A company to watch! Toups Technology Licensing, Inc. (BORS LIFT)
Wednesday February 24, 10:34 am Eastern Time
Company Press Release
SOURCE: Toups Technology Licensing, Inc.
TTL's BORS Lift A Candidate For Certification As An Enhanced Oil
Production Device In U.S. Department Of Energy Sponsored Study
Benefits Of Increased Production And Reduced Operating Costs May Be
Enhanced By Tax Breaks, Further Helping Small Oil Producers
BORS Lift 1 of 12 To Be Studied In 6 Technical Areas
LARGO, Fla., Feb. 24 /PRNewswire/ -- Toups Technology Licensing, Inc.
(OTC Bulletin Board: TOUP - news; TTL), having reported last week that
its BORS Lift(TM) performance in 1998 field trials received high praise
from buyers, announced that the U.S. Department of Energy (DOE), through
the Petroleum Technology Transfer Council (PTTC), has added the BORS
Lift to its short list for certification.
The evaluation team of four experts representing the DOE, PTTC, Oil
Field Research Labs, and the Commission on Marginal Oil & Gas Wells (an
association representing owners of marginally producing oil wells)
visited existing BORS Lift installations today and observed the
installation of another. The PTTC has selected the BORS Lift as one of
the 10 to 12 technologies it will evaluate this year.
If selected, the DOE will certify the BORS (Balanced Oil Recovery
System) Lift as an enhanced oil production device, making owners
eligible for federal tax relief and benefits. State governments also
generally accept DOE certifications for similar assistance programs.
Congress is considering a number of additional relief measures to those
recently enacted for the hard-pressed independent oil producers and the
oil industry as a whole. Measures under consideration include:
investment tax credits, low interest loans and other assistance for
capital investment on certified equipment and devices.
The PTTC will publish its selections in September of this year as a
supplement to World Oil Magazine and anticipates that its selections
will receive worldwide exposure via republication in other industry
trade journals.
According to the fourth quarter, 1998 edition of the PTTC Network News,
the DOE states that, ''New approaches to producing crude oil can
contribute significantly to reducing costs and increasing operational
efficiency, especially in marginally producing fields where costs are
proportionally higher.'' Along these lines, the BORS Lift system has
demonstrated dramatic performance improvements and reductions in
operating costs.
The BORS Lift is designed to produce oil from shallow, low-volume
''stripper'' wells (10 barrels per day or less). With approximately one
quarter of all domestically produced oil coming from stripper wells, low
prices threaten domestic oil production capability by putting small
operators out of business. These conditions have prompted the DOE to
expand its aid to assist the small stripper well operator via its
National Petroleum Technology Office (NPTO) and the PTTC.
Actual BORS Lift performance on stripper oil wells has been impressive,
with an average increase in production of 387% and a reduction in
electrical costs from $3.50 per barrel to just under 3.5 cents. Further,
wells pumping up 25 barrels or more of salt water daily now pull up
nothing but oil.
As a technology licensing company, TTL seeks, authenticates and secures
the rights to manufacture and market new advances that can have an
impact in the energy, environment, healthcare and natural resource
markets. The company's technologies include: AquaFuel, an alternative
fuel derived from electric carbon arcs in water, that produces no
harmful emissions; Balanced Oil Recovery Lift device which increases
marginal oil field production; Multi- Purpose Generators which provide
electric power co-generation; The Tunnel Bat, a mechanized, efficient
process of culvert cleaning; and Electromagnetic Tire Recycling that
converts scrap tires into marketable products without emissions.
TTL also acquires companies that complement its technologies, with such
advantages as manufacturing capability, technical expertise, synergistic
product lines, established markets and sales capability in target
markets. TTL's wholly owned subsidiaries include: TTL Manufacturing, a
fully equipped manufacturing facility; Brounley Engineering & Assoc.,
which provides radio frequency power generators for lasers, plasma
etching and other applications; and Intersource Healthcare, Inc., which
offers design and outfitting services for a full range of medical
environments.
For further information on the BORS Lift, visit the company's web site
at http//:www.toupstech.com.
Company contacts: Mark Clancy, executive vice president of TTL or James
Doulgeris, director of marketing, (727) 548-0918, fax (727) 549-8138.
James Dryer/Geoffrey Plank, investor relations, (561) 655-7575, fax
(561) 655-2171, e-mail: jamesdryer@aol.com.
This press release may contain forward-looking statements within the
meaning of section 27A of the Securities Act of 1933, as amended and
Section 21E of the Securities Exchange Act of 1934, as amended. Although
such statements are based on reliable information and past experience,
operating results are affected by variety of factors, many of which are
beyond the control of the Company. The factors include the levels of
order which are received and can be shipped in a quarter; whether and
when order options are exercised; customer order patterns and
seasonability; contract mix and shifting production and delivery
schedules; manufacturing capacity and yield; cost of labor, raw
materials, supplies and equipment; technological changes; competition
and competitive pressures on pricing; economic conditions in the United
States and worldwide, as well as other risks that are detailed from time
to time in the Company's filings with the Securities and Exchange
Commission.
SOURCE: Toups Technology Licensing, Inc. |
