U.S. Energy Initiatives Corp. (USEI.OTC) announced Wednesday that it is back, revitalized, with new management and a new direction. Management is actively working to become OTC compliant while evaluating its automotive technologies and an exciting oil and gas plan to profitably produce stranded crude oil with the acquisition of Santa Clarita-based AM Oil Resources & Technology.
USEI has adopted a business plan that it believes will enhance energy independence for our country. Our approach is incremental “evolution, not revolution” beginning with a family of technologies that improve the productivity of existing oil and gas wells. We also have obtained commercialization rights to more progressive technologies in the following areas: Waste to energy; biofuels from feed stocks, excluding food product feed stocks; and wireless transmission of electricity.
The company will not be heavily invested in research and development. Rather, we will focus on revenue-oriented operations based on proven technologies within our scope of interest. We will shortly provide implementation guidance with respect to our business plan.
“Our management is very excited about our firm and even more excited about what we hope to accomplish very soon,” U.S. Energy CEO Anthony Miller said. “For four years the company has been without a real direction because of a number of unfortunate circumstances, and we are now confident and ready to build a great company.
“With the acquisition of AM Oil ( www.amoilresources.com ), we have assembled an ever-expanding team from industry, manufacturing, marketing, finance and oil production folks built for success. We are now ready to build a dynamic oil production and technology firm that will have significant growth year after year. In the coming weeks, we will unveil our near- and long-term plans for our company.”
The company has two separate energy initiatives: one in the automotive sector and one in the oil, gas and technology sector.
We will continue to develop and market our automotive technologies which we have done since 1996; and focus on manufacturing and marketing green retrofit systems for the conversion of gasoline and diesel engines, stationary or vehicular, to non-petroleum-based fuels, such as compressed natural gas and liquefied natural gas.
We will also acquire and develop stranded or unrecovered oil properties for enhanced oil production, create partnerships with operators, create strategic alliances for primary and secondary recovery and partner with farm-ins on properties where technology will be utilized to improve recovery efforts. Our goal here is to become an environmentally responsible oil and gas company; utilizing all methods available to improve oil recovery.