Texaco to Purchase 20-Percent Interest in UniPure Corporation.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--Oct. 19, 2000 Texaco (NYSE NYSE See: New York Stock Exchange :TX) and UniPure Corporation announced today the execution of a share purchase agreement for Texaco to purchase a 20-percent equity stake in UniPure Corporation for an undisclosed amount. Additionally, the companies have agreed to continue their joint program to develop UniPure's proprietary technology for the desulfurization of crude oil. Headquartered in Houston, UniPure Corporation develops and commercializes process technologies consistent with a PureEnergy(TM) strategy, which is focused on desulfurization and upgrading of heavy and extra-heavy crudes. The company holds patents in emulsion-breaking, desulfurization and upgrading, each of which is designed to address the economic, operational and environmental challenges associated with the significant heavy oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally that exist throughout the world today. Commenting on the announcement, James R. Metzger, Texaco Inc. vice president and chief technology officer, said, "Our investment in UniPure provides a strategic fit to Texaco's existing expertise in heavy oil production and our ongoing efforts to increase the value of these resources. We are pleased with our new association with UniPure and look forward to the benefits this relationship will bring to both our companies." John W. Pinkerton, UniPure president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , added, "We are very pleased with the alliance as it will enable Texaco to produce challenging crude oils, reduce their sulfur content, and deliver them to the marketplace economically. In the longer term, UniPure's technologies will support the coming hydrogen economy." Using a PureEnergy(TM) proprietary technology, UniPure has made a break-through in the cost-effective removal of sulfur from oil. This will lead to economical desulfurization plants at crude oil production sites, as well as low-cost polishing units to desulfurize de·sul·fur·ize tr.v. de·sul·fur·ized, de·sul·fur·iz·ing, de·sul·fur·iz·es To eliminate sulfur from (petroleum, for example). de·sul refined products, such as diesel fuel, to very low sulfur levels at a fraction of the cost of conventional technologies. Another UniPure PureEnergy(TM) technology may be used to upgrade heavy crudes to make syncrude that is essentially free of sulfur, and a low-sulfur, low-metals coke that may be gasified gas·i·fy tr. & intr.v. gas·i·fied, gas·i·fy·ing, gas·i·fies To convert into or become gas. gas to hydrogen-rich syngas
Syngas (from synthesis gas) is the name given to a gas mixture that contains varying amounts of carbon monoxide and hydrogen generated by the gasification of a carbon containing fuel to a gaseous product with . Under the terms of the agreement, Texaco will hold one seat on UniPure Corporation's board of directors. Operating in over 150 countries worldwide, Texaco explores for and produces crude oil, natural gas and natural gas liquids; manufactures and markets high quality fuels and lubricants and operates trading, transportation and distribution facilities; and produces alternate forms of energy. Texaco is a world leader in gasification gas·i·fy tr. & intr.v. gas·i·fied, gas·i·fy·ing, gas·i·fies To convert into or become gas. gas technology, an environmentally advanced technology for the conversion of coal, petroleum coke Petroleum coke (often abbreviated petcoke) is a carbonaceous solid derived from oil refinery coker units or other cracking processes.[1] Other coke has traditionally been derived from coal. and other low-value hydrocarbons into a clean synthesis gas synthesis gas n. A mixture of gases made as feedstock, especially a fuel produced by controlled combustion of coal in the presence of water vapor. , which is used for the production of electric power as well as chemical products and industrial gases, including hydrogen. For more information on Texaco, visit the company's Web site at: www.texaco.com. UniPure Corporation and its network of business partners are developing and commercializing leading-edge technology products for global markets. UniPure intends to maintain on-going research and development programs to continually support and improve technologies, as well as develop new applications. More information about UniPure is available by contacting Dr. Robert E. Levy at 713/850-0010 or at its Internet site: http://www.unipurecorp.com. This press release contains a number of forward-looking statements within the meaning of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. In particular, statements made concerning Texaco's expected performance and financial results in future periods are based upon Texaco's current expectations and beliefs and are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors known to Texaco, among others, could cause Texaco's actual results to differ materially from those described in the forward-looking statements: mechanical failures, worldwide and industry economic conditions, inaccurate forecasts of crude oil, natural gas and petroleum product prices, environmental, health and safety regulations, refined product specifications, divestiture of operations, and the outcome of pending and future litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and government proceedings. In addition, you are encouraged to review Texaco's latest reports filed with the SEC, including Texaco's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the SEC on March 30, 2000, which describes a number of additional risks and uncertainties that could cause actual results to vary materially from those listed in the forward-looking statements made in this press release. |
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