May 15, 2018 - 8:30 AM EDT
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Gen III Oil Corp. Announces Initial Analyst Coverage Report by Canaccord Genuity Corp.

VANCOUVER, British Columbia, May 15, 2018 (GLOBE NEWSWIRE) -- Gen III Oil Corp. (“Gen III” or the “Company”) (TSX-V:GIII) (Frankfurt:PN41) is pleased to announce that Canaccord Genuity Corp. (“Canaccord”) – a Vancouver, Canada headquartered investment dealer, has published an initial equity analyst research report on the Company.

The research report dated May 10, 2018, entitled “Gen III Oil Corporation. (TSXV. GIII) – Initiation of Coverage: An industry-disrupting oil change.” was written and produced by Associate Analyst, Kimberly Hedlin, CPA, CMA, as an independent analysis of Gen III’s activities and progress.

A copy of the research report may be obtained by contacting a Canaccord Genuity investment advisor or directly from:

Kimberly Hedlin
Associate Analyst | Equity Research
Canaccord Genuity Corp.
Telephone: 403-508-3854
Email: [email protected]

About Gen III Oil Corp.

Gen III Oil is an innovative oil processing company with the most advanced re-refining technology in the industry.  The Company’s patented ReGenTM technology process combines proven refining technologies into a proprietary process that is able to extract a higher quantity of high quality base lubricating oils than traditional re-refineries, including greater than 50% Group III production of synthetic grade motor oil in a commercial scale re-refining operation.  The Company currently holds 4 patents issued in North America and has several patent applications, patents pending or under review in strategic countries around the world. 

The Company’s first full-scale facility is currently under development in Bowden, Alberta, 100km north of Calgary, with targeted production commencing in Q1 of 2019 (the “Project”).  With a fully executed off-take marketing agreement in hand with Elbow River Marketing Ltd., a subsidiary of Parkland Fuel Corporation, the Company has in place agreements for the sale of all of its finished products when commercial production begins at its Bowden facility.  The Bowden facility is being designed to process 2,800 bpd of used motor oil into a range of base stocks and related petroleum products.  

For more information about the Company, please visit www.geniiioil.com.

On Behalf of the Board of Gen III Oil Corporation

“Greg Clarkes”

Greg Clarkes
Chief Executive Officer

For further information, contact Greg Clarkes at (604) 806-5275

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The referenced research report dated May 10, 2018 (the "Report") has been prepared by Canaccord Genuity Corp. ("Canaccord) and contains forward-looking statements and opinions respecting the future performance (both operational and financial) and business prospects and opportunities of Gen III Oil Corporation (“Gen III” or the “Company”), including but not limited to certain stock price estimates, comparative margin expectations, EBITDA expectations, valuations of Gen III, future capital requirements, timing and anticipated receipt of required regulatory approvals, and expectations regarding future commodity market pricing and supply and demand for produced products. Readers should note that the Company has not paid any fees to Canaccord in connection with the Report and the Company does not endorse and is not responsible or liable for the content, accuracy or estimates contained in the Report. All opinions and estimate expressed in the Report are based on the independent research by analysts employed by Canaccord and solely reflect the opinions and estimates of Canaccord regarding Gen III and its industry and have not been independently verified by the Company.  The Report is provided for information purposes only.

Readers are cautioned that forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company’s actual results, performance, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements and that non-GAAP measures should not be construed as an alternative to net earnings, cash flow from operating activities or other measures of financial performance determined in accordance with GAAP as an indicator of Gen III’s performance. Undue reliance should not be placed on these forward-looking statements and information as they are based on assumptions as of the date of the Report regarding, among other things, the ability to secure sufficient debt and equity financing for the ReGen Facility, the ability to secure and protect Gen III’s  proprietary technology and intellectual property, that favourable growth parameters continue to exist in respect of future cash flows, prevailing commodity prices, margins and exchange rates, that Gen III's businesses will achieve sustainable financial results, and that the Company's future results of operations will be consistent with analyst expectations described in the Report.

Readers are directed to, and are encouraged to read, the risk factors highlighted in the Report under the heading "Investment Risks" commencing on page 11 of the Report in addition to Gen III’s quarterly and annual management discussion and analysis including the disclosure contained under the heading “Risk Factors” therein, available by accessing Gen III’s profile on SEDAR at www.sedar.com and such information is incorporated by reference herein. Gen III does not undertake any obligation, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements, analyst estimates and opinions contained in this Report are expressly qualified by this cautionary statement.

The contents of this Report are confidential and may not be copied, distributed, published or reproduced in whole or in part, or disclosed or distributed by recipients to any other person. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this Report or on its completeness, accuracy or fairness. Readers should not treat the contents of this Report as advice relating to legal, taxation or investment matters, and must make their own assessments concerning these and other consequences of the various investments, including the merits of investing and the risks. Readers are advised to consult their own personal legal, tax and accounting advisors and to conduct their own due diligence and agree to be bound by the limitations of this disclaimer.

Certain information set forth in this news release may contain forward-looking statements that involve financial projections, substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These include, but are not limited to, the statements regarding the quantity and quality of the re-refined products that might be produced; the cost of construction of the first ReGen™ re-refinery; raising sufficient capital to support the construction of the Project; the estimated operating costs for the Project; the market for the finished products; negotiating off-take agreements for those finished products; and the anticipated annual recurring revenue and EBITDA derived from those operations. Actual results may differ materially from the forward-looking information contained herein. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, except as required by applicable law. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. 

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Source: GlobeNewswire (May 15, 2018 - 8:30 AM EDT)

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