September 29, 2008 15:12 ET
PetroSun and Shanghai Firm Execute Agreement
SCOTTSDALE, AZ--(Marketwire - September 29, 2008) - PetroSun, Inc. (PINKSHEETS: PSUD) announced
today that the Company has executed an agreement with Shanghai Jun Ya Yan
Technology Development Co., Ltd. to establish a commercial scale algae farm
system pilot facility within the People's Republic of China. The planned
algae farm complex will produce algae biomass for conversion to biodiesel,
ethanol and other commercial products.
The terms of the agreement include a forty million dollar ($40,000,000US)
sole funding commitment from Shanghai Jun Ya Yan Technology Development for
the construction and equipping of the initial algae farm system. The
profits from the venture will be allocated on a 50/50 basis between the
parties. PetroSun China has been granted the license from PetroSun, Inc.
for the algae-to-biofuel technology and will manage the operations in
China.
About PetroSun
PetroSun, Inc. is a diversified energy company with technology and
operations in the commercialization of algae-to-biofuels, microbial
enhanced oil recovery, oil and gas exploration and development and oilfield
pipe and supply.
For more information about PetroSun visit the company's website at
www.petrosuninc.com.
Except historical matter contained herein, matters discussed in this news
release are forward-looking statements and are made pursuant to the safe
harbor provision of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect assumptions and involve risks and
uncertainties, which may affect the Company's business and prospects and
cause actual results to differ materially from these forward-looking
statements.