FORMER FORTUNE 50 EXECUTIVE NAMED CEO OF
PURE ENERGY CORPORATION
Brings over 25 years of commercial experience in global chemical and fuel industry
NEW YORK, October 25, 1999 - Pure Energy Corporation, a renewable fuels and chemical company, announced that Raymond Balée will be joining the company as its new President and Chief Executive Officer. Mr. Balée had spent 18 years at Arco Chemical Company and recently was the Chairman of the Board for a global software development company and managed his own international packaging products and consulting business.
"Raymond Balée has the right senior level experience to lead Pure Energy Corporation as it continues to develop and commercialize breakthrough bio-fuels, fuel additives and bio-refinery based chemicals," said Robert E. Cawthorn, Chairman of Pure Energy's Board of Directors and retired Chairman and CEO of Rhone-Poulenc Rorer. "He has over 25 years experience in the chemical and fuel business, truly global expertise, and a proven track record of building newer businesses into highly profitable manufacturing and sales operations."
Mr. Balée joins Pure Energy at a time when the company is staged for the commercialization of its products and technology platform. The U.S. Department of Energy recently approved the company's patented P-Series fuel as an "Alternative Fuel" under the Energy Policy Act of 1992 and the City of Philadelphia is demonstrating it in its fleet vehicles. In addition, a second new fuel known as "Oxygenated Diesel", (patent pending) a blend of ethanol, diesel fuel and a proprietary co-solvent, has undergone successful performance and emissions testing by the Chicago Transit Authority and by Archer Daniels Midland, a Fortune 100 agriculture-business company. These fuels have shown substantial reduction in emissions, as recently confirmed in testing by the Southwest Research Institute. The company has also developed, in conjunction with the Tennessee Valley Authority, proprietary bio-refinery technology for the production of its fuel components and chemicals.
Mr. Balée spent most of his career at Arco Chemical Company, a former Fortune 50 company acquired by Lyondell Petrochemical for $5.6 billion in 1998. Between 1982 and 1992, he rose from Arco's marketing pioneer in Asia Pacific to Vice President of its $700 million global Styrenics Business Group. For the balance of his career at Arco, Balée was responsible for all company business in its emerging Latin America market.
Before joining Pure Energy, Balée served as Chairman of the Board at Geosphere Emergency Response Systems, Inc., in Doylestown, Pennsylvania. GeoSphere is a developer of artificial intelligence based decision support software for the chemical industry
Prior to working at Arco, Balée held various managerial positions at General Electric's Plastics Division in Massachusetts as well as at Ford Motor Company. Balée earned his MS in Finance and BBA from the Citadel and Wichita State University.
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. It is a leader in research and development with demonstrations programs across the country. For more information, contact Pure Energy Corporation at One World Trade Center, Suite 5301, New York, NY 10048, or visit their Web site at -www.pure-energy.com-.