Geo Point Technologies, Inc. Announces LOI to Acquire Kazakh Oil Refinery

SALT LAKE CITY, April 5 /PRNewswire-FirstCall/ -- Geo Point Technologies, Inc. (OTC Bulletin Board: GNNC), a provider of resources and expertise to resolve environmental compliance problems involving soil and groundwater assessment, monitoring and remediation, disposal and recycling and complete gasoline service station retrofitting, today announced that it has entered into a letter of intent to acquire Sinur Oil LLP.  Sinur Oil is a development stage oil refining company with operations in the southern region of Kazakhstan. The company produces high quality diesel, gasoline and export grade mazut (fuel oil) from crude oil.

Using a new patented oil refining technology, Sinur Oil has built a near zero emissions "micro" oil refinery, expected to process approximately 2,000 tons of crude oil per month, and is scheduled to begin operations this week. The refinery uses electromagnetic induction in place of traditional open flame combustion. In announcing this acquisition, Geo Point president, Jeffrey Jensen, also disclosed that Sinur Oil has commitments in place, both for the supply of crude and for the sale of 100% of its output. Closing is expected to occur within 90 days. Terms of the transaction were not disclosed, other than that it would be a stock for stock transaction.

"We believe the technology has the advantage of being small enough to be deployed in smaller markets with lower capital expenditures and less available crude oil," added Mr. Jensen. "The property on which the plant is located has land space and a rail spur to allow expansion of at least three additional refineries. With continued high demand for refined oil in this part of the world, we look forward to expanding our markets in a methodical manner."

About Geo Point Technologies

Geo Point Technologies Inc. provides geological and earth study services related to: land surveying for new construction; soil testing and environmental risk and impact assessments; and natural resource assessments with an emphasis on oil and gas deposit discovery.

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SOURCE Geo Point Technologies, Inc.