ETX Systems

Press Release

Date: November 22, 2007

ETX Systems reaches terms with AERI for support of the ETX Upgrading technology

CALGARY, AB – ETX Systems and the Alberta Energy Research Institute (AERI) have signed an agreement that spells out the terms of support for the staged development and commercial demonstration of the ETX Upgrader technology. AERI’s support is provided under its Hydrocarbon Upgrading Demonstration Program which promotes the development and demonstration of next generation technologies for upgrading oils sands bitumen into high value products with a low environmental footprint. Early in 2007 AERI requested proposals from operating companies. Proposals went through a rigorous evaluation process and the most promising technologies were selected for funding support.

"This is a significant milestone for ETX Systems.", says Wayne Brown, who serves as the company's Chief Operating and Technical Officers. "AERI’s review process was very rigorous. The onus was on us to demonstrate that the ETX Upgrading technology not only had technical merit, but also that the process had commercial advantages, and was aligned with the AERI vision of how Alberta can best realize value from its abundant oil sands and heavy oil resources."

AERI Executive Director Dr. Eddy Isaacs stated, “As the energy technology arm of the Alberta Government, AERI is pleased to work with ETX on the next stage of testing and evaluating this promising technology as part of timely adaptation and development of technologies to maximize value from Alberta’s hydrocarbon resources and minimize environmental impacts”.

The application from ETX Systems addresses the final technical hurdle facing the company. "A commercial demonstration is a must for any new technology”, explains Brown. "We are currently operating a 1 bbl/d unit in Devon, but there are certain issues that cannot be addressed on this scale. The industry will not take a technology seriously unless it is proven that the plant can be operated continuously for many months at an appropriate scale."

The Alberta Energy Research Institute (AERI) promotes energy research, technology evaluation and technology transfer in areas including oil and gas, heavy oil and oil sands, coal, electricity, and renewable energy. AERI promotes consortia and builds networks by integrating knowledge, skills and investment potential of industry players, federal and provincial governments, research providers and universities. AERI advises the Minister of Advanced Education and Technology and the Alberta government on energy research policy and supports applied research that will lead to technology implementation to secure the future sustainability of Alberta's energy industry.

ETX Systems Inc. is a fit-for-purpose private entity based in Calgary, AB, whose sole mandate is to commercialize its patented IYQ Upgrading technology. The process claims to deliver revolutionary yields and qualities relative to delayed coking, for significantly less cost per barrel. The increased production of high quality liquids leads to reduced environmental impact, leveraged through both the upstream and downstream scope.  For more information contact Gerard Monaghan, CEO of ETX Systems Inc. (gerard.monaghan@etxsystems.com).

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