Sionix Corp. Announces Signing Letter of Intent for Formation of Joint Venture to Construct & Operate Brine & Water Reclamati...
June 03 2014 - 9:00AM
Marketwired
Sionix Corporation Announces Signing Letter of Intent for Formation
of Joint Venture to Construct and Operate Brine and Water
Reclamation Facility in Montana
HOUSTON, TX--(Marketwired - Jun 3, 2014) - Sionix Corporation
(OTCQB: SINX) reported today that it has signed a Letter of Intent
to form a 50-50 Joint Venture with BR Investments, LLC, an
affiliate of The Prime Group, Inc. The Letter of Intent
provides for the Joint Venture to build and operate a facility to
treat, reclaim and market production and flowback water from crude
oil production and fracking operations in the Bakken Shale.
The plant will be located in Culbertson, Montana on an existing
45 acre industrial facility that includes heated tankage,
buildings, highway and rail access, piping, water wells and other
infrastructure. BRI and Prime will acquire the total site and
provide project financing to the JV. Sionix will contribute a
technology license and provide operating and technical management
of the business.
Henry Sullivan, Sionix Chief Executive Officer, stated, "This
project, when completed, will be the first large scale commercial
application of Sionix technology to treat production and flowback
water from drilling, fracking and production operations. It is
based on many years of research, development, lab and field testing
by the Company."
"We are very encouraged to be working with a partner with the
vision and strength of BRI/Prime. Their experience in property
development, engineering and construction, project financing and
management is a key element of our team strategy", Sullivan
added.
John Breugelmans, a principal of BRI, remarked, "We are pleased
to be working with Sionix to participate in the growing and
strategically important oil industry development in the Bakken and
elsewhere. We feel that the Sionix technology and our proposed
operation in Culbertson will contribute to improving fracking
economics while preserving precious fresh water aquifers by
reclaiming oil field brines to a quality that permits reuse rather
than one time use of fresh water followed by permanent disposal of
flowback and produced water into deep saltwater disposal
wells."
About Prime Group, Inc. Prime has successfully developed
nearly $11 Billion of commercial and residential real estate across
all product types. The Company was founded in 1982 and has
become one of the preeminent development companies in the
country.
About Sionix Corporation Sionix designs, constructs and operates
innovative water treatment systems based on a range of
technologies, including its proprietary and patented Dissolved Air
Flotation System. The Company has previously conducted
extensive R & D, lab and field testing of treatment of fracking
and production waters generated in oil and gas
operations. Sionix believes that its water treatment systems
are also potentially applicable to manufacturing, agriculture, food
processing, municipal and industrial water processes.
Forward-Looking Statements All statements in this press
release that are not statements of historical fact are
forward-looking statements, including any projections of earnings,
revenue, or other financial items, any statements of the plans,
strategies, and objectives of management for future operations, any
statements concerning proposed new products, services or
developments, any statements regarding future economic conditions
or performance, statements of belief and any statements of
assumptions underlying any of the foregoing. These statements are
based on expectations and assumptions as of the date of this press
release and are subject to numerous risks and uncertainties, which
could cause actual results to differ materially from those
described in the forward-looking statements. The risks and
uncertainties include, but are not limited to, whether Sionix
Corporation can raise capital as and when it needs to, whether the
water purification systems will generate significant sales, whether
it can compete successfully in its market and industry, and other
factors beyond the control of Sionix Corporation, including those
detailed from time to time in the reports filed with the Securities
and Exchange Commission. Sionix Corporation assumes no obligation
and does not intend to update these forward-looking statements.
Company Contact: Dr. Henry W. Sullivan Chief Executive Officer
hsullivan@sionix.com Phone (713) 682-6500
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