NetCo Acquires Innovative Technology to Produce Ethanol Friday , April 07, 2006 17:39 ET
VANCOUVER, BRITISH COLUMBIA, Apr 7, 2006 (CCNMatthews via COMTEX) -- NetCo Investments Inc. (OTCBB:NIVS) today announced that it has signed a definitive purchase agreement to acquire all the assets, including patents of Syntec Biofuel Inc. ("Syntec"), a Canadian, scientific research company, located in British Columbia, who has developed and patented a Catalyst to convert Syngas into Ethanol.
Syntec has spent the past 5 years developing its catalytic research at laboratories at the University of British Columbia, and now at their own laboratory, where they have demonstrated proof of concept using precious metals. They have been funded through private equity and the Canadian government agencies, National Research Council of Canada and Natural Resources Canada. Syntec is now in Phase 2 of development, refining its Catalyst using non-precious metals for long term stability tests under industrial conditions and expects to be ready to file a second patent application in the 4th quarter of 2006. A prototype plant has been constructed and commissioned using landfill gas. NetCo has undertaken to raise US one million dollars to fund the program and will be filing a Private Placement Offering Memorandum.
The US demand for Ethanol was approximately 3.7 billion gallons in 2005 and is expected to increase to over 7.5 billion gallons by 2012. This presents an enormous opportunity for the Ethanol industry and for NetCo.
Currently over 90% of Ethanol production in the USA comes from traditional grain fermentation processes using corn, wheat or barley. Syntec technology focuses on an entirely different Ethanol production process by using a Gasification-Catalytic Synthesis, which is a thermo-chemical process that converts Syngas into Ethanol. Unlike the current fermentation processes, Syntec's catalysts will produce Ethanol from unlimited sources of feedstock using waste gas, such as biogas from landfills, sewage, manure, wood waste, and producer gas (thermal gasification of biomass or other carbonaceous material such as municipal solid waste). This process will also create far greater green house gas (GHG) reductions and carbon credits than the fermentation process.
Michael Jackson, President of NetCo Investments Inc., says, "We believe that Catalytic agents are going to spawn the next generation of growth in the Ethanol industry. With oil prices now exceeding $60 barrel this acquisition will become a major part of the Company's development strategy." Lawrence Wong, Director and President of Syntec Biofuel Inc., has been invited to join the Board of NetCo Investments Inc., and will be appointed President of the Company. "I am really excited to join forces with NetCo. This acquisition will provide us with the resources we need to further our catalytic development," says Wong. Mr. Jackson will remain a Director and CEO of NetCo.
NetCo's revenue model will be based on a licensing fee of approximately 7.5 cents per gallon.
The Company has agreed to issue 15,700,000 shares in exchange for 100% of the Syntec Assets and will assume the liabilities. The purchase of the Assets is subject to NetCo shareholders' approval at their Annual General Meeting in May 2006.
NetCo's current business is in the animal food and supplement sector, which the Company proposes to continue operating in parallel with the Syntec patent application.
For more information on NetCo Investments Inc., a Washington State Company with headquarters in Vancouver, Canada, please contact Jeff Eltom at ir*syntecbiofuel.com. NetCo trades on the OTC.B.B. under the symbol 'NIVS' call 604-648-2092 or 2095.
This press release contains statements about future performance, events or developments, which are also known as "forward-looking statements". Forward-looking statements are based on current expectations, estimates, forecasts and projections about us, our future performance and the industries in which we operate as well as on our management's assumptions and beliefs. Statements that contain words like "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates" or variations of such words and similar expressions are forward-looking statements. Since they relate to future developments, results or events, these statements are highly speculative and involve risks, uncertainties and assumptions that are difficult to assess. You should not construe any of these statements as a definitive or invariable expression of what will actually occur or result. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the risks and uncertainties include: the successful conclusion of the auction under Riverstone's bankruptcy court proceeding; our ability to operate effectively in a highly competitive industry with many participants; our ability to keep pace with technological advances and correctly identify and invest in the technologies that become commercially accepted; our reliance on a small number of key customers; fluctuations in the telecommunications market; the pricing, cost and other risks inherent in our long-term sales agreements; exposure to the credit risk of our customers; our reliance on two contract manufacturers to supply most of the products we sell; the social, political and economic risks of our foreign operations; the costs and risks associated with our pension and postretirement benefit obligations; the complexity of our products; changes to existing regulations or technical standards; existing and future litigation; our ability to protect our intellectual property rights and exposure to infringement claims by others; and compliance with environmental, health and safety laws. For a description of these and some other risks and uncertainties, you should read the reports we have filed with the Securities and Exchange Commission, including periodic reports on Forms 10-K, 10-Q and 8-K. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements we make, even if new information, future events, changes in assumptions or any other reason would alter those statements.
SOURCE: NetCo Investments Inc.
NetCo Investments Inc. Jeff Eltom (604) 648-2092 or (604) 648-2095 ir*syntecbiofuel.com
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another risky little subber!
-------------------- THE DEVIL HIDES IN THE DETAILS (DD) DO YOUR DD BOOOYAH :) Posts: 345 | From: central florida | Registered: Oct 2005
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