TSX Venture Exchange Symbol: SNV
VANCOUVER, Jan. 26 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or "the Company") today announced that the Company has appointed Axemen Resource Capital Ltd., as consultants (the "Consultant") for business development, corporate structure and related issues.
The role of the Consultant shall include advice and services to the Company on any and all matters which may impact the corporate structure and growth of the Company including, but not limited to researching, identifying and evaluating merger and acquisition candidates and other business development opportunities. The Consultants will receive 1,000,000 options to purchase common shares in the Company exercisable at $0.10 per share for a term of five years.
About SONIC
SONIC develops advanced processes which utilize the Company's sonic reactor technology. The Company is currently developing several such processes through operating joint ventures and subsidiaries, including PetroSonic Energy Systems Inc. for the upgrading of heavy oil. PetroSonic is a wholly owned subsidiary of SONIC and the exclusive licensee of a heavy oil upgrading process utilizing proprietary processes and sonic reactor technology developed and owned by SONIC. The PetroSonic upgrading process incorporates de-asphalting and oxidation stages in a low temperature and pressure process.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.