Today before the opening bell, General Environmental Management Inc. announced that its subsidiary, Southern California Waste Water (SCWW), has acquired exclusive licensing rights to market the PetroMaxTech treatment chemical and process known as PetroMax as part of its service to the oil and gas industry.
Tim Koziol, CEO of GEM, commented, “This technology provides SCWW with additional capabilities to service a core segment of our client base, the oil and gas industry. As a non-hazardous wastewater treatment facility, SCWW is the treatment option of choice for our clients, and we are always looking for additional means to service our clients’ needs. The PetroMax process is an excellent example of meeting the needs of our current clients who provide SCWW with a substantial portion of our volume in non-hazardous liquid waste while also providing the impetus to add new clients.”
“We are thrilled to offer what we believe is an industry changing treatment process,” added Doug Edwards, GEM Chief Strategy Officer and Executive Vice President for Corporate Development. “The great merit of the PetroMax process is that it can generate savings of 30% to oil producers and refineries who struggle to move thick oil sludge. This can literally save a million dollars or more for a large tank cleaning.”
In addition to oil and gas production and refineries, SCWW has acquired the exclusive right in North America to market PetroMax to the shipping industry. Edwards explained, “PetroMax will save enormous money as shippers use PetroMax to pump their oil sludge with ease and clean their tankers in a fraction of the time currently required.”
A third aspect of the license is for the stimulation of downhole oil production. “Put simply,” said Edwards, “PetroMax allows thick oil to come out of the ground quicker.”
Mr. Koziol stated the following in conclusion, “We look forward to marketing PetroMax and sharing with our shareholders how this process both enhances our current wastewater services at SCWW and brings us into the broader oil and gas service industry. The rights to PetroMax provide GEM the ability to move quickly into new geographic markets and develop a wastewater network.”
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