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Phoenix Canada Oil Company Limited Announces New Strategic Direction
Phoenix Canada Oil Company Limited Announces New Strategic Direction Phoenix Canad...
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[{"type":"text","content":"\n\n\n\nPhoenix Canada Oil Company Limited Announces New Strategic Direction\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPhoenix Canada Oil Company Limited Announces New Strategic Direction\nCanada NewsWire\nTORONTO, Nov. 16, 2016\n\n\n\nTORONTO, Nov. 16, 2016 /CNW/ - Phoenix Canada Oil Company Limited (TSX-V:PCO) (\"Phoenix\" or the \"Company\"), today announced the completion of a comprehensive strategic review of its existing assets, and current business operations, as well as the formation of a working group of the Board to evaluate potential operating assets and targets for acquisition. \n\nThe Board of Directors initiated a review of Phoenix's Hydrogen Production System and SynFuel Technology business segments to determine their viability and potential to enhance shareholder value. As part of the review, the Board contracted two leading independent science and technology firms, Savant Technical and Kirkdale Consulting (the \"independent contractors\").  Both independent contractors were selected based on their extensive experience with the science of renewable energy, the evaluation of intellectual property, patenting procedures and techno-economic assessment, as well as their affiliation with world-class academic institutions, including the University of Toronto and Massachusetts Institute of Technology (MIT). \n\nFollowing thorough review of the independent contractors' findings, the Board of Directors has concluded that it will cease all further investments in the early stage Hydrogen Production System as potential returns do not adequately compensate for the technology risk, and the time and resources necessary to achieve successful commercialization. The Company will continue to invest research funding in its proprietary SynFuel Technology system. As part of SynFuel Technology investment, Phoenix is implementing an aggressive patent and intellectual property strategy to protect its interests in the 'building block' nature of the technology as it relates to a range of commercial applications. \n\n\"I believe that the combined value of our existing asse...