Hudson Oil Corporation Ltd.
Hudson Oil Corporation Ltd.: Hudson Signs Letter of Intent with ZEOSIT
Hudson Oil Corporation Ltd. / Key word(s): Letter of Intent
Hudson Signs Letter of Intent with ZEOSIT May 18 (Toronto) – Hudson Oil Corporation Ltd. (H8D: FSE) has signed a non-binding letter of intent with ZEOSIT, a Russian refining technology enterprise, to assist in the restart of the zeoforming complex at Glimar refinery. Hudson's refinery, Glimar, is equipped with zeoforming technology licensed from ZEOSIT. The Company's phased restart plan for Glimar includes high-octane gasoline production using zeoforming. ZEOSIT will undertake a technological assessment of the zeoforming complex, facilitate the supply of catalyst and assist in the initiation of fuel production at Glimar. 'We are pleased to be working with the inventors of this technology,' said Wojciech Janowski, Executive Chairman. 'Restarting the zeoforming complex will enable Hudson to produce high-octane gasoline and deliver an early revenue stream.' Zeoforming uses zeolite catalyst to process a wide range of feedstocks into high-octane gasoline. Zeoforming complexes are operational in Russia, Georgia, Kirghizstan and South Korea. Glimar is a complex, specialized refinery equipped with all-hydroprocessing technology licensed from Chevron Lummus and a zeoforming complex as well as a conventional distillation tower. It is capable of producing high-octane gasoline and Group III base oil, a high value lubricant. Glimar is located in Gorlice, southern Poland. About Hudson Oil Corporation: 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 industry-leading technology. The Company is developing and executing a restart plan for Glimar. Forward-looking statements: Some of the statements contained in this release are forward-looking statements, such as statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. 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. -30- For more information, please visit: www.hudsonoil.ca For investor and media enquiries, please contact:
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