CLARIFICATION RELEASE
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Green Oasis Environmental, Inc. (GOE, Inc.) Clarification of the Joint-Venture With Qingdao Asia-Pacific Benz Motorcar Co., Ltd Qingdao, China
PR Newswire - November 09, 1998 20:10
CHARLESTON, S.C., Nov. 9 /PRNewswire/ -- Green Oasis Environmental, Inc. (OTC Bulletin Board: GRNO) released the following today:
This will serve to clarify the press release of November 6, 1998. GOE's current issued and outstanding shares of common stock is 6,465,134, 20 million shares authorized. GOE has 5 million shares of authorized Preferred stock (43,000 shares of Series A issued & outstanding) 2.5 million shares of Series B Convertible Preferred Stock ($1.00 Par Value) authorized, of which 335,000 shares are outstanding, including the investment of the China Partner, which shares are convertible to GOE common stock at $0.75 per share (seventy five cents), and which pays a cumulative interest rate of 10%. The effective date of the initial $100,000 investment by the China Partner of Series B Convertible Preferred stock was November 4, 1998. Upon conversion of the preferred stock to common stock, the holding period of the restricted stock is 12 months from the date of the investment. All investments by Qingdao Asia-Pacific Motorcar Co. Ltd. are in US dollars and the purchase of the Series B Convertible Preferred stock directly relates to the scheduled budgeted investment of $3 million dollars US in China by the China joint-venture Partner to the benefit of the joint-venture company, Green Oasis Environmental Qingdao Co., Ltd., being land, buildings, manufacturing equipment, furnishings, tanks, trucks necessary to establish the business infrastructure of the joint venture company: exclusive marketing agent for China, exclusive manufacturing agent for Asia, and a waste oil collection and processing center in Qingdao, China. The office building and laboratory facilities of a proposed 51,667 square feet will conduct research and development of the GOE patented technology in new areas to include processing hazardous and contaminated waste oils and crude oil to marketable fuels. Any new applications of the technology process will be the property of GOE, but will be shared and implemented by the joint-venture company (Green Oasis Environmental Qingdao Co., Ltd.) in China owned 50% by Green Oasis Environmental, Inc., and 50% by Qingdao Asia-Pacific Benz Motorcar Co., Ltd. A portion of the processing plants components, such as the thermal oxidizer, pumps, computers etc., will be provided by US suppliers and shipped directly to the installation site or the manufacturing facility in Qingdao, China for assembly.
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.
SOURCE Green Oasis Environmental, Inc.
/CONTACT: William D. Carraway, President of Green Oasis Environmental,
843-722-5771, or grno@awod.com/
(GRNO)
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GRNO %ENV %JVN %OTC V%PRN P%PRN
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