Vancouver, British Columbia--(Newsfile Corp. - June 16, 2021) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) ("ReGen III" or the "Company") announces it has terminated the agreement regarding ReGen's leasehold interest in Bowden, Alberta. Under the terms of the termination, neither lease payments previously accrued nor any further lease payments are due or payable under the lease.
This development allows the Company to focus unencumbered on its primary re-refinery project in the US Gulf Coast and to fully explore alternate production site opportunities elsewhere in North America, while continuing to enhance the Company's industry presence.
The Company also advises as part of its continuous de-risking process, it spent the past fifteen months reviewing alternate re-refinery sites in Alberta. The Company short-listed three suitable sites with accretive zoning and ancillary infrastructure in place. The Company believes these sites should provide improved operating economics over the Bowden site, once a financial investment decision is made.
In the US Gulf Coast, ReGen III continues its technical review, design and engineering work with Koch Project Solutions LLC, PCL Industrial Construction Ltd. and Koch Modular Process Systems. The Company is also pleased to announce it has identified a potential re-refinery site and commenced negotiations with the property owner. Further information will be disseminated when available.
About ReGen III
ReGen III is a cleantech company creating more sustainable solutions that include better environmental outcomes and compelling economics. ReGen III owns a portfolio of patented technologies that enable used motor oil ("UMO") re-refineries to produce a higher value product mix of base oils than traditional methods, including 55% Group III. For more information about the Company, please visit www.ReGenIII.com.
On Behalf of the Board of ReGen III Corp.
"Greg Clarkes"
Greg Clarkes
Chief Executive Officer
For further information, contact Mark Redcliffe at (778) 668-5988
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained in this news release constitutes "forward-looking information" or "forward-looking statements" (collectively, "forward-looking information"). Without limiting the foregoing, such forward-looking information includes statements regarding the Company's business plans, expectations and objectives. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking information. Forward-looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management's good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company's most recent Management's Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedar.com under the Company's profile and on the Company's website, https://www.ReGenIII.com/. The forward-looking information set forth herein reflects the Company's expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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