OriginOil Strengthens Focus on Frack Water Cleanup; Launches Licensing Group to Accelerate Commercialization in Secondary Markets
New group headed by licensing veteran is dedicated to driving business opportunities and partnerships outside oil and gas industry, including building water management, aquaculture and biofuels
LOS ANGELES--(BUSINESS WIRE)-- OriginOil, Inc. (OTC/BB: OOIL), the developer of a breakthrough energy production and water decontamination process for the oil and algae industries, announced today it has launched a separate licensing group to address the growing number of potential commercial applications for its Solids out of SolutionTM technology outside the oil and gas industry. By licensing these secondary market opportunities, the company intends to sharpen its focus on the commercial deployment of its frack water cleanup system, CLEAN-FRACTM, for oil and gas production.
"We are achieving substantial traction among algae producers looking to partner and commercialize OriginOil's algae harvesting technology. At the same time, we are rapidly identifying new applications like aquaculture," said Riggs Eckelberry, OriginOil CEO. "We are extremely motivated by these opportunities but also cautious of diluting our commercial efforts within the oil and gas sector. Cleaning up frack and produced water is proving to be the largest, most compelling market opportunity."
"This new licensing group could allow the core team to devote more energy and resources to targeting this high growth industry," added Eckelberry.
Alex Leshnick, currently OriginOil's Director of Operations, will head the new Licensing Group as its General Manager, with Profit and Loss (P & L) responsibility.
A registered patent agent, Leshnick is a seasoned veteran with a robust track record of successfully licensing technologies to both young companies and established corporations worldwide. In his previous position at the University of Southern California, Leshnick managed a portfolio of more than 150 technologies consisting of several hundred patents and patent applications.
"Alex has successfully prosecuted the company's patent portfolio for the past two years, and understands the market opportunities for OriginOil's solids extraction technology and its revenue potential," added Eckelberry. "We are confident that he will handle these added responsibilities with his usual speed and competence."
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About OriginOil, Inc.
OriginOil has developed an energy production process for harvesting algae and cleaning up oil & gas water. Operating at the first stage of extraction, this high-speed and chemical-free process can be embedded in other systems to improve performance. Originally invented to solve the biggest problem in algae production, it is now finding demand in oil and gas fracking and production water cleanup, an immediate and fast-growing market that desperately needs clean technology solutions. To learn more about OriginOil®, please visit our website at www.originoil.com.
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Matters discussed in this update contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this update, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
OriginOil Strengthens Focus on Frack Water Cleanup; Launches Licensing Group to Accelerate Commercialization in Secondary Markets. New group headed by licensing veteran is dedicated to driving business opportunities and partnerships outside oil and gas industry, including building water management, aquaculture and biofuels
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