SOURCE: SONIC Technology Solutions Inc.

April 30, 2008 12:58 ET

SONIC to Consolidate 100% Ownership in Petrosonic Heavy Oil Venture

VANCOUVER, BC--(Marketwire - April 30, 2008) - Ewire -- SONIC Technology Solutions Inc. (PINKSHEETS: SNVFF) (TSX-V: SNV) ("SONIC" or "the Company") is very pleased to announce that it has agreed on definitive terms to acquire all of the issued and outstanding shares of PetroSonic Energy Systems Inc. ("PetroSonic") not currently owned by the Company, giving SONIC 100% control and ownership of PetroSonic.

Under SONIC's previous agreement with PetroSonic all development and testing work has been funded by PetroSonic. This resulted in the successful demonstration of a proprietary accelerated upgrading Sonoprocess™ for heavy oil by de-asphalting and vis-breaking. SONIC held a 40% equity interest in PetroSonic in return for the grant of an exclusive licence. Under the amended terms agreed to by SONIC and PetroSonic shareholders, SONIC will acquire the remaining 60% of the issued and outstanding shares of PetroSonic for an aggregate price of $750,000 payable in common shares of the Company at a share price of $0.25.

Mr. Adam Sumel, CEO and President of SONIC commented, "The roll-out plan for PetroSonic requires a significant commitment by SONIC which is only possible if we fully focus on this opportunity. The principals and management of PetroSonic fully support this conversion and will continue to assist the Company on the understanding that the Company will devote the resources necessary to ensure that this opportunity is realized. The recent agreement to acquire Northern Oil Research Technologies is a key aspect of this commitment."

For the full release please follow this link:

http://www.ewire.com/display.cfm/Wire_ID/4695

Contact Information

  • CONTACT:
    Adam Sumel
    President and CEO
    SONIC Technology Solutions Inc.
    Tel: (604) 736-2552
    Email: Email Contact