LAS VEGAS, April 23, 2007 (PRIME NEWSWIRE) -- Soy Environmental Products, Inc. (Pink Sheets:SYVR) announced today that the Company's wholly-owned subsidiary, MetaPower, Inc., has established a Canadian subsidiary, MetaPower Canada, Ltd. The new company has been established to pursue business in the oil sands region of Northern Alberta, ranked as one of the world's largest hydrocarbon deposits.
MetaPower, Inc. has been providing business process management consulting services to clients in the oil sands region on a sub-contract basis for more than two years. The area is located close to the world's largest energy consumer market and a major area of investment and growth in the global energy industry. The new Company has been established to pursue independent opportunities with various investor companies.
Second only to the Saudi Arabia reserves, Alberta's oil sands deposits were described by Time Magazine as "Canada's greatest buried energy treasure," and that they "could satisfy the world's demand for petroleum for the next century." Annual oil sands production is growing steadily as the industry matures. Output of marketable oil sands production increased to 966,000 barrels per day (bbl/d) in 2005. The projected growth is as much as 3 million barrels per day by 2020 and possibly 5 million barrels per day by 2030. This degree of activity would support the development of other key industries and see Alberta become a global energy leader.
Mr. Zach LaPlante has been elected President of MetaPower Canada, Ltd. Mr. Ken Allen, who was recently elected as President of Soy Environmental Products, Inc., has been elected Secretary and Mr. John Ferris has been elected to the Board of Directors.
"We believe the oil sands industry holds tremendous business potential and the formation of a Canadian company illustrates our commitment to pursuing these opportunities," stated Zach LaPlante, CEO of MetaPower Canada, Ltd.
About MetaPower:
MetaPower, LLC, a technology firm founded in 1996, provides information technology and change management services to hazardous process industries. This link between technology and services is critical to make the changes necessary to successfully compete in the current environment. In today's competitive world, business operations must be streamlined if new levels of performance and operational excellence are to be achieved.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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