Green Oasis Environmental, Inc. Terminates China Joint Venture
CHARLESTON, S.C., Jan. 19 /PRNewswire/ -- Green Oasis Environmental, Inc. (OTC-Bulletin Board: GRNO) announced today termination of the November 4, 1998 joint venture agreement with Qindao Asia-Pacific Benz Motorcar Co. Ltd., Qindao, China. United States Investment Alliance, GOE's agent representative for Asia estimates 60 days will be required to position the Company with a joint-venture partner for Asia under similar terms and conditions.
In other news, MANOVA A.S. Istanbul, Turkey informed the Company on January 13, 1999 that all applications have been completed: Ministry of Environment operating license, Government of Imit environmental effect report and construction & operating licenses, and the Dept. of Treasury tax exempt request on alternative fuels. Manova anticipates approval in the first quarter of 1999 the "Investment Incentives Certificate," Ali Manisali, Manova, stated "we are very excited about this situation and working day and night in the next three months to start the investment in 1999."
December 1, 1998 the Company signed international marketing agreements with two firms that market U.S. technology in Europe and Latin America directly and through subagents on the ground in these countries. The company will continue direct marketing in the U.S. and seeks to establish a joint- venture marketing relationship for Asia.
Green Oasis and Kwikpower International SA of the United Kingdom are in discussions regarding a request to the U.S. Department of Energy to add GOE's #2 diesel fuel as an alternative fuel under EPACT'92 as processed or as a blended fuel with ethanol to qualify the fuel for consumer tax benefits through the year 2007.
SOURCE Green Oasis Environmental, Inc.
CO: Green Oasis Environmental, Inc.; Qindao Asia-Pacific Benz Motorcar Co. Ltd.
ST: South Carolina
IN: ENV
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