Freestone Resources Announces Recent Major Positive Developments and Agreements
DALLAS–(BUSINESS WIRE)–Freestone Resources, Inc. (“Freestone”) (OTCQB:FSNR) is pleased to
announce three major agreements that will allow Freestone to improve its
operations at their wholly-owned facility – Complete Tire Recovery
(“CTR”) – and derive additional revenue from the sale of products
produced at the facility. CTR is a full-service tire recycler, licensed
transporter and processor of scrapped tires located on 10 acres with
over 34,000 sq. ft. under roof in Ennis, Texas.
Michael McGhan, CEO of Freestone said, “After much negotiation, I am
pleased to announce that we have worked out a settlement with the note
holder of the property in Ennis and all back payments have been made and
the note is no longer in default.”
“Furthermore, Freestone has signed a lease agreement with a purchase
option with NatGas Leasing LLC to provide a tire shredding machine
capable of shredding up to 60 tons of used tires per day which will
substantially increase the output of shreds from the plant to be sold
from the facility. Freestone has arranged for purchasers of the shreds
who will purchase as much of the shreds that Freestone can produce. This
arrangement will generate substantial income to Freestone that will
allow us to meet our obligations as well as further expand our current
operations.”
“Lastly, Freestone executed two working capital notes that will provide
$250,000 in working capital to improve its overall operations by
upgrading equipment and adding additional personnel to help increase
sales. One of the working capital notes, in the amount of $150,000, was
provided by Dynamis Energy, LLC, indicating their ongoing commitment to
work with Freestone toward a merger, as announced previously. In
addition, a major shareholder in Freestone also provided a working
capital note of $100,000, indicating ongoing confidence in the ability
of Freestone to improve its overall operations and increase shareholder
value.”
About Freestone Resources, Inc.:
Freestone Resources is a Dallas, Texas based oil and gas technology
development company. The continuing goal of the Company is to develop
new technologies that allow for the utilization of our vast resources in
an environmentally responsible and cost-effective way. http://www.freestoneresources.com/
About Dynamis Energy, LLC:
Dynamis is an Eagle, Idaho based technology development company focused
on waste management and energy production from solid wastes to provide
sustainable economic and environmental benefits, while turning such
waste into usable products. As such, Dynamis provides technology to
recycle municipal and other solid wastes to produce sustainable economic
and environmental benefits, in the form of fixed and mobile
waste-to-energy plants. Dynamis has a network of agents worldwide to
support the sale of its technology and products. Currently Dynamis has
projects in various stages of development in Europe, Asia, South
America, the Caribbean, and the US. http://www.dynamisenergy.com
SAFE HARBOR STATEMENTS:
Certain statements in this news release may contain forward-looking
information within the meaning of Rule 175 under the Securities Act of
1933 and Rule 3b-6 under the Securities Exchange Act of 1934 and are
subject to the safe harbor created by those rules. All statements, other
than statements of fact, included in this release and other potential
future plans and objectives of the company, are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements.
Contacts
Freestone Resources, Inc.
G. Don Edwards – Shareholder Relations
Ph:
972-875-8427
www.freestoneresourcesinc.com
Dynamis Energy, Inc.
Kevin McNulty
info@dynamisenergy.com
208-938-2680
www.dynamisenergy.com
