Hart Energy Executive Joins ORYXE Energy International
IRVINE, Calif.--March 23, 2005--| Nicholas L. Economides to Manage Technology Development, Certification and New Product Development for Innovative Energy Technology Company |
ORYXE Energy International announced today that Nicholas L. Economides has joined the progressive energy technology company as Executive Vice President, Commercial Products and Technology Management.
ORYXE Energy develops and markets proprietary fuel additives for diesel, gasoline and heavy distillates to enable these fuels to burn cleaner, thus reducing toxic environmental emissions. The Company was named recently to Red Herring's prestigious list of the Top 100 Innovators of 2004. ORYXE Energy's first product to market, OR-LED, is the first and only splash-blended diesel fuel diesel additive to win approval by the Texas Commission on Environmental Quality (TCEQ) for use in alternative plans to meet Texas Low Emission Diesel requirements.
Economides brings to ORYXE Energy nearly 25 years of diverse petroleum industry experience. Since January of 2000, Economides has served as the Managing Director of Technical Services for Hart Energy Services in Potomac, Md. Previously, he was Director of Technical Programs for the Oxygenated Fuels Association, where he directed technical programs for the trade association of oxygenate manufacturers.
Economides also has held various executive positions at Tosco Refining Company, Union Oil of California, Mobil Oil and Mobil Research and Development Corp.
At ORYXE Energy, Economides will be responsible for managing the company's technical group and programs. He will manage the process of technology development, certification and new product development, and coordinate closely with ORYXE Energy founder and Chief Technology Officer Fred Jordan regarding scientific research into possible new technologies.
Economides earned his bachelor's degree in engineering from Columbia University. He also holds a master's degree in business administration from Drexel University.
"We are delighted to welcome Nick to the ORYXE Energy team," said ORYXE Energy Chairman of the Board and Chief Executive Officer Walter Schindler. "As our company continues to grow and cultivate additional cutting-edge energy products, Nick will play an important role in the ongoing development of our product line."
Economides is joining ORYXE Energy at a significant time in the company's development.
The approval of the ORYXE Energy additive marks the first time the TCEQ has allowed both refiners and fuel producers the flexibility of meeting regulatory standards by blending an additive either at distribution locations or at refineries. The agency's decision to allow ORYXE Energy to distribute its product for use in Texas will help alleviate supply concerns when new regulatory mandates for diesel fuel are enforced beginning October 1, 2005. These new mandates require on-road and off-road diesel to meet strict environmental guidelines for emissions reductions.
OR-LED's approval by the TCEQ followed a rigorous engine testing protocol performed at the West Virginia University National Research Center for Alternative Fuels, Engines, and Emissions laboratory, recognized by the Environmental Protection Agency and certified by the California Air Resources Board. The tests were conducted under strict federal testing guidelines and procedures.
The tests showed that OR-LED demonstrated a greater than 5.7 percent reduction in Oxides of Nitrogen (NOx); a greater than 20 percent reduction in Total Hydrocarbons (THC), the main contributors to smog formation; and an approximately 10 percent reduction in Carbon Monoxide (CO), a poisonous gas, all major concerns for Texas air quality stewards. Widespread use of OR-LED in diesel fuel would result in reducing up to 6,000 tons of NOx annually.
About ORYXE Energy
ORYXE Energy International, Inc. (www.oryxe-energy.com), based in Irvine, develops, certifies and distributes additives that improve fuel performance and reduce toxic emissions from the combustion of hydrocarbons, such as diesel fuel and gasoline. ORYXE Energy's first product to market, the diesel additive OR-LED, is the first and only splash-blended diesel additive to win approval by the Texas Commission on Environmental Quality (TCEQ) for use in alternative plans to meet Texas Low Emission Diesel requirements. Founded in 2001, ORYXE Energy was named to the prestigious Red Herring list of Top 100 Innovators of 2004. The company holds one U.S. patent and has 10 patents pending.
Odyssey Venture Partners (www.odysseyventure.com) is the lead venture capital investor in ORYXE Energy.
Forward-Looking Statements
Estimates, expectations and business plans are forward-looking statements. Actual future results, including product introduction schedules, market receptiveness, regulatory approvals and commercial viability, could differ materially due to changes in conditions affecting the industry, political, legal or regulatory developments, and market conditions.