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South Shore Resources is bringing to market a technology for
separating heavy crude oil into light sweet crude oil by passing in through a membrane,
which will reduce the sulfur, sodium and carbon that go into the environment
Oil
Field Machinery
(SSHO-OTC: BB)
South Shore Resources Inc.
Times Square, PO Box 663
Providenciales
Turks and Caicos Islands
British West Indies
Phone: 416-281-3335
Richard L. Wachter
Chairman and President
Interview conducted by:
Lynn Fosse, Senior Editor
CEOCFOinterviews.com
Published – May 25, 2007
BIO:
Richard L. Wachter - President,
Treasurer, Chief Financial Officer, and a member of the Board of Directors.
Since February 2001, Mr. Wachter has been our president, treasurer, chief
financial officer and a member of the board of directors. Mr. Wachter has spent the last
23 years of his career in land and commercial real estate development. From June 1978 to
July 1983, Mr. Wachter was the President of Future Care Ltd. located in Toronto, Ontario.
Future Care Ltd. was engaged in the business of construction and development of retirement
homes. From August 1984 to December 1995, Mr. Wachter was the C.E.O. and President of
Wachfree Construction Ltd. and Provincial Nursing and Retirement Centres Ltd., both of
which were located in Toronto, Ontario. Wachfree Construction Ltd. and Provincial Nursing
and Retirement Centres Ltd. were respectively engaged in the development, management and
operation of senior care facilities. In 1988 Mr. Wachter's executive abilities were
recognized when he was nominated for entrepreneur of the year for Canada. Between 1992 to
1995 Mr. Wachter was designated in the Who's Who in Canadian Business as well as the
international version of the Who's Who in 1994. Since May 1995, Mr. Wachter has been the
President of The Bentley Group Ltd. located in the Turks and Caicos Islands, British West
Indies. The Bentley Group Ltd is engaged in the business of real estate and land
development.
Company Profile:
South Shore Resources Inc. is a company focused on the marketing of an innovative membrane
separation technology for the refining of heavy crude oil into light sweet crude oil.
South Shore Resources Inc. is also involved in exploring avenues of distribution for its
Trivia Bingo assets and for the taped productions of the TV TriviaBingo game shows. The
Internet/television game and show combines the skill-testing question aspect of trivia
with the excitement and popularity of Bingo.
CEOCFO: Mr. Wachter, what is your vision for the company
and how are you getting there?
Mr. Wachter: “Our vision is to take our
innovative membrane separation technology for the refining of heavy crude oil into light
sweet crude oil and basically bring it to fruition and license it to oil refineries
worldwide.”
CEOCFO: What is the basic technology and how were you
able to come upon it?
Mr. Wachter: “Our technology allows us to
separate heavy crude oil into light sweet crude oil using membranes. A membrane is a
filter that has a chemical disposition designed to reject certain molecules or particles
from going through it. An example of how it works is in extracting drinking water out of
ocean water. The ocean water goes through a membrane and the membrane rejects the salt out
and gives you fresh drinking water. We have a piece of technology that basically allows
the oil to go over top of the membrane and it rejects the sulfur, sodium, carbon molecules
and other undesirable materials from passing through. Traditionally, with heavy crude oil,
when they go through the refinery, these products have to be burnt out, which is a major
impact to the environment.”
CEOCFO: Will you expand on how it was developed?
Mr. Wachter: “We were in the entertainment
business with our public company and had been approached by a couple other companies
looking to get involved with our company. These companies were involved in the oil
business and they brought us four or five different processes to look at. We liked the one
with the membrane technology because we thought it was the one that had the most merit to
it, so we ended up pursuing the people that had the technology and made a deal for an
exclusive license to market their technology. We began funding the company in order to
proceed, to build a working prototype model, which is about four weeks away from
completion. It will show that the system works and it can be built and up scaled to a
larger model.”
CEOCFO: What is the market for technology like this
and what is your competition like?
Mr. Wachter: “There are a lot of people looking
at upgrading technologies and different technologies in order to make the upgrading of oil
more environmentally friendly. However, there is nobody else that we know of to date in
this industry that is successfully utilizing membrane technology. As the cost of oil goes
up, the cost of our technology comes down. The big thing here is that it becomes a very
environmentally friendly way to upgrade crude oil to sweet crude with out burning. You
have to understand the oil industry and what takes place after the oil comes out of the
ground. Most people think that when the oil comes out of the ground, it is made it to
gasoline or diesel fuel and it really is not. It has to be cleaned and made into light
sweet crude oil, which then goes through distillation towers and is turned into fuel. This
process to date has involved burning the crude oil to separate and take the sodium,
sulphur and carbons out of the oil. We think this technology has two advantages. First of
all you are not burning off your oil so you are not creating an environmental problem.
Secondly, the byproduct can be used for other things such as making asphalt for
highways.”
CEOCFO: So you have something really significant here!
Mr. Wachter: “We have discovered a very unique
product and that is why we chose this particular technology over the other ones that were
presented to us. We have committed to finance this project and move forward. We think we
have discovered a way to environmentally contribute to reducing green house gases with a
great product for oil refineries because they will no longer need to continue the
burning process to clean dirty crude.”
CEOCFO: Where do you start to hit the industry?
Mr. Wachter: "When this technology was first
presented to us, it was a working lab top unit. That lab unit has a membrane which is four
inches by seven inches. We ran crude oil through that particular membrane and the video is
on our website. It shows a significant change in the oil. We figured that we need to show
oil companies that it could be scaled up, so we are in the process of building this new
prototype. That particular piece of equipment will be able to process approximately ten
plus barrels a day. This will show the oil companies that the technology does work and it
can be scaled up.”
CEOCFO: Is it difficult to get it to the right people?
Mr. Wachter: “It has been hard, but we have been
able to speak to some significant players in the oil industry because of the pressure that
is being placed upon them by environmental lobbyists. They are very receptive to see what
results we will produce when the prototype is finished. The oil industries are tightly
controlled and of course are receptive to innovative ideas to work with way to contribute
to cleaning up the environment.”
CEOCFO: What is the financial picture of the company?
Mr. Wachter: “I have personally financed this
company over the last five years. We did a round of funding about a year ago and raised $1
million in the company. There currently is cash in the company and our burn rate is very
low as we outsource everything we can to make it economical for our company.”
CEOCFO: What is involved in implementing this
technology?
Mr. Wachter: “Our plan is to license the
technology. This particular system will be built-in modules, which are projected to be
able to process approximately 2000 barrels of oil per day. If there is a plant with 10,000
barrels of oil per day production, they may need five modules. We would actually have the
modules built for that particular company and then license that technology with the module
and we would charge them a fee depending on how many barrels are being processed through
the modules on a daily basis. If there is any way that somebody can come up with to reduce
emissions created from what has happened by the burning of oil, I think it is a winner. We
know that the lab top unit works; we know that the upscaling will work. It will get to the
next stages. Are the oil companies prepared to make the commitment to use our
technology?”
CEOCFO: In closing, why should investors be interested
now?
Mr. Wachter: “I think that people should be
interested in our company if they are concerned about the environment. There is always a
risk involved but we think we have something that nobody else has and we have a
winner.”
disclaimers
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article without the express written consent of CEOCFOinterviews.com is prohibited.
|
“Our
technology allows us to separate heavy crude oil into light sweet crude oil using
membranes. A membrane is a filter that has a chemical disposition designed to reject
certain molecules or particles from going through it. An example of how it works is in
extracting drinking water out of ocean water. The ocean water goes through a membrane and
the membrane rejects the salt out and gives you fresh drinking water. We have a piece of
technology that basically allows the oil to go over top of the membrane and it rejects the
sulfur, sodium, carbon molecules and other undesirable materials from passing through.
Traditionally, with heavy crude oil, when they go through the refinery, these products
have to be burnt out, which is a major impact to the environment.” - Richard L.
Wachter |
