FREESTONE RESOURCES, INC.
DALLAS, TX--(Marketwired - Jun 25, 2015) - Freestone Resources, Inc. (
Under the agreement, Freestone and Dynamis will share resources with the goal of normalizing supply of the chemicals necessary for the production and supply of Petrozene.
Freestone and Dynamis have been working diligently for over a year to develop the strategy to complete this transaction, which will provide world-scale supply of the Petrozene product line. This transaction has resulted in the formation of Freestone Dynamis Energy Products, LLC (FDEP).
"This has been a complex transaction that involved the coordination of multiple parties, but I firmly believe that our persistence and dedication to this project will pave the way for the expansion of Freestone and the development of our relationship with Dynamis," said Clayton Carter, CEO at Freestone Resources.
The transaction includes the purchase of the Texas-based company, C.C. Crawford Retreading Company, Inc. (CTR). CTR is located in Ennis, Texas and has been in the tire disposal and repair business since 1987. As a wholly owned subsidiary of Freestone, CTR will continue its ongoing operations and will be the catalyst for consistent feedstock for Petrozene. FDEP will be installing and operating a proprietary technology for Petrozene at the site. The necessary infrastructure for immediate operations of the technology is already in place at the CTR facility.
The specific technology that FDEP will operate at the CTR site has been in commercial operation for several years, and its products have been utilized successfully to make Petrozene. Freestone and Dynamis have conducted substantial due diligence on the technology and are confident that implementation of the technology will provide Freestone the necessary control over the production of Petrozene. This consistent supply will provide opportunities to accept long-term contracts for large volumes of Petrozene sales. The technology will also produce other byproducts of value that can result in additional revenue streams.
Kevin McNulty, CEO of Dynamis Energy said, "We are very pleased to partner with Freestone Resources and excited about the opportunity to combine our technology expertise with Freestone and it's revolutionary Petrozene product. This is the first of many projects we expect to come from this Joint Venture."
About Freestone Resources, Inc.:
Freestone Resources is a Dallas, Texas based oil and gas technology development company. The continuing goal of the Company is to develop new technologies that allow for the utilization of our vast resources in an environmentally responsible and cost effective way. http://www.freestoneresources.com/.
About Dynamis Energy, LLC:
Dynamis Energy is an Eagle, Idaho based technology development company focused on waste management and energy production from solid wastes to provide sustainable economic and environmental benefits. The company has significant experience developing and implementing various waste and energy projects, with a network of agents worldwide.
http://www.dynamisenergy.com
About Petrozene:
Petrozene is a revolutionary solvent that has been shown to positively affect many aspects of the oil and gas industry; from production and storage to end cycle refinement. Used as an additive, Petrozene provides a cost-effective solution for dealing with tanker sludge, paraffin problems, storage tank maintenance, and more. Petrozene superior flow technology is hydrocarbon-based allowing for a non-contamination use in many aspects of the oil and gas production and refinement.
http://www.petrozene.com
SAFE HARBOR STATEMENTS:
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release and other potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
