SANTA CLARITA, Calif., June 5, 2012 /PRNewswire/ -- US ENERGY INITIATIVES CORP (USEI.OTC) announced today that it has entered a Joint Venture with BulovaTech Labs, Inc., a private company located in Austin, Texas, and Silicon Valley, California ("Bulova"), to distribute a fuel product designed to replace the current formulation of gasoline. The proprietary patent pending gasoline replacement product was developed by Bulova over several years. The product, A Universal Fuel™ is an enhanced energy feedstock blended with methanol and gasoline commanding an industry setting 96 Octane which is higher than any commercially available non-racing fuel. The product is sold under the brand Singular 96™.
The initial delivery of the fuel occurred on May 25, 2012. Approximately, 800 vehicles were fueled with Singular 96™. The price for this premium grade 96 Octane fuel was seven (7) cents a gallon, below the local prevailing price for regular grade 87 Octane gasoline.
According to Anthony Miller, CEO, "This relationship is a logical progression for our company, because it fits with our core business goals and objectives. This venture will provide Immediate and Significant revenue for us. This retail commodity has tremendous demand currently, which should generate continued sales year after year."
About US Energy Initiatives: The Company has two separate energy initiatives; one in the automotive sector and one in the oil, gas & technology sector. We will continue to develop and market our automotive technologies which we have done since 1996; and focus on manufacturing and marketing GREEN retrofit systems for the conversion of gasoline and diesel engines, and market new and innovative hybrid fuels.
We will also acquire and develop stranded or un-recovered oil properties for enhanced oil production, create partnerships with operators, create strategic alliances for primary and secondary recovery, and partner with farm-ins on properties where technology will be utilized to improve recovery efforts. Our goal here is to become an environmentally responsible oil and gas company; utilizing all methods available to improve oil recovery. We will market our technology to a worldwide market to produce significant revenue and add value for our shareholders.
Disclosures: "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release may contain forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in the Company's filings with OTCMarkets.com and as required to the Securities and Exchange Commission. These risks could cause USEI's actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company.
Contact: Investor Relations, 866.922-1116 or [email protected]
SOURCE US Energy Initiatives Corp