Lexington Energy Services Inc. (OTCBB: LXES)
Talks Aimed at Providing Nitro-Gen Technologies with New Technology
CALGARY, Jan. 24 /PRNewswire-FirstCall/ – Lexington Energy Services Inc. (LXES.OB) is pleased to announce it has signed a letter of intent with Nitro-Gen Technologies Group Inc. to become its exclusive nitrogen generation equipment supplier.
“There is no other nitrogen generation system like ours and now no one else will have it except Nitro-Gen”, says Lexington Energy president Larry Kristof. “This new system is going to change the way a number of things are done in the oil industry and we’re looking forward to working with new partners.”
Lexington Energy’s innovative nitrogen generation prototype is in the final stages of completion. The new system, which represents a significant advance in the application of nitrogen technology, has been successfully tested and will be working in the field shortly.
The new system extracts nitrogen from the air and purifies it to 98-99.5 per cent. Unlike some other designs that max out at 95 per cent, Lexington Energy’s system takes the next step and processes twice the volume of air to reach the critical minimum of 98 per cent pure nitrogen needed for many applications.
Nitro-Gen, a privately held company, is partly owned by Brent Nimeck, who is also Lexington Energy’s Chief Operating Officer. The letter of intent, subject to a binding agreement, outlines the terms and conditions under which Lexington Energy will negotiate to lease its nitrogen generation system to Nitro-Gen.
Based in Calgary, Lexington Energy Services Inc. is a publicly traded company manufacturing innovatively designed service equipment for the rapidly expanding oil and gas industry.
CONTACT: Mark Procknow, Corporate Communications, Lexington Energy Services Inc., Calgary, AB, (403) 279-4585
Source: Lexington Energy Services Inc.
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