Published: April 28, 2010
General Synfuels International Announces Formation of Technology Fund for Oil Shale Development
KALISPELL, Mont. - (BUSINESS WIRE) - Earth Search Sciences, Inc. (OTCBB:ESSE) today announced its subsidiary
company, General Synfuels International (GSI) has formed Patriot's Oil
Shale Technology Fund L.P., a $10 million partnership of American
capitalists, to complete funding of the Phase 1 construction of a full
scale prototype oil shale plant under construction in Rock Springs,
Wyoming. The goal of this research and development type partnership is
to prove the patented "Omnishale(c)" technology GSI has developed can
recover large amounts of oil and gas products from American oil shale
and oil sands in an inexpensive, economically viable and environmentally
safe manner.
GSI has engaged a boutique investment bank, NBT Capital Partners LLC,
and its Chairman/Founder Tobin Smith to lead the Fund. Mr. Smith, a
noted financial analyst, states, "NBT Capital Partners was formed to
help finance transformational American companies, like GSI, dedicated to
extracting precious oil and gas reserves from the massively abundant oil
shale and oil sands resources we have in America with an environmentally
safe technology process. This fund will be an initial down-payment on an
overall $50,000,000 equity/debt project finance program we are
initiating to complete a full scale operational plant. Once we validate
the production data of the Omnishale(c) technology, its NBT Capital's goal
to assemble a series of high yield investment opportunities for maximum
exposure and multi-plant production. This is a great opportunity for
economic growth and job creation in the United States."
An initial Private Placement of $2 million has been accepted by GSI/ESSI
in funding related to the above project.
About Earth Search Sciences
Earth Search Sciences, Inc., (ESSI) is a fully reporting public company
("ESSE" - OTC BB) headquartered in Kalispell, MT. The corporation is
structured as a holding company with a number of subsidiary companies
charged with developing advanced technology applications for the
exploration and discovery of natural resources.
About General Synfuels International, Inc. (GSI)
General Synfuels International, Inc. (GSI) is dedicated to transforming
fossil fuels development and moving the United States toward its goal of
energy independence. We have developed and patented in-situ gasification
technology "Omnishale(c)" to recover oil and gas products from oil shale,
tar sands and heavy oil which are abundant in North America. For more
information, visit our website www.gsfuels.com.
This news release includes forward-looking statements that involve a
number of risks and uncertainties. The information reflects numerous
assumptions as to industry performance, general business and economic
conditions, regulatory and legal requirements, taxes and other matters,
many of which are beyond the control of the company. Similarly, this
information assumes certain future business decisions that are subject
to change. There can be no assurance that the results predicted
here will be realized. Actual results may vary from those
represented, and those variations may be material.
Earth Search Sciences, Inc.
Tobin Smith, 240-483-4629
tsmith@nbtgroupinc.com
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