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Green Oasis Environmental, Inc. Enters Into Exclusive Development Agreement

CHARLESTON, S.C., Nov. 25 /PRNewswire/ -- Green Oasis Environmental, Inc. (Nasdaq: GRNO) today announced that it had reached an exclusive agreement with RecOil, Inc. for the development of Illinois, Indiana and Michigan waste oil markets. These three states account for approximately 20 percent, or 260 million gallons, of the estimated 1.3 billion gallons of waste oil generated annually in the United States. Under the terms of the agreement, RecOil, Inc. will purchase a minimum of three Model 400 processing units annually at a price of $1.5 million per unit for the next three years, as well as pay Green Oasis an annual royalty of $.04 per gallon of diesel fuel produced to retain its exclusive agreement.

William D. Carraway, president, states that, "This agreement not only insures the annual sale of at least three Model 400 processing units per year for gross minimum revenues of $4,500,000 for each of the next three years, but it will also generate incremental revenues through royalties of up to $346,000, which will increase to $692,000 in year two and $1,038,000 per year thereafter during the life of the agreement. In addition, we have retained the right of first refusal should RecOil, Inc. elect to sell a portion or all of its waste oil processing operation in the future. This dedicated sale of approximately 40 percent of the capacity of one manufacturing shift will generate solid earnings for Green Oasis while generating the cash flow to accelerate its growth rate."

Green Oasis Environmental, Inc.'s patent pending process produces synthetic fuels from waste motor oil in a closed cycle, one-step process. The company manufactures equipment for its own facility as well as markets it to others.

SOURCE Green Oasis Environmental, Inc.
 -0- 11/25/96


/CONTACT: J. Spencer Maus, president of Microcap Consulting Communications, Inc., 847-266-2055, or Fax, 847-266-2058; or William D. Carraway, president of Green Oasis Environmental, Inc., 803-722-5771, or Fax, 803-722-5785, or Email, grno@awod.com or URL, http://www.greenoasis.com/

(GRNO)

CO: Green Oasis Environmental, Inc.; RecOil, Inc. ST: South Carolina IN: ENV SU:

LH -- NYM051 -- 3521 11/25/96 09:03 EST http://www.prnewswire.com
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Publication:PR Newswire
Date:Nov 25, 1996
Words:364
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