LAFAYETTE, Ind., Nov. 8, 2010 (GLOBE NEWSWIRE) -- Ultimate Sports, Inc. (Pink Sheets:USPS), a manufacturer and supplier to the recreational vehicle industry, released a statement today detailing the benefits of the solvent produced by EnSol's Tire Converter. Last month, Ultimate Sports, Inc. (USI) announced that the company is entering into a joint venture with EnSol, LLC to fund the Tire Converter Project. In return for the investment capital, USI will receive equity and a share of the profit of the joint venture.
The Tire Converter is a unit that will transform tires into carbon black, oil, gas and petroleum solvents. California alone discards 30 million tires annually. Nationally, about 300 million tires are discarded and few are reused and or recycled; most are buried producing a toxic waste dump. Source: http://www.calrecycle.ca.gov/LGCentral/Library/Innovations/Tires/Program.htm The average tire weighs 22.5 pounds. In small quantities, the truck tire feed stock cost is about $300/ton "chipped" and each ton produces 1.3 bbl of solvent.
Dilution Solvent (DS), the catalyzing end product of EnSol's tire converter system, can be used to treat existing oil wells to liberate oil that is too viscous (thick) to economically be pumped from the wells. One barrel (42.2 gallons) of DS at a cost of $25.00 per gallon will sell for approximately $1,000. The ratio for dilution of the Dilution Solvent is at about 50:1; or about one gallon of solvent used for one barrel of oil pumped.
Currently steam injection is used to "lift" heavy oil, an expensive process that is enhanced by the DS liquid. Source: http://www.heavyoilinfo.com/IPB/index.php?showtopic=113
The fully-operational converter is the size of a truck bed. Although the mobile unit will not be a full-sized production unit, it will, nonetheless, display its capabilities for various customers and will pay for itself in the process. The cost to fabricate and test a portable model is approximately $400,000. The oil generated from six months of operation is expected to provide $175,875 in revenue at $75.00/barrel. The solvent revenues are expected to be around $1.076 million at $20.00/gallon. The annual revenue from each unit is expected to be in excess of two million dollars ($2,000,000).
For more information about the company, please visit www.usi-skis.com.
About Ultimate Sports, Inc.:
Ultimate Sports specializes in every item, large and small, that snowmobilers need in order to enjoy the sport and improve their performance—especially snowmobile skis of all types. We have an extensive inventory of carbide studs, mount kits, wear bars, suspension parts, snow flaps, alignment bars, and so much more. Visit www.usi-skis.com for more information.
Forward Looking Statements:
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.