Green Oasis Environmental, Inc. Issues General Report to Stockholders
CHARLESTON, S.C., April 29 /PRNewswire/ -- Green Oasis Environmental, Inc. (OTC Bulletin Board: GRNO) (GRNO) reported an operating loss of $843,000 for the twelve month period ended December 31, 1998 or $0.11 per share based on 7,914,475 shares outstanding compared to an operating loss of $634,000 or $0.10 per share for the year ended December 31, 1997, unaudited. The Company's Balance Sheet reported total Assets of $1,202,000, Total Liabilities of $2,037,000, which includes $1,167,000 of deferred salaries and un-paid loans to the Company from stockholders, and a Stockholders Equity of ($835,000), unaudited.
The Company, which serves as General Partner, acquired an additional 42% interest in the GOE Plant Partnership I, LP in exchange for 1,449,341 shares of common stock bringing its total ownership in the Partnership to 52% during 1998.
On April 12, 1999 the only non-creditor/supplier legal action against the Company was dismissed (filed March 13, 1997) fully and completely resolving all matters in dispute.
On March 23, 1999 the Company was issued Patent No. 5,885,444 "A Process for Converting Waste Oil to Diesel Fuel" and international patents were filed and noticed on March 2, 1999.
On April 22, 1999 in the malpractice action filed by the Company and others on August 25, 1998 in US District Court, Charleston, S.C., demand was made for the maximum liability insurance coverage based in part on the expert witness reports filed in Court and of public record March 1999, and discovery to date. The case is scheduled for a jury trial in the fall of 1999.
The Company's primary focus in 1999, with the technology fully permitted, and patent issued, is the worldwide marketing of the process directly and through agents. The Company is working with United States Investment Alliance to secure a new joint venture Partner for Asia to provide marketing, manufacturing & assembly of the technology within the region. The Company directly or through its agents has equipment proposals pending in Spain, Belgium, Holland, Morocco, South Africa, China, Taiwan, Thailand, South Korea, and is working with Kwikpower International, SA of the United Kingdom regarding blending fuels with their technology and the GOE process in the United States and plant installations in Europe.
The Company is working with Centura Bank, N.C., international department, regarding EX-IM Bank guarantees and long term financing for equipment exported to customers outside the US, among those customers being Manova, SA, Istanbul, Turkey regarding their contract to purchase a model 1000 plant signed in April 1998 and subject to certain government approvals.
William D. Carraway, President of the Company, stated, "1997 and 1998 were difficult years for everyone involved with the Company, stockholders, suppliers, customers, and employees; however, during this period the technology testing was completed, all US Government operating permits were obtained, and the US patent was issued, further assisting the Company's marketing and joint venture efforts in 1999, and the opportunity to earn the capital necessary to implement an aggressive business plan now that fuel prices have begun to recover from record lows. I wish to thank all the stockholders that have continued to support the Company and its technology during this stressful period."
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.
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