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Probex Completes Acquisition Of SES, A Division Of Pennzoil-Quaker State

3 October 2000

Probex Completes Acquisition Of SES, A Division Of Pennzoil-Quaker State

    DALLAS--Oct. 3, 2000--Probex Corp. (AMEX:PRB), an energy technology company, announced today that it has completed the previously announced acquisition of substantially all of the assets of Specialty Environmental Services, Inc. ("SES"), a division of the Pennzoil-Quaker State Company . Terms of the acquisition were not disclosed.
    SES, headquartered in Shreveport, Louisiana, is a leading provider of collection and recycling services for used motor oil, oil filters and fluids in 17 owner-operated facilities throughout the Southeast and South Central regions of the United States. SES uses a fleet of trucks to collect the materials for recycling and sale, and in 1999 collected approximately 20 million gallons of used motor oil and fluids.
    Charles M. Rampacek, president and CEO of Probex, said, "Our acquisition of SES will strengthen our collection network, making us one of the largest used petroleum collectors in the nation and completing the feedstock requirements for our first plant facility to be built in Wellsville, Ohio. The acquisition will also provide our company with operating cash flow to help offset some of the costs associated with the commercialization of our ProTerra(TM) process."
    Probex expects to begin construction for its first plant facility in Wellsville, Ohio, located approximately 40 miles northwest of Pittsburgh, in the first quarter of 2001. The 22-acre site is situated on the Ohio River, providing Probex with a barge dock, 1.4 million gallons of tankage, and rail and truck facilities, all of which are currently in place.
    Recently, Probex also announced that it had received two U.S. Patents for ProTerra(TM), its used oil recycling and upgrading technology. The patents, which combined give the company coverage for 102 claims of the ProTerra(TM)process, significantly strengthen the company's intellectual property protection for ProTerra(TM).