PENSACOLA, FL – 21 Sep, 2015 – Gear International, Inc. (OTC: GEAR) – Gear International, Inc. (GEAR) is pleased to announce that it has entered into an agreement with Contaminated Soil Solutions, Inc., the owners of a proprietary soil remediation technology known as “CSS1000™”. This advanced technology consists of both physical equipment and intellectual property, including engineering programs and proprietary design software, which together form an effective and cost-efficient system for remediation of various forms of soil contamination produced by oil and gas exploration, as well as by other industries.
Pursuant to the terms of the agreement, GEAR will receive 25% of the founder stock in Contaminated Soil Solutions, Inc. in exchange for providing the capital and financing necessary to relocate the physical equipment from Oklahoma to Texas where the CSS1000™technology is scheduled to be deployed for remediation of contaminated frac sand under a conditional contract. This single contract opportunity is scheduled to generate approximately $50 million in revenue over the first 36 months of operation. The demand for CSS’s remediation services have precipitated a significant number of additional contract opportunities. To meet the contract volume resulting from this exponentially- increasing demand for services, additional CSS1000™ equipment will need to be fabricated and mobilized on an ongoing basis.
The CSS1000™ technology was originally field tested in Canada and was successfully utilized for washing formation production sand and drill cuttings under contract with an oil company in Alberta. In 2010, a portion of the equipment was moved to Oklahoma to process hydrocarbon contaminated beach sand from the BP Gulf Oil spill. The system has proven to be both efficient and cost-effective.
The “green” CSS1000™ technology represents a continuous process whereby heated water, mechanical separation, and nonintrusive chemistry is utilized to clean contaminated material. In addition to cleaning the contaminated material on a price per ton basis, substantial income can be generated by the Company’s technology through the sale of reclaimed and recycled drill cuttings, used Frac sand, and basic sediment and water, resulting in substantial potential sales revenues for the Company.
GEAR’s CEO, Carlton Wingett, is quoted stating, “I am extremely pleased to announce this exciting partnership between GEAR and Contaminated Soil Solutions. Scott Hastings, Elton Taylor, and the entire CSS management team bring decades of hands-on experience in various segments of the oil and gas industry. The primary objective of this joint venture will be to rapidly relocate the equipment and deploy this “green” technology to jobsites, ultimately positioning CSS as a premiere provider of soil remediation and solid waste recycling.”
About Contaminated Soil Solutions, Inc.
Contaminated Soil Solutions (CSS) has created a streamlined yet effective solids and fluid treatment system that provides the oil and gas industry more sustainable waste options. Our system will ensure a reliable treatment method that will help the producer responsibly and economically manage their solids and fluids waste that is generated from drilling and production operations.
About Gear International, Inc.
Gear International (OTC:GEAR) is a public company that offers a viable and often creative funding resource and joint venture opportunities for companies seeking unconventional funding, hard asset loans, expansion capital and/or other resources. The objective is to assist companies that are in a unique position to capitalize on a current trend or scale their operational business. By providing timely capital and other resources, the management teams of our companies can accelerate product launches, expand into new territories and often even pioneer an entire new category.
This press release contains statements which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Gear International, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Distributed by Press Release Jet
Company Name: GEAR International, Inc. (OTC Pink: GEAR)
Contact Person: Carlton Wingett
Country: United States