Shawshank, VA 7/20/12 (StreetBeat) – EcoloCap Solutions Inc (OTCBB: ECOS) has signed a non-binding LOI with GFE global Inc to operate and distribute its diesel water emulsion (M-Fuel) production NPUs as well as its proprietary additive. This LOI is subject to further discussion and definitive agreements are expected to be signed by July 25, 2012. In this deal, EcoloCap’s M-Fuel products will be sold in Central American countries as a first step, and then extend to other areas based on penetration targets.
Michael Siegel, President and CEO of EcoloCap, stated: "Central America is a prime target for our technology for two reasons: The high cost of fuel in the area and government environmental regulations for heavy oil users to reduce harmful emissions. Independent tests demonstrate that our M-Fuel technology will reduce the consumption of diesel and other heavy oil by up to 30% and further reduce particulate emissions by over 90%, and NOx by 60%."
Joseph J Black, COO of GFE Global Inc., added: "All Latin American counties with the exception of Venezuela and possibly Brazil are petro fuel NET importers. Many have no oil resources whatsoever. The cost of diesel fuel is well over $4 a gallon in most of these countries and over $5 a gallon in several. We will start introducing the EcoloCap technology in Costa Rica because of their high priced fuel and the government's goal for the country to be carbon neutral by 2021, Costa Rica being true to their reputation as an eco-oriented country. We then plan to expand to Panama and other Latin American countries.”
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