Galileo hires zeolite business consultant
2015-10-01 04:18 PT - News Release
Mr. David Hottman reports
GALILEO ENGAGES ZEO TRADE TO ADVANCE GREEN TECH OPPORTUNITIES
Galileo Petroleum Ltd.'s board of directors has engaged a consultant to investigate a new area of business focused on the use of the mineral zeolite in environmentally friendly products as outlined below in more detail. Galileo's oil and gas operations have been difficult with recent declines in the price of oil and, while Galileo still owns its oil and gas assets, management believes that the zeolite opportunity may be a better opportunity for its shareholders.
Galileo has signed a consulting agreement to engage the expertise of certain principals of Zeo Trade & Development Ltd. (United Kingdom), who are currently, and have been in the past, involved in the zeolite business. More specifically, they have been involved with sourcing zeolite for use in ice melting, filtering and cooling applications. Galileo will be Zeo Trade's sole client in North America, and Zeo Trade will guide Galileo in assessing this opportunity over the next year.
The financings announced on Sept. 4, 2015, will proceed as announced and be expanded to finance this arrangement in addition to providing working capital for Galileo. Galileo has increased the financing noted at private placement one in the news release to $181,700. Further announcements will be made upon completion of the financings.
Zeolite products are green products usable in our everyday lives as well as in the industrial sectors. Among other uses, Zeolite products are used for water savings, the cleaning of air and water by absorbing pollutants, as an efficient thermal heat/cool exchanger, and a body detoxifier, among other uses.
The new business will include trading in zeolite consistent with the Zeo Trade-branded strategies and product lines for the eurozone retail and B2B business markets. In addition to certain growing Zeo product lines active in Europe, Galileo would offer a zeolite adsorption technology for heating and cooling and, ultimately, the company believes, for the potential conversion of certain segments of the North American heating and cooling market.
This energy-saving technology allows for the operation of air-conditioning systems at a low power consumption level and, when required, additional generation of heat to supplement other heating systems. According to recently announced statistics, electricity in California costs about 18 cents per kilowatt-hour, which is 50 per cent higher than the United States average. The energy demand for air conditioning in private households in the United States is almost 50 per cent of the total consumed energy in the private sector. The three largest states in the U.S. by population are California, Florida and Texas, with a combined 86 million people or 27 per cent of the population, representing a tremendous market opportunity.
The United States currently has government programs financing the installation of solar thermal systems for about $4,500 for households and up to $800,000 for commercial buildings. In addition, it is expected that grants for heat-cooling converters will be implemented.
"The topics of CO2 reduction and save the water have become an agreed-upon social mantra in the developed world, and, as documented at the G7 meeting in Germany last June, CO2 reduction and therefore the reduction of energy consumption will be strongly promoted, with specific goals set for 2050. An especially strong sentiment in the U.S. is supporting a transition to cleaner sources of energy and ways to cut energy waste. I am excited to be involved in bringing zeolite products and technologies to this market environment," stated David Hottman, chairman and chief executive officer.
Galileo, with the assistance of Zeo Trade, will also begin the process of assembling an advisory board of scientific and industry professionals to assist Galileo in a the strategic review and implementation of this business opportunity.