FOR IMMEDIATE RELEASE
Contact: Kathryn Courbe, Weber McGinn
PURE ENERGY ANNOUNCES RESEARCH FUNDING
FOR P-SERIES FUEL
University of Louisville to Receive $500,000 for
Designing a Full-Scale Biorefinery
NEW YORK (October 1, 1999) - Pure Energy Corporation, a private New York-based company, announced today that the University of Louisville will receive $500,000 to conduct research into P-Series, a new alternative fuel which is made largely from renewable resources and is essentially sulfur-free. The funding request, championed by U.S. Senator Mitch McConnell (R-KY), was signed into law by the President yesterday as part of the Energy and Water Appropriations Act.
"We appreciate Senator McConnell's leadership and vision in securing this important research funding for P-Series fuels," said Chris Meyering, vice president of Pure Energy Corporation.
"All Americans will benefit from this research as P-Series fuels can help reduce the volume of material entering landfills, improve our air quality and limit our dependence on foreign oil," said Irshad Ahmed, the company's senior vice president and chief science officer.
University of Louisville, in partnership with Pure Energy Corporation, will use the money to research and design a full-scale, economically viable refinery that will manufacture the alternative fuel for commercial sale. When P-Series is in commercial production, the wholesale cost-per-gallon will be comparable to gasoline and less than other alternative fuels. Currently, only limited quantities of the fuel are available and being dedicated to demonstration programs by the City of Philadelphia and others.
"As we move into the 21st century, research into the use of alternative fuels is becoming increasingly important," said McConnell. "I made this project a priority because I know how important it is to be prepared for the future, and I believe that U of L is uniquely qualified and equipped to conduct this complex research effort."
The first commercial facility, expected to produce 50 million gallons of P-Series annually, could begin construction as early as next year. An aggressive growth schedule should see multiple facilities producing P-Series by 2005 in the United States.
P-Series was patented by Princeton University (U.S. Patent No. 5697987) in December 1997. Pure Energy holds the exclusive worldwide license to commercialize P-Series and has developed its own technology to produce the key ingredients. In May of 1998, the Department of Energy designated P-Series as an "Alternative Fuel" under the regulatory authority of the Energy Policy Act of 1992 (EPACT) clearing the way for P-Series to become an attractive and widely available alternative for federal and state fleet demonstration programs.
Pure Energy Corporation, with offices in New York and California, is a private company that develops and commercializes technology for new fuels, fuel additives and chemicals by working with established industry partners. The company has developed a substantial base of intellectual property and patents. Some of these fuels are already being used in demonstration programs across the country. For more information, contact Pure Energy Corporation at One World Trade Center, Suite 5301, New York, N.Y. 10048, or visit their Web site at www.pure-energy.com.