American Company Announces Oil Breakthrough; Cyntech's Investor Group Purchases Refinery in Texas.Business Editors CONYERS, Ga.--(BUSINESS WIRE)--April 4, 2002 R. Frank Meyer, President of Cyntech Technologies, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYNT), announced today that a Georgia Investor Group completed the purchase of a 25,000 barrel per day refinery in Mont Belvieu, Texas Mont Belvieu is a city in Chambers County, Texas, United States. It is just north of Interstate 10 along State Highway 146. The population was 2,324 at the 2000 census. Geography Mont Belvieu is located at (29.860242, -94. for the benefit of Cyntech Fuels of Chambers County, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cyntech Technologies, Inc. "This purchase will dramatically advance waste oil recovery in the Americas. We are focused on helping to secure America's energy independence and this purchase is a significant step forward." Cyntech Technologies, Inc. announced today that it plans to build a waste oils-to-diesel plant on a site which is the former Placid Oil refinery in Chambers County, Texas. The 17 acre site is located on Highway 146 north of Interstate 10. The plant will be the first large scale plant to convert waste oil to diesel. Cyntech's patented technology will allow the USA to take more steps in securing its energy independence. This will be the site of Cyntech's first waste oils-to-diesel conversion project in the United States. Phase I will process 72,000 gallons of waste oils to diesel fuel and will cost approximately $13,500,000. Phase II will process an additional 36,000 gallons of waste oils per day for a total of 108,000 gallons per day. Phase III will also process an additional 36,000 gallons of waste oils per day for a total capacity of 144,000 gallons per day. The company is reviewing its options for restarting the 25,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. oil refinery to produce naphtha naphtha (năp`thə, năf`–), term usually restricted to a class of colorless, volatile, flammable liquid hydrocarbon mixtures. , diesel, and kerosene kerosene or kerosine, colorless, thin mineral oil whose density is between 0.75 and 0.85 grams per cubic centimeter. A mixture of hydrocarbons, it is commonly obtained in the fractional distillation of petroleum as the portion boiling off . The company may enter into a joint venture to refurbish and start rebuilding the refinery in the fall of 2002 at a cost estimated at $25,000,000. The refinery site has six storage tanks with a capacity for 199,000 barrels with a replacement value of over $8,000,000. The storage tanks appear to be in fair condition. The company plans to renovate the storage tanks and place into a rental program on site. The renovation costs are estimated to be approximately $4,000,000. For more information please contact CYNT's Investor Relations at (770) 760-8732. The Company web site is www.cyntechtechnologies.com. e-mail: info@cynt.com. |
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