TECHNOLOGY / Renaissance participates in test
AUTOMATED TRANSFER SYSTEMS SIGNS AGREEMENT WITH MAJOR
OIL AND GAS PRODUCER TO DEVELOP GAS-TO-LIQUIDS
TECHNOLOGY
DENVER, Sept. 25 /CNW/ - Automated Transfer Systems Corp. (OTC Bulletin
Board: ATNY) today announced that a subsidiary, Carbon Resources Limited, has
signed an agreement with one of Canada's larger oil and gas producers to
develop CRL's proprietary technology for converting stranded natural gas to
clean-burning petroleum fuels.
The agreement, signed with Renaissance Energy Limited in Calgary, will
lead to construction, in Alberta, Canada, of a demonstration plant equipped
with CRL's cold fusion gas-to-liquids technology. Renaissance will provide the
stranded gas well for construction and testing of the plant, assist CRL with
regulatory requirements of the Alberta Energy and Utilities Board, and,
assuming favorable test results, will consider licensing the technology for
use at selected gas wells in Alberta.
The plant, due for completion in April, 1999, will be engineered by Bower
Damberger Rolseth Engineering Ltd., a privately owned oil and gas engineering
firm in Calgary.
''We are very excited about completing this agreement with Renaissance
Energy,'' said CRL president Thomas Cooley. ''We believe this collaboration
may lead not only to a considerable revenue stream for our company and
licensees around the globe, but also to a reduction in natural gas being
released into the atmosphere.''
Natural gas, when vented or flared to the air, is a major contributor to
atmospheric carbon dioxide and resulting increases in the planetary greenhouse
effect.
The worldwide market potential for the gas-to-liquids technologies aimed
at reducing this effect is estimated at more than $175 billion USD annually.
Renaissance Energy Ltd. trades on the Toronto and Montreal Stock
Exchanges. In fiscal 1997, the company had revenues of $790 million and net
income of $115 million.
Bower Damberger Rolseth Engineering Ltd. has built and managed more than
300 oil and gas facilities in Western Canada over the last 15 years.
Automated Transfer Systems Corp., which owns a 75 percent interest in
Carbon Resources, is a Colorado corporation headquartered in Calgary with
offices in Houston and London and an R&D affiliate in Orleans, France.
This document contains forward-looking statements. There are certain
important factors that could cause results to differ materially from those
anticipated by the statements made above. Additional information on these and
other factors are included in the company's Private Placement Offering
Circular, dated August 10, 1998.
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For further information: Jacquie Danforth, Director, Automated Transfer
Systems Corp., (403) 269-2274; or Rick Eisenberg of Eisenberg Communications,
(212) 496-6828, for Automated Transfer Systems
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