Hudson Oil Corporation Ltd.
Hudson Oil Corporation Ltd.: Hudson Provides Corporate Update
Hudson Oil Corporation Ltd. / Key word(s): Change of Personnel Hudson Provides Corporate Update Nov 17 (Toronto) – Hudson Oil Corporation Ltd. (H8D: FSE) today announced changes to its leadership team and outlined its growth strategy.
Management and Board changes
Restart plan
1. Initiate zeoforming refitting and operations to enable refining of raw gasoline into higher octane gasoline The Company has initiated discussions with several engineering firms to develop the specific technical needs of the restart program. In addition, the Company has had discussions with Rentech Inc. (www.rentechinc.com), a US company involved in clean energy technology using gasification to convert biomass, waste and fossil resources into synthetic fuels. The Company also notes that it has been asked to provide a quotation for the delivery of approximately 70,000 litres of diesel fuel a week to a customer in Slovakia (180 km from the refinery); management is currently assessing the pricing, timing, customer creditworthiness and feasibility of this order. Company management also continues its efforts to secure financing to pursue the complete restart program but notes that macro-economic instability in Europe has created delays and uncertainties.
New operating subsidiary About Hudson Hudson is a Canadian company focused on the acquisition of under-valued energy assets and the execution of business strategies to maximize their value. Efforts are presently directed at downstream energy opportunities in Eastern Europe. Currently, the Company's principal asset is the Glimar refinery complex in southern Poland, which is equipped with unique and industryleading technology.
Forward-looking statements: While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the Company's current judgment regarding the direction of the Company's business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Hudson Oil Corporation Ltd. does not intend to update any forward-looking statements to conform these statements to actual results.
For more information, please visit: www.hudsonoil.ca End of Corporate News 17.11.2011 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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