsidiary, Arcon, announces a schedule of completion of the DF-144 Plant.
The state-of-the-art plant has been designed with continuous monitoring and the quality control features producing an ethanol-based gasoline-blending component and will be completed in the early fall of 1998.
The significant aspects of DF-144 (Dynamic Fuel-144):
-- DF-144 is not ether-based and is therefore more
environmentally "friendly" than additives such as MTBE or
ETBE.
-- DF-144 is less expensive than all competitors due to the
higher octane blend value achieved in the process.
-- The capital investment required to produce DF-144 is a
fraction of that required by competitive products and a
typical plant will return the initial investment in less than
24 months and is expected to generate above average returns
for the long run.
-- DF-144 is registered with the EPA under the confidentiality
provision of the rules and regulations as set forth by the
EPA.
The largest single motor fuel market in the world is California. A prominent international refining consultant retained by Arcon has estimated the demand for DF-144 would be in excess of 70 plants to cover the northern and southern parts of California. Until now, ethanol-based gasoline has not been sold in the state. Each DF-144 plant at 100,000 gallons per day will produce $36 million per annum and net $7 million, and production commences in September 1998.
California is the largest based gasoline market in the U.S.A. Ethanol gas has 12% of the present market and this sets the precedent for many other states. A bill introduced by Senator Feinstein would require other states to drop MTBE from gasoline (see MTBE on the Internet) and replace it with ethanol. There are 332 million gallons of gasoline sold daily in the U.S. Arcon will receive 5.4 cents per gallon cash rebate from the federal government on all ethanol gasoline blended and sold by Arcon containing DF-144.
Tosco/NYSE now announces the following quote in Los Angeles Times:
TOSCO to sell gasoline without MTBE in Calif.
LOS ANGELES...Tosco Corp. on Wednesday said it has begun selling gasoline without the controversial gasoline additive MTBE in part of California.
The Connecticut-based refiner and marketer said the six-month pilot program will replace MTBE, or methyl tertiary butyl ether, with corn-based ethanol at 50 of its "76" brand gasoline stations in three counties around San Francisco.
"This gasoline we are producing will meet all of California's strict air quality requirements without the use of MTBE and will reduce the risk to the state's valuable water resources," Tosco Chairman Thomas O'Malley said in a statement.
This is a major breakthrough for ethanol fuels and the demand for our plants should far exceed supply in the near future. See 4/15/98 Tosco Release.
Daniel W. Fisher and John H. Spriggs have issued instructions to file additional patents on the DF-144 (Dynamic Fuels) process and newly engineered plant. Brownell & Roberts, Washington D.C.'s foremost patent attorneys will execute this additional breakthrough information in the United States and 80 countries.
Arcon has the only octane enhancer process that enables regular ethanol to produce a product with octane as high as 227. The process is applicable to motor fuels, aviation and marine ethanol gasoline. No other process worldwide will be as cost effective.
The Company announces the opening of our Houston operations center. It is a more desirable location from the technical and supply side of the gas business, and, as the initial plant is being constructed at Victoria, Texas (near Houston), more daily supervision is required. Since we expect several plants for production in the next two years, certain management changes are being made as the Company structures itself more toward its core business. The board of directors has eliminated the position previously held by Willard McAndrew. Those functions previously performed by McAndrew will be the responsibility of Daniel W. Fisher. The Company appreciates the effort and accomplishments of McAndrew and wishes him well in his future endeavors. John Spriggs will become the Chief Operating Officer supervising all technical and manufacturing operations in Houston.
We expect further announcements soon. References on the Internet -- MTBE, Tosco.
CONTACT: Midland, Inc., Dallas
Investor Relations, 888/478-5010
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