Makes you wonder why Imperial would go ahead and sign this deal with MEDChem if they didn't feel there oil sands tech didn't work.
Jun. 24, 2011 (Business Wire) -- (OTCQB:IPMN) Imperial Petroleum, Inc. announced that it has purchased the exclusive rights to manufacture, distribute and use MDEChem’s patented chemical catalyst in the recovery of oil from tar sands. MDEChem will receive an upfront payment plus an ongoing royalty from sales of the product. Imperial had previously announced the formation of Arrakis Oil Recovery, LLC, a wholly-owned subsidiary, which owns licensed technology that uses SANDKLENE 950 in its oil sands recovery technology.
“This purchase not only allows us to control our supply and cost factor, but also that of future licensees of SANDKLENE 950,” Jeffrey T. Wilson, President of Imperial, said. “Purchasing the license rights to make the chemical catalyst used in our oil sands technology process insures that we will have ample supplies available when needed for our operations and the operations of our partners in the oil sands business and provides an additional profit center for the Company.”
The Company also released an online overview of its operations including a demonstration of Arrakis Oil Recovery, LLC’s first commercial-scale unit; on its website: www.imperialpetroleuminc.com.
Imperial is an energy company headquartered in Evansville, Indiana. The Company is engaged in three principal areas of energy production: (i) biodiesel and biofuels production, (ii) traditional oil and gas exploration and production and (iii) non-traditional oil production of heavy oil from mineable tar sands.
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Imperial Petroleum, Inc.
Jeffrey T. Wilson, 812-867-1433
Always DYODD.
Sammy.