SOURCE: Fox Petroleum, Inc.

Fox Petroleum, Inc.

November 16, 2010 06:05 ET

Fox Petroleum Signs Letter of Intent for Seven Million Dollar Water Bottle Recycling Line With Pioneer Water Systems LLC

With Growth of Water Market, Company Expects to Recycle up to 25 Million Pounds of Water Bottles

NEW YORK, NY--(Marketwire - November 16, 2010) -  Fox Petroleum Inc. (PINKSHEETS: FXPT) announced today that it has signed a seven million dollar letter of intent with Pioneer Water Systems LLC for a PET (water bottle) recycling line in Maraguin, Louisiana.

Pioneer's patented water systems draw water from the atmosphere, precipitate the vapor and cleanse it with ultra violet light and ozone to produce a new source of drinking water. Pioneer's Infinity water machines can make up to four thousand gallons of new water per day per machine and the companies processes not only provide clean, safe water, but can clean up toxic environments, ground water and produce new sources of water for communities and the health, food and manufacturing industries worldwide.

"Pioneer has developed game changing technology for the production of fresh drinking water and with this new joint venture we expect that Pioneer will need a recycling component in order to handle the plastic and bottling operations for the water that they will be producing," announced William Lieberman, President of Fox Petroleum Inc.

Fox Petroleum Inc. is focused on acquiring, developing and operating plastic recycling operations throughout North America. With a focus on plastic waste compounds and the aggregating of plastic scrap products for manufacturers, Fox Petroleum's goal is to become an important partner for leading recycling companies who need proficient services.

The goal in this first initial development with Pioneer is to develop a completely circular recycling system for the community of Maraguin, Louisiana. Immediate estimates have the project saving up to 500,000 metric tons of landfill space and up to 15 million dollars in waste costs. 

"This new plant will act as the catalyst for introducing projects all over the world that are environmentally friendly, that produce zero emissions and use only recycled materials in production. We expect that once complete this subsidiary will recycle up to 25 Million pounds of PET water bottles per year. We expect the growth of water to outpace the growth for recycling worldwide," Mr. Lieberman added.

About Fox Petroleum Inc. (PINKSHEETS: FXPTwww.foxpetro.net

Fox Petroleum Inc. is focused on acquiring, developing and operating plastic recycling operations throughout North America. With a focus on plastic waste compounds and the aggregating of plastic scrap products for manufactures. Fox Petroleum's goal is to become an important partner for leading recycling companies who need proficient services. The company expects its Canadian subsidiary which will become carbon neutral will process up to 30 Million pounds of post industrial and post consumer scrap plastics per year with revenues approaching Five million dollars per year at these processing levels. Fox Petroleum is aggressively seeking additional acquisition targets in the plastics recycling market place to increase its processing capacity and the company is currently speaking to Fortune 500 companies in the automotive and beverage industries to process plastic waste streams and fulfill circular recycling streams.

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