Foy-Johnston Enters Into Letter of Intent With Liquid Gold International Inc.
13 Gennaio 2010 - 9:03PM
Marketwired
Foy-Johnston Inc. (PINKSHEETS: FOYJ), a venture capital company,
has decided to enter into the enhanced oil recovery business as it
has entered into a Letter of Intent to acquire Liquid Gold
International Inc.
Liquid Gold International Inc. has acquired a non-exclusive
license to utilize a proprietary and patented technology that uses
a thermal recovery method to enhance the recovery of oil in wells
that have long seen their production fall to minimum levels.
Abandoned wells in the U.S. are estimated to hold 377 Billion
Barrels -- more than double the cumulative production to date. It
is estimated that 2/3 of oil contained in the U.S. reservoirs is
left behind because it was too difficult or too expensive to
extract.
"We are very excited to be entering into the enhanced oil
recovery business with the acquisition of Liquid Gold
International. With the price of oil in the $80 per barrel range
and the world coming out of the worst recession since WWII, the
growth opportunity presented by this company is enormous," stated
Winay Sangsomborn, President of Foy-Johnston Inc.
About Foy-Johnston Inc.
Foy-Johnston is a venture capital firm that specializes in
discovering and exploiting new technologies that have enormous
commercial application and explosive revenue potential. The
enhanced oil recovery business presents those very qualities that
Foy-Johnston's management team has identified to meet those
criteria. Our website is www.foyj.us
Forward-Looking Statements
Please be advised that statements made herein, other than
historical data, constitute forward-looking statements that involve
risks and uncertainties that could cause actual results to differ
materially from those stated or implied by such forward-looking
statements. The potential risks and uncertainties include, among
others, potential volatility in the company's stock price,
increased competition, customer acceptance of new products and
services offered by the company, and uncertainty of future revenue
and profitability and fluctuations in its quarterly operating
results. Please also be advised that the company's stock is not
currently registered with the Securities and Exchange
Commission.
Contact: Investor Relations E-mail: info@foyj.us URL:
http://www.foyj.us
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