Imperial Petroleum Recovery Corp. Announces the Signing of a Licensing Agreement.ALEXANDRIA, Va.--(BUSINESS WIRE)--Dec. 20, 1996--A spokesperson for Imperial Petroleum Recovery Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on OTC BULLETIN BOARD OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : IREC IREC Interstate Renewable Energy Council IREC Inland Revenue Enquiry Centre (UK) IREC Interim Ricebird Embedded Crypto IREC Institut de Recherche Etudes Culturelles (Culturel Studies Research Centre) ) announced today that the company has signed a territorial license with the province of Hebi, including the city of Beijing, China for its crude oil sludge Oil sludge or black sludge is a solid or gel in motor oil caused by the oil gelling or solidifying, usually at temperatures lower than 100 degrees Celsius. Sludge can be a major contributor to engine problems, and can require the engine to be replaced if the damage is severe. remediation system. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the terms of the agreement, Imperial will receive $7 million of scheduled payments over the next six months, and is expected to produce between $7-9 million in annual revenues. The U.S. Department of Energy reports that China operates 19 offshore oil fields in which 1996 production reached 280,000 barrels a day. This is a 75% increase over 1995 levels. An even greater increase is expected in 1997. China's oil refineries currently operate close to capacity, but are rapidly unable to keep up with increasing demand for petroleum products. China needs to maintain production at approximately 3.1 million barrels a day to meet its high economic growth target. Imperial manufactures and markets an RF energy-based oil emulsion breaking system which is a solution to the problem of mounting world inventories of crude oil sludge. CONTACT: Imperial Petroleum Recovery Corp. Frederique Campagne, 703/578-9700 (Investor Relations Investor relations The process by which the corporation communicates with its investors. ) www.iprc.com or Gerald Communications Gerald Sterchi, 916/854-4931 (Investor Relations) gerald@softcom.net www.geraldsnet.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion