Contact Information: CONTACT: Adam Sumel President and CEO SONIC Technology Solutions Inc. Tel: (604) 736-2552 Email:
SONIC to Consolidate 100% Ownership in Petrosonic Heavy Oil Venture
| Source: SONIC Technology Solutions Inc.
VANCOUVER, BC--(Marketwire - April 30, 2008) - Ewire -- SONIC Technology Solutions Inc.
(PINKSHEETS : SNVFF ) (TSX-V : SNV ) ("SONIC" or "the Company") is very pleased
to announce that it has agreed on definitive terms to acquire all of the
issued and outstanding shares of PetroSonic Energy Systems Inc.
("PetroSonic") not currently owned by the Company, giving SONIC 100%
control and ownership of PetroSonic.
Under SONIC's previous agreement with PetroSonic all development and
testing work has been funded by PetroSonic. This resulted in the successful
demonstration of a proprietary accelerated upgrading Sonoprocess for heavy
oil by de-asphalting and vis-breaking. SONIC held a 40% equity interest in
PetroSonic in return for the grant of an exclusive licence. Under the
amended terms agreed to by SONIC and PetroSonic shareholders, SONIC will
acquire the remaining 60% of the issued and outstanding shares of
PetroSonic for an aggregate price of $750,000 payable in common shares of
the Company at a share price of $0.25.
Mr. Adam Sumel, CEO and President of SONIC commented, "The roll-out plan
for PetroSonic requires a significant commitment by SONIC which is only
possible if we fully focus on this opportunity. The principals and
management of PetroSonic fully support this conversion and will continue to
assist the Company on the understanding that the Company will devote the
resources necessary to ensure that this opportunity is realized. The recent
agreement to acquire Northern Oil Research Technologies is a key aspect of
this commitment."
For the full release please follow this link:
http://www.ewire.com/display.cfm/Wire_ID/4695