Caribbean Villa Catering Corp./ JSC Globotek (OTC.BB:CBBV - News) announced today that further to the attendance at the special conference hosted by the Ministry of Energy in Moscow, the the company has received the endorsement by members of parliament, the Ministry of Energy as well as several oil producers present at the conference.
Further to the recent order by the Prime Minister and President of Russia, Oil producers are required to retrofit their oil fields in order to capture and treat the APG "Associated Petroleum Gases." Currently, there are approximately fourteen companies providing technology to allow the capture and treatment but according to the conclusion of the conference, only Globotek can provide an efficient and economical solution.
"We are very satisfied with the endorsement by the Ministry of Energy and due to the fact that our technology is both efficient and economical we expect a large portion of the APG processing market," said Mr. Dmitry Lukin, CEO of JSC Globotek. "Our technology is now considered the leading solution, which will enable us to build strong sustainable shareholder value," further added Mr. Lukin.
About JSC Globotek
Globotek is the developer and owner of a unique technology for the processing of Associated Petroleum Gas (APG) that is carried out at the drilling field by a Modular Mobile Structure. Globotek's process involves the use of block-modular mobile complexes that each contains mini gas processing units. Globotek presently supplies only the Russian market but its product can be utilized wherever APG is flared. The advantages of the Globotek product are many, but can be summarized as speed of construction and installation, small cost and a worldwide market. Russian legislation mandates that all oil fields in Russia must process APG to the international 95% standard by January 2012.
Forward-Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
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