Business
NOR shareholders meet second performance milestone and issued SNV shares
TSX Venture Exchange Symbol: SNV VANCOUVER, Oct. 30 /CNW/ - SONIC Technology Solutions Inc. ("SO...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange Symbol: SNV\n\n\nVANCOUVER, Oct. 30 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or\n"the Company") today announced under the terms of SONIC's purchase agreement\nwith Northern Oil Research Technologies Inc. ("NOR") the second performance\nmilestone has been met. This milestone involved performance evaluation to meet\nmedium sour oil grades using heavy oils to achieve a minimum of 25 API with\nthe upgraded oil quality acceptable to PetroSonic's potential clients.\n\n\nAccordingly, the former shareholders of NOR were entitled to be issued\nshares in the Company valued at five hundred thousand dollars and issued on a\nformula based on current market prices.\n\n\nHowever, management's belief that the current market turmoil has forced\nits share price to trade well below expectations of when the NOR purchase\nagreement was completed and the current share price is not reflective of the\ntrue value of recent developments. Therefore, management has successfully\nnegotiated with the former shareholders of NOR to issue the shares above\nmarket at 0.20 cents per share equating to 2.5 million common shares of Sonic.\n\n\nManagement would like to thank the former shareholders of NOR for their\ncommitment to the overall success of Sonic. The issued shares will be subject\nto a four month hold period as well as restrictions on transfer contained in\nthe original purchase agreement.\n\n\nAbout SONIC and PetroSonic\n\n\nPetroSonic is a wholly owned subsidiary of SONIC and the exclusive\nlicensee of a heavy oil upgrading process utilizing proprietary processes and\nsonic reactor technology developed and owned by SONIC. The PetroSonic\nupgrading process incorporates de-asphalting and oxidation stages in a low\ntemperature and pressure process.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release. Statements\nin this release that are forward-looking statements are subject to\nvarious risks and uncertainties concerning the specific factors disclosed\nunder the heading "Risk Factors" and elsewhere in the Company's periodic\nfilings with Canadian securities regulators. Such information contained\nherein represents management's best judgment as of the date hereof based\non information currently available. ...