TEMPE, AZ--(Marketwired - May 20, 2014) - Quantum Energy, Inc. (PINKSHEETS: QEGY) is pleased to provide the following investor update of recent refinery progress:
"Quantum has engaged Shelley International CPA of Mesa, Arizona as its auditor for its February 28, 2014 year end and has begun the drafting of a Form 10 to be filed upon completion of the audit so as to become a fully reporting company with the SEC. Once audited and fully reporting, Quantum plans to immediately apply for trading status with a major stock exchange;
"Quantum has retained Russell R. Smith as EVP of Public Affairs on issues of Bakken rail safety and matters pertaining to industry government relations. Russell Smith has spent the past 20 years developing and managing major public and private sector projects focused primarily in assisting growth stage firms build market share and integrate solutions with government agencies and Global 500 Commercialization Partners. Founder of the first dedicated Technology Practice Group in a major Washington, D.C. government relations firm, his career has focused upon the nexus between international business development consulting, lobbying and legal industries. He has represented over 75 organizations ranging from startups to Fortune 50 technology firms. With significant experience working in and with over 20 foreign nations, Russell has additionally served as an adviser to numerous Members of Congress, foreign heads of state, legislators as well as several state governors and the Administrations of two U.S. Presidents. His firm has offices in Missoula, Montana, Washington D.C., Seoul, Singapore and Dubai;
"Quantum has engaged North Dakota's largest law firm, the Vogel Law Firm of Bismarck, as its Land Use counsel to work with Territorial Landworks, Inc. on all matters of land use and permitting and;
"Quantum has engaged Barr Engineering of Bismarck to assist the Vogel Law Firm and Territorial."
All of these activities are related to Quantum's recently announced plan to construct the Fairview Refinery that will process 20,000 barrels of Bakken crude oil per day and will operate as a diesel topping plant. The Fairview Refinery is modeled after the refinery nearing completion in Dickinson, North Dakota. The North Dakota and Eastern Montana diesel market is estimated to consume 75,000 barrels of diesel fuel per day of which the Fairview and Dickinson refineries will supply approximately 14,000 barrels per day (7,000 barrels per refinery). Upon permitting and completed construction, the refinery is projected to generate annual revenues in excess of $600,000,000 with EBITDA in excess of $60,000,000 and employ 100 plus full time employees.
About Quantum Energy, Inc.
QUANTUM ENERGY, INC. is a development stage, publicly traded, diversified holding company with offices in Williston, North Dakota. Quantum places an emphasis in refinery development, land holdings, oil and gas exploration, drilling, well completion and fuel distribution www.quantum-e.com.
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.