BOCA RATON, Fla., June 22, 2009 (GLOBE NEWSWIRE) -- Cambridge Energy Corp. (Pink Sheets:CNGG) announced today that it has entered into an Asset Purchase Agreement to acquire the assets and business operations of EnviroXtract, Inc., ("EXI"). The purchase includes worldwide patents and licenses for environmental clean-up/mitigation technologies currently owned and developed by EXI. Cambridge will initially acquire $1,600,000 in audited assets.
EXI is an emerging technology company. Over five years and several millions of dollars have been invested in the development of its base plasma-enhanced technology, which efficiently removes virtually 100% of oil and contaminants from soil, sand, or crushed rock...with no chemicals, water, or fossil fuels used in processing. The processed soil is clean and dry, ready for reintroduction back into the environment. 100% of the carbon emissions can be captured in EXI's closed vacuum processing system.
The technology excites feedstock materials at a molecular level, separating and gasifying the various elements and removing them from the base feedstock material. EXI anticipates that virtually any chemical or chemical compound will be entirely removed from soil utilizing this technology. The technology utilizes a combination of several unique components in its processing system, including electromagnetic and electrostatic energy sources operating in a vacuum-processing vessel. It is the proprietary configuration of these and other components that creates the unique energy-efficient and environmentally friendly properties of this plasma-enhanced technology, separating it from other current technologies.
EXI has completed independent laboratory testing of its proprietary extraction process by extracting bitumen from raw oil sands feedstock in the western United States and the Athabasca region of Alberta, Canada. Independent third party testing by Core Laboratories in Calgary has proven the unique abilities of the EXI extraction technology. Tests performed by Core Laboratories technicians revealed that virtually no oil remained in the tailings materials of the processed oil sands samples, a feat which no other thermal extraction process has accomplished.
Upon completion of the Asset Purchase Agreement, CNGG will have 395,665,818 shares issued and outstanding.
About Cambridge Energy Corporation
The Company is an independent oil and gas company that was engaged in the exploration and development of domestic oil and gas properties. It had previously owned oil and gas properties in Louisiana, Texas and Indonesia. The Company is currently pursuing opportunities in the environmental and mining industries.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Cambridge Energy Corp., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.