Pinnacle Resources, Inc. (PINKSHEETS: PNRR) announced today that it has licensed the BCT gasifier manufacturing and marketing rights in Africa to Crestwave Technologies Pty Ltd. (Crestwave), a South African company. The agreement required the approval and ratification of BioConversion Technology, LLC (BCT) that holds the patents, know-how and other skills necessary to create a gasifier. The gasification technology was developed and patented by Robert "Bud" Klepper who housed this intellectual property in BioConversion Technology (BCT). BCT then issued licenses to own, operate, and install gasifier projects at various sites.
Gasifier technology converts any material containing carbon into a synthesis-gas that has energy value. The process is environmentally friendly as it eliminates noxious emissions and waste accumulations.
Pinnacle has been a worldwide licensee of the BCT technology for four years and has helped financially to build the first two operating models, a one ton and a five ton per day demonstration unit. Other licensees have contributed to help build a 15 ton per day and a 50 ton per day gasifier. The license to Crestwave required that Pinnacle surrender its rights to market the BCT gasifiers on the African continent, but Pinnacle became the exclusive exporter of any BCT equipment to other parts of the world. Included in Pinnacle's license agreement are other BCT products like an ethanol skid, methanation unit, and special catalysts, all of which become part of the product line that Pinnacle can export out of Africa to anywhere else in the world.
Mr. Gamble, President of Pinnacle, indicated that the agreement was most beneficial to Pinnacle because "the company now has a source of equipment that it didn't have in the United States. We avoided the giant capital expenditure of setting up a manufacturing facility for the gasifiers." Jan Becker, Technical Director, added that "the gasifier is becoming an important factor in the race toward the 'greening of America' as there is more and more awareness that many of the substances that America throws away can be gasified and then made into useful products like electricity, ethanol, methanol, and bio-diesel. And that is exactly what this gasifier technology accomplishes."
Additional information on Pinnacle Resources, Inc. is available on the company's website at http://www.pnrr.net.
This news release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These forward-looking statements include expressions of beliefs, expectations, hopes, or intentions regarding the future, which may or not come to pass. It is important to note that actual results may differ from those expressed in such a forward-looking statements. Although Pinnacle believes its properties have potential, they are in early stages of exploration or development. There can be no assurance that if identified, any resource might be economically extracted. If additional projects are acquired, there can be no assurance of any economic benefit of cash flow to the company.
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SOURCE: Pinnacle Resources, Inc.