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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO) -- Ignore unavailable to you. Want to Upgrade?

To: Harvey Kirby who wrote (9073)	4/6/1998 11:48:00 AM
From: Kip518	Read Replies (1) \| Respond to of 13091

Green Oasis Environmental, Inc. Suspends Plant Operations PR Newswire - April 06, 1998 11:32 CHARLESTON, S.C., April 6 /PRNewswire/ -- Green Oasis Environmental, Inc. (OTC: GRNO) announced that it has temporarily suspended operations at the Charleston, S.C. waste oil processing plant. Green Oasis is the General Partner of GOE Plant Partnership I, LP, which owns the processing plant, which utilizes a thermal cracking process to distill and refine waste oil into diesel fuel. The Company reported the temporary shut down was necessary because of the low rack prices for diesel fuel, coupled with capacity limits imposed by the plant's existing environmental permits, which limit the plant to processing only 250 gallons of waste oil per hour. Current prices for diesel fuel could not cover the plant's fixed operating costs at current output capacity constraints. The Company has applied to the South Carolina Department of Health and Environmental Control (DHEC) to amend its existing permit to increase processing capacity to 1,000 gallons per hour. The amended application is still pending. The Company will only operate the plant to demonstrate the process to potential customers. The Company stated that it has laid off 5 employees who were directly involved with operation of the processing plant. The Company is a "voluntary" 1934 Act reporting Company, and is filing with the Securities & Exchange Commission a form 12b-25 as required for late filing of its 10-KSB Annual Report for the year ended December 31, 1997. The Company does not plan to hold its Annual Stockholders meeting 'til October and has selected Houston, Texas, as the location. The Company estimates (pre- audit) reporting an operating loss of $0.07 per share for the period, and after extraordinary gains of $0.02 per share, and extraordinary expenses of $0.06 per share a loss of $0.11 per share on revenues of $1.3 million for the twelve month period ending December 31, 1997, and outstanding shares of 6,453,134. The Company has extended its agreements with Istanbul, Turkey-based MANOVA ARITMA CEVRE DORUMA PETROL (Manova) from March 31, 1998 to April 30, 1998 to accommodate the principals visit to Charleston, S.C., scheduled for April 14, 1998. The Company's environmental consultants, Regulatory Strategies, have confirmed with the Texas Air Control Board that the Model #1000 Green Oasis plant falls within the Standard Exemption List, Regulation VI, Control of Air Pollution by Permits for New Construction revised 1996, regarding the installation and start-up of the plant for AMBIX Technologies, Inc. in Bay City, Texas (see press release of March 6, 1998). Green Oasis' patent-pending 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, Inc., 803-722-5771, or e-mail: grno@awod.com/ (GRNO)