Calgary, Alberta (FSCwire) – Synstream Energy Corp. (“Synstream” or the “Company”) (TSXV:SHM) announces the following:
Option to Purchase License Agreement
On March 7, 2016, the Company announced that it had entered into an Option to Purchase License Agreement with Expander Energy Inc. (“Expander”) for the purpose of creating a partnership between Synstream, Expander and a consortium of private investors to build Canada’s first small-scale commercial Enhanced GTL® (“EGTL™”) plant at a location in Alberta. The plant is designed to convert Natural Gas and Natural Gas Liquids into premium zero sulfur, high cetane synthetic diesel. The expiry date of the option to purchase the license for Expander’s EGTL™ technology is February 28, 2018, and the Company has determined that it is unlikely that it will be in a position to exercise that option. As a result and as of that date, the Company will forfeit the $200,000 non-refundable option fee originally paid for the option under that agreement.
Heads of Agreement with Byte Power
By news release dated December 15, 2015 followed by a clarifying news release dated December 28, 2017, the Company announced it had entered into an agreement entitled “Heads of Agreement” with Byte Power Pty Ltd., a corporation listed on the Australian Stock Exchange (“Byte Power”). The agreement was a memorandum of understanding (the “MOU”), the terms of which being expressions of interest only and not intended to be legally binding and were subject to the execution of a definitive agreement, which has not been signed. The purpose of the MOU was to outline the scope of a collaborative effort by the Company and Byte Power to investigate the creation and development of a cryptocurrency or alternative currency or structure related to the cryptocurrency business. The Company has determined that it will not proceed with the signing of a definitive agreement with Byte Power and therefore will not proceed with the payment of a $100,000 services fee.
Future business focus
The strategic and technical review conducted by the Company to date has determined that, while the potential for cryptocurrency-oriented financing is real, it may conflict with the pending regulatory mandates. Nevertheless, during its strategic review process, the Company has identified opportunities to bring ledger or blockchain technologies into the realm of carbon mitigation and environmental controls. Additionally, the Company has identified that efficiencies and revenue opportunities exist within the existing carbon exchange market.
Any transaction pursued by the Company in the above spectrum may constitute a Change of Business as defined under the policies of the TSX-Venture Exchange and accordingly will require regulatory approval and preparation and dissemination of appropriate disclosure documentation. Moreover, there can be no assurances that any definitive agreement will be reached with any company and no assurances that any financing alternatives will be identified or secured to permit the Company to proceed with the development of any new business opportunities.
In the meantime, the Company continues to manage and generate revenue from the production of its petroleum and natural gas properties in Western Canada.
For further information, contact:
Chief Executive Officer
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. Although the Corporation believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Corporation can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
To view the associated document to this release, please click on the following link:
Source: Synstream Energy Corp. (TSX Venture:SHM)
Maximum News Dissemination by FSCwire. https://www.fscwire.com
Copyright © 2018 FSCwire