SOURCE: Globotek Holdings, Inc.

March 08, 2010 08:00 ET

(GBTO) Globotek Given Go Ahead to Construct 14 APG Plants in 2010 - 2011

NEW YORK, NY--(Marketwire - March 8, 2010) -  Globotek Holdings, Inc. (OTCBB: GBTO) has announced that the Monopolies Commission of the Russian Parliament has requested that Dmitry Lukin, CEO of Globotek, participate in rewriting and creating new Federal laws that govern APG production and treatment in Russia. Mr. Lukin was also a keynote speaker at the meeting of the APG Problem Group for the Monopolies Commission where the need to decrease APG flaring in the Russian Federation to 5% by January 2012 was discussed.

The meeting concluded with the decision that Globotek should build 14 APG plants with a total processing capacity of 870 million cubic meters during 2010-2011. This decision equates to potential incremental revenues of approximately USD$350 million in 2010-2011 to Globotek.

Approximately 400 million tons of greenhouse gases are emitted into the atmosphere every year as a result of APG flaring worldwide, and the Russian Energy Ministry has recognized that Globotek's leading edge patented technology is best suited for APG processing directly at the oilfield. Russia is the largest contributor to APG flaring amongst all oil producing countries worldwide, and its government recently mandated that all oil producers adopt technology that will reduce flaring to no more than 5% by 2012.

About Globotek Holdings, Inc. (www.globotek-ir.com)

Associated Petroleum Gas (APG) is a by-product of crude oil extraction and its flaring currently accounts for approximately 400 million tons of harmful greenhouse gas emissions into the atmosphere every year. APG flaring has far reaching effects on the environment, public health and the economy.

Globotek is the developer and owner of a unique technology for the processing of APG that is carried out at the drilling field by a Modular Mobile Structure. Globotek's process involves the use of block-modular mobile complexes that each contain mini gas processing units and can be used in any environment where APG is flared. The advantages of the Globotek APG system are many but can be summarized as speed of construction and installation, small cost and a worldwide market. Russian legislation mandates that all oil fields in Russia must process APG to the international 95% standard by January 2012.

Forward-Looking Statements

This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. 

Contact Information