Friday November 6, 4:47 pm Eastern Time
Company Press Release
SOURCE: Green Oasis Environmental, Inc.
Green Oasis Environmental, Inc. (GOE, Inc.) Secures Asian Joint-Venture Partner
CHARLESTON, S.C., Nov. 6 /PRNewswire/ -- Green Oasis Environmental, Inc. (OTC Bulletin Board: GRNO - news) announced today the formation of a China corporation, Green Oasis Environmental Qingdao Co., Ltd.(the joint venture company) which will be owned 50% by Green Oasis Environmental, Inc., and 50% by Qingdao Asia-Pacific Benz Motorcar Co., LTD. (China PARTNER) based in Qingdao, China. The China Partner will purchase a total of 1 million shares of Green Oasis Series B convertible preferred stock ( $1.00 par value) for $ 1.00 per share, of which the first investment trounch of $100,000 has occurred. The China Partner will purchase the additional 900,000 shares as follows: December 1998, 100,000 shares, January 1999, 100,000 shares, March 1999, 200,000 shares, April 1999, 500,000 shares. In addition the China Partner will capitalize the joint-venture company with not less than $ 3 million US dollars. The joint-venture company has optioned an 8.2 acre site in the Qingdao Hightech Industrial Park which adjoins Hewlett Packard and Lucent Technologies for the construction of an office building, plant manufacturing facilities, tank farm and waste oil processing center to accommodate two model 1000 plants of 60,000 square feet, worker and management housing, and visitor bungalow. The joint-venture company will be the exclusive marketing agent for China and the exclusive plant manufacturing agent for Asia. Green Oasis retains the responsibility for plant installation, customer training, and plant start-up. The target date for the joint-ventures' first model 1000 plant to be operational in Qingdao, China is June 1999. Qingdao Asia-Pacific Benz Motorcar Co., Ltd.'s existing relationship with General Motors, Ford and Chrysler complement the US relationship now formed with Green Oasis. The joint-venture is scheduled to serve as host to the Environmental Protection Agency of the People's Republic of China's National Environmental Conference in Qingdao, China. Mr. Yanging Zhow, Chairman of Qingdao Asia-Pacific Benz Motorcar Co., Ltd. will serve as Chairman of the Board of Directors of the joint-venture company which will have six Directors, three from each company.
W. D. Carraway, President of GOE, Inc. stated, without the efforts of Charleston based United States Investment Alliance, and their partners and relationships in China, this opportunity would not have been possible. We believe Qingdao Asia-Pacific Benz Motorcar Co., Ltd. is the ideal partner because they understand the waste oil market in China and the financial opportunities associated with a product, diesel fuel, that is currently selling for 71 cents a liter. Green Oasis continues to move its technology and business forward as noted; June 1998, the EPA classification of GOE's diesel fuel product as a synthetic alternative fuel; July 1998, DHE, South Carolina, issued the necessary permits required to modify and operate the Charleston plant at a capacity of 1000 gallons per hour; August 1998, the consent settlement by GOE, Inc., respecting all of its issues with the SEC was confirmed by Court Order; September 1998, the United States Department of Commerce Patent and Trademark office issued the process patent, and now the joint-venture Asian relationship and equity capital investment in Green Oasis.
Green Oasis' patented 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 worldwide.
For Additional Information Contact:
William D. Carraway, President
Green Oasis Environmental, Inc.
Charleston, SC
843-722-5771
E-Mail: grno@awod.com
SOURCE: Green Oasis Environmental, Inc.
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