Business
SONIC to Retain Services of Dr. David Kahn
Heavy Oil Industry Specialist to Expand Relationship with the Company TSX Venture Exchange Symbol...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\n\nHeavy Oil Industry Specialist to Expand Relationship with the Company\n\n\nTSX Venture Exchange Symbol SNV\n\n\nVANCOUVER, May 6 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or "the\nCompany") today announced that it has agreed to terms to retain the services\nof Dr. David Kahn to assist SONIC in the development and commercialization of\nits heavy oil upgrading processes. Dr. Kahn will focus specifically on the\noperations of PetroSonic Energy Systems Inc. that he helped found with SONIC.\nDr. Kahn will act as a special advisor to the Company leading the broad\nbusiness strategy of SONIC for the oil sector.\n\n\nAdam Sumel, CEO and President of SONIC, commented, "We are extremely\npleased to welcome David's expanded role with SONIC. He brings to the Company\nthe necessary insight and vision for us to make PetroSonic a success. We\nexpect David to assume a significant role with the Company as we move forward\nin the broad development and expansion of SONIC within the oil and bio-oil\nsectors."\n\n\nUnder the terms of our agreement Dr. Kahn will receive an option package\ncommencing with the grant of 300,000 options at an exercise price of $0.30.\nDr. Kahn will also receive common shares of the Company based on the\nachievement of milestones related to the installation of heavy oil upgrading\nplants, and equal to a value of $150 per barrel/day of installed upgrading\nplant processing capacity for the first four plants.\n\n\nDr. Kahn has 15 years of diverse experience in the petroleum industry.\nFor the past seven years he has been a principal of companies focused on\ndeveloping strategies for exploiting unconventional oil and gas assets,\nincluding: United Heritage Petroleum; Pearl Exploration; Rolland Energy;\nMegawest Energy; and Gastem Energy. Dr. Kahn received his Ph.D. from Ecole\nNationale Superieure du Petrole et des Moteurs in petroleum reservoir\nengineering.\n\n\nThe transaction is subject to certain conditions, including completion of\ndefinitive agreements and approval of the TSX Venture Exchange.\n\n\nAbout SONIC\n\n\nSONIC develops and markets Sonoprocess(TM) technologies utilizing sonic\nenergy to create more sustainable processes. Sonic Environmental Solutions\nmarkets the Sonic Treatment System via licenced soil remediation partners,\nPetroSonic Energy Systems is developin...