Lightning Ventures Establishes Joint Venture with COSI Energy Services
Vancouver, British Columbia (FSCwire) - Lightning Ventures Inc. (CSE: LVI) (Frankfurt: 1HM) (the “Company”) is pleased to announce that its wholly-owned subsidiary, Lightning Industries, has executed a binding letter of intent with COSI Energy Services for the purpose of establishing a joint venture (the “JV”). The JV will provide hot oil and storage tank cleaning services throughout Texas and New Mexico.
COSI Energy Services was formed in 2007 and provides oil field services with currently over one hundred master service agreements with major production companies in Texas and New Mexico.
Crude oils in storage tanks tend to separate into light and heavy phases. The heavier fluid, known as sludge, accumulates on the tank bottoms. Sludge not only reduces storage capacity but can also enter into pipelines disrupting downline production. The COSI/Lightning JV will utilize a unique application of proprietary chemicals and circulated hot oil to liquefy the sludge and recapture hydrocarbons.
The accumulation of paraffin wax in pipelines, storage areas, and down-hole pumps constitutes major problems for production companies. The circulating of hot oil through these systems eliminates the paraffin, which results in increased production and lower maintenance cost. The JV will use Lightning Industries’ trailer mounted hot oil unit to provide services throughout the area.
Don Rainwater, CEO of Lightning Ventures, stated: “Access to COSI’s customer base will enhance sales and expedite market penetration.”
Due to the large volume of investor enquiries regarding the Domenari Capital stock disposition, as announced on September 21, 2017, the Company would like to inform shareholders that the shares were reallocated to management, board members and a number of strategic investors that will add significant shareholder value over time. The shares are subject to the original stock restriction agreement between the Company and Domenari Capital with a thirty-six month vesting schedule. Further, these parties have all agreed to voluntarily have their shares held in safekeeping with counsel. It should also be noted that this arrangement was initiated earlier in the year during which time the share price of the Company was substantially lower than the current market pricing.
About Lightning Ventures
Lightning Ventures Inc. (CSE: LVI) (Frankfurt: 1HM) is an oil and gas industrial services company. It operates a specialty manufacturing business based in Hobbs, New Mexico through its subsidiary Lightning Industries, Inc., which provides products to enhance efficiency and increase the production of oil and gas wells.
For further information on the Company, please contact:
Chief Executive Officer
Lightning Ventures Inc.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The company disclaims any intention or obligation to revise or update such statements.
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Source: Lightning Ventures Inc. (CSE:LVI, FWB:1HM)
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