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Patch International to Produce 'Green Energy'
Patch International to Produce 'Green Energy'
Published 07-27-04
Submitted by Patch International
In making the announcement, David Stadnyk, president of Patch, said the Greenlab acquisition is a major strategic move for the company to enable it to take advantage of the growing trend around the world to minimize carbon dioxide emissions through renewable energy such as bio-fuels, which are produced through any plant-derived organic matter.
"We feel that our activities with Greenlab will make us a 2030 company today, creating a cost efficient and highly profitable company that supports an environmentally friendlier alternative while maintaining our oil and gas business," said Mr. Stadnyk. "Helping to create a renewable energy future will truly benefit all humankind."
In its simplest form, Greenlab produces the bio-fuels such as ethanol from its organic agricultural products. This energy product can be produced with minimal cost in Ukraine and be sold to the European Union. The Greenlab business plan calls for approximately $90 million Euros in revenue with profitability in the first year.
The industry itself, particularly in Europe where it has been thriving for 20 years, is a multi-billion dollar business. In the United States, the U.S. military, the National Park Service and Harvard University are among organizations now using biofuels.
"The Greenlab purchase will create greater value for our shareholders while we continue our involvement in oil and gas exploration and development," he said. "Companies such as Royal Dutch Shell, British Petroleum and Suncor Energy are moving in the same direction as we are with investments in various renewable energy projects."
Mr. Stadnyk pointed out that a recent study, commissioned by a group representing 95 global institutional investors with assets totaling $10 trillion, reported that investors are demanding environmental responsibility by corporations to lessen the impact of climate change and greenhouse gas emissions or they may reallocate their assets. Credit Suisse, Merrill Lynch & Co., Inc., UBS and State Street Global Advisors were among the global financial giants participating in the study.
Greenlab Agronomics Inc.,with headquarters in Canada, operates globally. Its current major operational activities are in Ukraine. Greenlab's decision to be acquired by Patch was based on its need to expand internationally at faster rate and to attract highly-qualified scientific and management personnel.
The president and chief executive officer of Greenlab, Robert Morrison, will remain with the company as its senior officer. Mr. Morrison is currently in Ukraine to finalize agreements to create a major bio-fuel and agricultural processing industry.
ABOUT PATCH INTERNATIONAL
Besides the Greenlab acquisition, Patch is active in oil and gas projects in Texas, California, Saskatchewan, Canada, and is the final stages of discussions with the Ukrainian government to develop several energy projects in that country. Its other investment is in Pharmaxis Ltd. (PXS: Australian Stock Exchange) where it is one of the major shareholders, along with CIBC, HSBC and the Rothschild Group.
For additional information visit our corporate website at http://www.patchenergy.com
Contact:
Investor Relations
Tel: 604-688-2790
Fax: 604-688-5390.
E-mail: info@patchenergy.com
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by Praxis Pharmaceuticals Inc. may differ materially from these statements due to a number of factors. Praxis Pharmaceuticals Inc. assumes no obligation to update these forward looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigateand fully understand all risk before make investment decisions.
