FARMINGTON HILLS, Mich., Aug. 7, 2009 (GLOBE NEWSWIRE) -- LBO Capital Corp. (Other OTC:LBOA), a Colorado corporation ("LBO Capital"), today announced signing a Pilot Project Agreement with O2 Energy, a Native American Indian company ("Mohawk"), headed by its President, Windell R. King Sr., an entrepreneur on the Sovereign Akwesasne Mohawk Nation Territory, contiguous to northern New York State and Canadian Provinces of Ontario and Quebec.
Windell R. King, Sr., President of O2 Energy, stated: "By adding Ecoplastifuel's licensed, patented catalyst to mixed plastic waste raw material, greater efficiency will occur during conversion to useable fuels. The resulting fuels are expected to provide a competitive price advantage over gasoline and diesel fuel produced at conventional crude oil refineries."
LBO Capital Chairman, Thomas W. Itin, commented: "The pilot project's purpose is to combine the patented catalyst technology of Ecoplastifuel, Inc., a Delaware corporation ("Ecoplastifuel"), and a subsidiary of LBO Capital, with Mohawk's patent pending technology and developed conversion machinery, and to be able to more efficiently convert mixed plastic wastes and organic material to gasoline, diesel fuel and lubricants. LBO Capital and Ecoplastifuel anticipate a royalty stream from licensing its patented catalyst during years 2009 to 2024."
Currently, Mohawk is completing construction of a conversion facility on the Sovereign Akwesasne Mohawk Nation Territory in the vicinity of Massena, New York, near both an existing supply of raw material to convert to fuels and near many potential customers for the new fuel output. Recycling will include various types of organic and plastic waste, with different degrees of foreign matter: contaminating, densified or otherwise. The project has the potential to divert great volumes of waste material from near-capacity landfills and noxious incinerators thereby contributing to a cleaner, greener natural environment.
Once the pilot project advances to a stage deemed satisfactory, a joint venture agreement will be negotiated and entered into for a commercialization phase of this "green" recycling technology. Intellectual property developed during the pilot project will be shared equally (50/50) by the parties, specifically O2 Energy President, Windell R. King Sr., and LBO Capital.
LBO Capital Corp., founded in 1987, and its subsidiaries, Ecoplastifuel, Inc., Global Tech International, Inc., and Advanced Digital Components, Inc., strive to acquire proven and attractive intellectual property and technology, and to capitalize on them through licensing arrangements with operating companies which recognize benefits from access to carefully selected assets of LBO Capital Corp.
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The statements included in this news release, concerning predictions of economic performance and management's plans and objectives constitute forward-looking statements made, pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1934, as amended. These statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, factors detailed in the Company's Securities and Exchange Commission filings, economic downturns affecting the operations of the Company or any of its business operations, adequate financing to achieve the new strategic plans, the impact of competition, the success of products in the marketplace and the unavailability of financing to complete management's overall plans and objectives. The forward-looking statements contained in this news release involve subjects only as of the date hereof and the Company disclaims any intent or obligation to update these forward-looking statements, except as required by law.