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SONIC, NORT Merging

Advanced process technologies company, SONIC Technology Solutions Inc, said that all's set to acquire all of the issued and outstanding shares of Northern Oil Research Technologies Inc., an Alberta based oil process development company. NORT has developed and patented a low pressure and temperature chemical process for upgrading heavy crude oil and is developing further processes to maximize the value from asphaltenes

Advanced process technologies company, SONIC Technology Solutions Inc, said that all’s set to acquire all of the issued and outstanding shares of Northern Oil Research Technologies Inc., an Alberta based oil process development company. NORT has developed and patented a low pressure and temperature chemical process for upgrading heavy crude oil and is developing further processes to maximize the value from asphaltenes.

NORT's patented chemistry has demonstrated increases in the API of heavy oil from 10 to over 28 API as well as significant reductions in sulphur content while maintaining a high liquid yield and minimizing CO2 production. The performance of the NORT process was confirmed in analysis by the Alberta Research Council in Edmonton, Alberta.

The cold cracking (low temperature and pressure) NORT process is expected to enable SONIC to fully exploit the work that it has undertaken with PetroSonic Energy Systems Inc. on accelerated upgrading of heavy oil. Under the terms of the acquisition, SONIC's purchase price consists of the issuance to NORT shareholders and related parties of common shares upon the achievement of key milestones up to a total value of $3 million dollars with an initial value of $0.5 million at $0.25 per share upon the acquisition of the NORT shares.

The major milestones are the development and installation of a successful field pilot plant and full commercial implementation. SONIC believes that the process is easily scalable to 2,500 barrels per day by use of PetroSonic's compact accelerated process. Mr. Frederick Boakye, NORT's Chief Scientist, will join SONIC to ensure successful and rapid implementation of these objectives.