SOURCE: Foy-Johnston Inc.

January 13, 2010 15:04 ET

Foy-Johnston Enters Into Letter of Intent With Liquid Gold International Inc.

DOVER, DE--(Marketwire - January 13, 2010) - Foy-Johnston Inc. (PINKSHEETS: FOYJ), a venture capital company, has decided to enter into the enhanced oil recovery business as it has entered into a Letter of Intent to acquire Liquid Gold International Inc.

Liquid Gold International Inc. has acquired a non-exclusive license to utilize a proprietary and patented technology that uses a thermal recovery method to enhance the recovery of oil in wells that have long seen their production fall to minimum levels. Abandoned wells in the U.S. are estimated to hold 377 Billion Barrels -- more than double the cumulative production to date. It is estimated that 2/3 of oil contained in the U.S. reservoirs is left behind because it was too difficult or too expensive to extract.

"We are very excited to be entering into the enhanced oil recovery business with the acquisition of Liquid Gold International. With the price of oil in the $80 per barrel range and the world coming out of the worst recession since WWII, the growth opportunity presented by this company is enormous," stated Winay Sangsomborn, President of Foy-Johnston Inc.

About Foy-Johnston Inc.

Foy-Johnston is a venture capital firm that specializes in discovering and exploiting new technologies that have enormous commercial application and explosive revenue potential. The enhanced oil recovery business presents those very qualities that Foy-Johnston's management team has identified to meet those criteria. Our website is

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