Galileo Petroleum Ltd. (TSX Venture Exchange: GPL) (“Galileo”) announces that its Board of Directors has engaged a consultant to investigate a new area of business focused on the use of the mineral zeolite in environmentally friendly products as outlined below in more detail. Galileo’s oil and gas operations have been difficult with recent declines in the price of oil and, while Galileo still owns its oil and gas assets, management believes that the zeolite opportunity may be a better opportunity for its shareholders.
Galileo has signed a consulting agreement to engage the expertise of certain principals of Zeo Trade & Development Ltd. (UK), who are currently, and have been in the past, involved in the zeolite business. More specifically, they have been involved with sourcing zeolite for use in ice melting, filtering and cooling applications. Galileo will be Zeo Trade’s sole client in North America and will guide Galileo in assessing this opportunity over the next year.
The financings announced on September 4th, 2015, will proceed as announced and be expanded to fund this arrangement in addition to providing working capital for Galileo. Galileo has increased the financing noted at “Private Placement One” in the news release to $181,700. Further announcements will be made upon completion of the financings.
Zeolite products are green products usable in our everyday lives as well as in the industrial sectors. Among other uses, Zeolite products are used for: water savings, the cleaning of air and water by absorbing pollutants, as an efficient thermal heat/cool exchanger, and a body detoxifier, among other uses.
The new business will include trading in zeolite consistent with the Zeo-Trade branded strategies and product lines for the Eurozone retail and B2B business markets. In addition to certain growing Zeo product lines active in Europe, Galileo would offer a zeolite adsorption technology for heating and cooling and ultimately, we believe the potential conversion of certain segments of the North American heating and cooling market.
This energy saving technology allows for the operation of air-conditioning systems at a low power consumption level and, when required, additional generation of heat to supplement other heating systems. According to recently announced statistics, electricity in California costs about eighteen (18) cents per KwH which is 50% higher than the US average. The energy demand for air conditioning in private households in the United States is almost 50% of the total consumed energy in the private sector. The three largest states in the US by population are California, Florida and Texas with a combined 86 million people or 27% of the population representing a tremendous market opportunity.
The United States currently has government programs funding the installation of solar thermal systems for about $4,500 for households and up to $800,000 for commercial buildings. In addition, it is expected that grants for heat-cooling converters will be implemented.
“The topics of CO2 reduction and “save the water” have become an agreed upon social mantra in the developed world and as documented at the G7 meeting in Germany last June, CO2 reduction and therefore the reduction of energy consumption will be strongly promoted with specific goals set for 2050. An especially strong sentiment in the US is supporting a transition to cleaner sources of energy and ways to cut energy waste. I am excited to be involved in bringing zeolite products and technologies to this market environment”, stated David Hottman, Chairman and CEO
Galileo, with the assistance of Zeo Trade, will also begin the process of assembling an advisory board of scientific and industry professionals to assist Galileo in a the strategic review and implementation of this business opportunity.
ON BEHALF OF GALILEO PETROLEUM LTD.
President and CEO
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 News Release. This news release has been prepared by management and no regulatory authority has approved or disapproved the information contained herein.
For further information contact: David Hottman, President & CEO
at 604-629-1929 E-mail: firstname.lastname@example.org