CASPEN OIL ACQUIRES INTEREST IN ENVIRONMENTAL FIRM
CASPEN OIL ACQUIRES INTEREST IN ENVIRONMENTAL FIRM LAKEWOOD, Colo., Sept. 10 /PRNewswire/ -- Caspen Oil Inc.
(AMEX: CNO) announced today, the completion of an agreement providing for a 20 percent equity interest and a revenue interest in Quantum Soil Remediation Inc. in exchange for 250,000 shares of Common stock and a loan of $50,000 cash.
Quantum Soil Remediation is a recently formed company providing remediation of contaminated soil using existing, patented, transportable equipment. Targeted customers include major oil companies for on-site remediation of gas station and other facilities, as well as centrally located fixed sites. Contaminated soil is fed into the machine, thermally treated, utilizing a proprietary process, and discharged free of contamination to meet regulatory requirements. The process eliminates land-fill disposal, which carries on-going potential liability. Caspen is an American Stock Exchange listed company engaged in oil and gas exploration and related environmental concerns. Brent Alderfer head of Caspen's Environmental Division said "...this investment expands and diversifies our participation in the environmental clean-up field." Caspen, as of Sept. 4, 1992, had outstanding 17,765,218 Common Shares, 392,306 Series A $1.80 Preferred Shares, and 300,000 Series C Preferred Shares held by approximately 4,600 shareholders of record. The acquisition represents less than 2 percent of the outstanding capitalization of Caspen. -0- 9/10/92 /CONTACT: Brent Alderfer of Caspen Oil, 303-987-0925/ (CNO) CO: Caspen Oil Inc.; Quantum Soil Remediation Inc. ST: Colorado IN: OIL SU:
MC -- DV006 -- 7972 09/10/92 11:25 EDT
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|Date:||Sep 10, 1992|
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