Vancouver, British Columbia (Newsfile Corp. – February 26, 2024) – ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) (“ReGen III” or the “Company”), a leading clean technology company commercializing the patented ReGen™ process to upcycle used motor oil (“UMO”) into high-value Group III base oils, is pleased to provide an update regarding incremental pilot studies, the issuance of its 6th U.S. patent and the engagement of ICP Securities Inc. (“ICP”) for automated market making services.
Pilot Study
Building on prior, successful pilot study work completed by Koch Modular Process Systems (“Koch Modular”), a joint venture with Koch-Glitsch LP, Koch Modular has commenced additional pilot testing at its Texas facilities. The primary purpose of this work is to generate samples of modified base oil products requested by major offtake purchasers. As the process designer for ReGen III’s Molecular Separation Unit (“MSU”), Koch Modular brings over 40 years of industry experience specializing in liquid-liquid extraction systems. The pilot study is expected to wrap up in mid-April 2024, at which time the Company will deliver additional samples to these offtake parties.
Tom Lawlor, Chief Operating Officer of ReGen III, states, “During the course of 2023, offtake parties from around the globe, including oil and gas Majors, Super-Majors, international traders and lubricant blenders, have shown serious interest in our suite of sustainable products, resulting in robust demand for samples. In addition, potential new markets have been identified for modified base oils. Koch Modular’s pilot studies on our MSU will not only generate more samples but will also further validate feedstock properties, optimize yields of critical offtake products, and re-confirm the API properties of our base oil products, all of which are critical to our ongoing discussions with offtake parties.”
Patent Update
Further to the Company’s press release of December 20, 2023 ReGen III received its official patent certificate (Patent Number: 11873463) on January 16, 2024 from the United States Patent and Trademark Office for the method and system for re-refining and upgrading used oil, resulting in 18 patents issued, allowed, or accepted for the Company’s ReGen™ process, in addition to fourteen (14) patents pending globally.
Market Maker Engagement
The Company is pleased to announce it has engaged ICP Securities Inc. (“ICP”) to provide automated market-making services, including the use of ICP’s proprietary algorithm, ICP Premium™, in compliance with the policies and guidelines of the TSX Venture Exchange and other applicable legislation.
Under the agreement, ICP will receive a fee of C$7,500 plus applicable taxes per month, payable monthly in advance. The agreement between the Company and ICP is for an Initial Term of four (4) months and shall be automatically renewed for subsequent one (1) month terms (each month called an “Additional Term”) unless either party provides at least thirty (30) days written notice prior to the end of the Initial Term or an Additional Term, as applicable. There are no performance factors contained in the agreement and no stock options or other compensation are being granted in connection with the engagement. ICP and its clients may acquire an interest in the securities of the Company in the future.
ICP is an arm’s length party to the Company. ICP’s market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company’s shares. ICP will be responsible for the costs it incurs in buying and selling the Company’s shares, and no third party will be providing funds or securities for the market making activities.
About ICP Securities Inc.
ICP is a Toronto based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP Premium™, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.
About ReGen III
ReGen III is a cleantech company commercializing its patented ReGen™ technology to upcycle UMO into high-value Group III base oils. With a focus on creating sustainable solutions that generate better environmental outcomes and compelling economics, the Company’s ReGen™ process is expected to reduce CO2e emissions by 82% as compared to virgin crude derived base oils combusted at end of life.
In 2022, ReGen III completed FEL2 and value engineering for the Company’s 5,600 bpd UMO Texas recycling facility, with the support of world-class engineering, construction and licensed vendor teams – including Koch Project Solutions, LLC, PCL Industrial Management Ltd., Koch Modular Process Systems and Duke Technologies.
Operating in an underserved segment of the base oil market, ReGen III aims to become the world’s largest producer of sustainable Group III base oil.
For more information on ReGen III or to subscribe to the Company’s mailing list, please visit: www.regeniii.com/investors/corporate-presentations and www.regeniii.com/newsletter-subscription.
For further information, please contact:
Investor & Media inquiries:
Jamie Frawley
Email: investors@regeniii.com
Corporate Inquiries:
Kimberly Hedlin
Vice President, Corporate Finance
Tel: (403) 921-9012
Email: info@regeniii.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information other than statements of historical facts contained in this news release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the Company’s business plans, expectations, capital costs and objectives. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking information. Forward looking information should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or the Company management’s good faith belief with respect to future events and is subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent Management’s Discussion and Analysis and financial statements and other documents filed by the Company with the Canadian securities commissions and the discussion of risk factors set out therein. Such documents are available at www.sedarplus.ca under the Company’s profile and on the Company’s website, www.ReGenIII.com. The forward-looking information set forth herein reflects the Company’s expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.