General Synfuels International Announces Formation of Technology Fund for Oil Shale Development
April 28 2010 - 6:16PM
Business Wire
Earth Search Sciences, Inc. (OTCBB:ESSE) today announced its
subsidiary company, General Synfuels International (GSI) has formed
Patriot’s Oil Shale Technology Fund L.P., a $10 million partnership
of American capitalists, to complete funding of the Phase 1
construction of a full scale prototype oil shale plant under
construction in Rock Springs, Wyoming. The goal of this research
and development type partnership is to prove the patented
“Omnishale©” technology GSI has developed can recover large amounts
of oil and gas products from American oil shale and oil sands in an
inexpensive, economically viable and environmentally safe
manner.
GSI has engaged a boutique investment bank, NBT Capital Partners
LLC, and its Chairman/Founder Tobin Smith to lead the Fund. Mr.
Smith, a noted financial analyst, states, “NBT Capital Partners was
formed to help finance transformational American companies, like
GSI, dedicated to extracting precious oil and gas reserves from the
massively abundant oil shale and oil sands resources we have in
America with an environmentally safe technology process. This fund
will be an initial down-payment on an overall $50,000,000
equity/debt project finance program we are initiating to complete a
full scale operational plant. Once we validate the production data
of the Omnishale© technology, its NBT Capital’s goal to assemble a
series of high yield investment opportunities for maximum exposure
and multi-plant production. This is a great opportunity for
economic growth and job creation in the United States.”
An initial Private Placement of $2 million has been accepted by
GSI/ESSI in funding related to the above project.
About Earth Search Sciences
Earth Search Sciences, Inc., (ESSI) is a fully reporting public
company (“ESSE” – OTC BB) headquartered in Kalispell, MT. The
corporation is structured as a holding company with a number of
subsidiary companies charged with developing advanced technology
applications for the exploration and discovery of natural
resources.
About General Synfuels International, Inc. (GSI)
General Synfuels International, Inc. (GSI) is dedicated to
transforming fossil fuels development and moving the United States
toward its goal of energy independence. We have developed and
patented in-situ gasification technology “Omnishale©” to recover
oil and gas products from oil shale, tar sands and heavy oil which
are abundant in North America. For more information, visit our
website www.gsfuels.com.
This news release includes forward-looking statements that
involve a number of risks and uncertainties. The information
reflects numerous assumptions as to industry performance, general
business and economic conditions, regulatory and legal
requirements, taxes and other matters, many of which are beyond the
control of the company. Similarly, this information assumes certain
future business decisions that are subject to change. There can be
no assurance that the results predicted here will be realized.
Actual results may vary from those represented, and those
variations may be material.
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