Empire Oil Refineries Corp. Signs LOI to Acquire Parker Technologies, Inc., an Oil and Gas Extraction Technology Company
July 28 2011 - 9:00AM
Business Wire
Arshad Shah, President and CEO of Empire Oil Refineries Corp.
(OTC-PINK: EORZ), announces today on behalf of the Board of
Directors of the Company, that the company has signed a Letter of
Intent (LOI) to acquire Parker Technologies, Inc. an Oil and Gas
Extraction Technology Company.
Parker Technologies is an Oil and Gas Extraction company that
has developed an industry disruptive Technology for the extraction
of Heavy Oil. This new technology is an innovative oil extraction
method that increases the production of shale and heavy oil
formations over traditional extraction methods and is less harmful
to the environment than today’s most commonly used methods.
“We are pleased with the execution of the LOI between Empire and
Parker as it fits into our strategic plan to acquire assets in the
oil and gas industry. We feel that with the addition of Parker we
can continue to develop new ways to extract energy more
effectively, efficiently and eco-friendly while helping to reduce
energy extraction costs.” said, Arshad Shah, President and CEO of
Empire Oil Refineries Corp.
FORWARD-LOOKING STATEMENTS
The statements contained herein which are not historical are
forward-looking statements that are subject to risk and
uncertainties that could cause actual results to differ materially
from those expressed, including but not limited to, certain delays
beyond the Company's control with respect to market acceptance of
new technologies or products, delays in testing and evaluation of
products, and other risks detailed from time to time in the
Company's press releases.
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