ReGen III Update


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Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – ReGen III Corp.(TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4)(“ReGen III” or the “Company”) is pleased to provide the following update.

In May 2021, ReGen III signed a definitive take-off agreement with bp to purchase 100% (100%) of the company’s base oils produced at its proposed 5,600 bpd recycling facility in Texas. The Company continues to work closely with bp to move the project forward.

Finance

Export Development Canada (“EDC”) has provided ReGen III with indicative terms for a US$108 million senior secured credit facility. ReGen III continues to submit project and engineering data to EDC as part of its ongoing due diligence process. Final terms are expected to be crystallized during the second quarter of 2022.

Following the Company’s December 2, 2021 press release regarding the signing of a non-binding letter of intent with a multi-billion dollar U.S. private equity (“PE”) firm, the collaborative due diligence process is progressing quickly. To date, ReGen III is not aware of any insurmountable bottlenecks raised by the private equity firm.

Project and Engineering

Earlier this year, ReGen III engaged Koch Project Solutions, LLC (“KPS”) to provide project execution management services leading to the turnkey delivery of its new facility in Texas, where KPS will lead the engineering , construction and world-class approved supplier of ReGen III. teams: PCL Industrial Management Ltd., Studi Tecnologie Progetti SpA (“STP”), Koch Modular Process Systems (“KMPS”), Duke Technologies (“Duke”) and Sacre-Davey Engineering Inc. until design completion detailed, from construction, commissioning and start-up.

ReGen III is currently deploying US$7.4 million to complete the project’s initial engineering and design (“FEED”) under the direction of KPS. Since our September 29, 2021 update, the Texas project has made significant progress and it is now estimated that over 100 engineers are working on the FEED study and project deliverables. In short:

  • KPS has executed contracts and initiated work with the end process design packagers: STP for our stage 1 contamination separation unit and Duke for our stage 3 molecular treatment unit.
  • Preliminary data has been received from the process design packagers, with process design integration being performed by the Company’s consulting engineer, Sacre-Davey Engineering Inc.
  • The permit application preparation process has been initiated and the air permit is currently being prepared.
  • Hazard and Operability (HAZOP) reviews are ongoing.
  • The specification of equipment for eventual purchase is progressing.
  • The site survey has been completed and plant layout has progressed significantly with the receipt of engineering data from our process suppliers.
  • The engineering contractors developed the basis and assumptions for the preparation of an updated project cost estimate.
  • ReGen III reviewed the FEL-2 package received from Oiltanking for the Texas site.
  • Discussions on Texas site leasing and terminal services are ongoing.
  • KPS continues to develop a turnkey engineering, procurement and construction package (“EPC LSTK”). Fully concluded EPC LSTK contracts include cost, schedule and performance guarantees that will provide ReGen III with a single point of responsibility for engineering, construction, commissioning and start-up.
  • KPS presented ReGen III to New Energy Risk (“NER”), a subsidiary of the AXA Group. NER is working in parallel with KPS and its EPC envelope LSTK, to develop an additional top-up insurance policy that will provide additional financial protections for ReGen III and its lenders.

Due to unforeseen significant changes and with these technical advancements in hand, the Company estimates that it is in a position to receive an interim project cost estimate at the end of Q1/beginning of Q2 and the final FEED package in Q2. quarter 2022.

Director

Following the Company’s announcement of January 12, 2022 and the appointment of Catherine Banat to the Board of Directors, the Board also accepted the resignation of the Director, Paul DiPasquale, in order to make way for Catherine Banat. Paul has been a strong business advocate for the past ten years and his ongoing involvement and contribution is invaluable to the Society. We are grateful to Paul for his service to date and look forward to retaining his input and institutional memory as he transitions into a consulting role for ReGen III.

About ReGen III

ReGen III is a cleantech recycling company that creates more sustainable solutions that include better environmental outcomes and compelling economics. ReGen III has a portfolio of patented technologies that enable used motor oil (“WMO”) re-refineries to produce a higher value base oil blend than traditional methods, including up to 55% of the group III.

For more information about ReGen III or to subscribe to the company’s mailing list, please visit: www.regeniii.com/investors/corporate-presentations and www.regeniii.com/newsletter-subscription.

On behalf of the Board of Directors of ReGen III Corp.

“Greg Clarke”
Greg Clarke
Chief executive officer

For more information, please contact:

Marc Redcliffe
Executive Vice President, Corporate Finance
ReGen III Corp.
Phone. : (778) 668-5988
Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information contained in this press release constitutes “forward-looking information” or “forward-looking statements” (collectively, “forward-looking information”). Without limiting the foregoing, such forward-looking information includes statements regarding the Company’s business plans, expectations and objectives. In this press release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend of”, “plans”, “estimates” and similar words and their negative form are used to identify forward-looking information. Forward-looking information should not be construed as guarantees of future performance or results, and will not necessarily be precise indications as to whether, or when or by which, such future performance will be achieved. Forward-looking information is based on information available at the time and/or on the good faith belief of the management of the Company in this regard. regarding future events and are subject to known and unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company’s control. and other factors and assumptions underlying the forward-looking information contained in this press release, please see the Company’s most recent MD&A and financial statements and other documents filed by the Company with the securities commissions. Canadian Securities and the discussion of the risk factors set forth therein. These documents are available on www.sedar.com under the Company’s profile and on the Company’s website, https://www.ReGen III.com/. The forward-looking information set forth herein reflects the Company’s expectations as of the date of this press release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111058

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