LIAONING, China--(BUSINESS WIRE)--Arshad Shah, President and CEO of Empire Oil Refineries Corp. (OTC-PINK: EORZ), announces today on behalf of the Board of Directors of the Company, that the company has signed a Letter of Intent (LOI) to acquire Parker Technologies, Inc. an Oil and Gas Extraction Technology Company.
Parker Technologies is an Oil and Gas Extraction company that has developed an industry disruptive Technology for the extraction of Heavy Oil. This new technology is an innovative oil extraction method that increases the production of shale and heavy oil formations over traditional extraction methods and is less harmful to the environment than today’s most commonly used methods.
“We are pleased with the execution of the LOI between Empire and Parker as it fits into our strategic plan to acquire assets in the oil and gas industry. We feel that with the addition of Parker we can continue to develop new ways to extract energy more effectively, efficiently and eco-friendly while helping to reduce energy extraction costs.” said, Arshad Shah, President and CEO of Empire Oil Refineries Corp.
The statements contained herein which are not historical are forward-looking statements that are subject to risk and uncertainties that could cause actual results to differ materially from those expressed, including but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's press releases.