American Millennium has signed a contract with Griffin Petroleum of Midland, Texas, to provide satellite monitoring of conditions on an existing oil lease operated by Griffin Petroleum.
American Millennium currently has a reseller contract with ORBCOMM USA, L.P., a subsidiary of ORBCOMM Global, L.P., a provider of
satellite-based data and messaging communications services. The
non-exclusive contract allows American Millennium to provide data
transmission to operators of oil and gas wells, intermodal containers,
and refrigerated railcars.
Eric Griffin, vice president of Griffin Petroleum Company,
confirmed that American Millennium will install a satellite
transceiver that will send data reports from various sensors to be
installed on the well. The data will report the volume of oil and
water being pumped, as well as high and low pressure safety switches.
In the future it is planned that the equipment will be programmed to
shut the pump down should the pressures vary from the specifications
programmed into the equipment. Also, according to Griffin, American
Millennium will monitor the load cell on the rod string and the down
hole pump.
According to Griffin, the oil lease operated by Griffin Petroleum
is north of Midland and is adjacent to a lease operated by Pennzoil
which is utilizing water flooding to enhance oil flow from the ground.
He stated that there is a possibility of a positive peripheral effect
that could make it necessary to adjust the pump speed to take
advantage of the increase in volume.
Steve Watwood, CEO of American Millennium, confirmed that all of
the data and adjustment capability that Griffin Petroleum would
require can be accomplished through satellite monitoring. He noted
that once the equipment is installed over the next several weeks, a
Web site will be posted that will allow anyone to go on-line and view
the conditions and data being reported to Griffin Petroleum.
The data is provided to American Millennium through the ORBCOMM
system. The ORBCOMM satellites download the data into earth stations
operated by ORBCOMM in New York, Arizona, Georgia, and Washington
state.
Energy Optics, Inc. and American Millennium Corporation have
agreed to merge with Energy Optics, Inc. to be the surviving
corporation. The merger will be “effective'' upon the acceptance for
filing of Articles of Merger by the New Mexico Corporation Commission
and a Certificate of Merger by the Delaware Secretary of State's
office. At a Special Meeting of the shareholders of Energy Optics,
Inc. held on May 27, 1998 the stockholders voted to amend Energy
Optics, Inc.'s Articles of Incorporation to, amongst other things,
change the name of the company to American Millennium Corporation,
Inc. Upon acceptance for filing of the Amendment to the Articles of
Incorporation of Energy Optics, Inc. by the New Mexico Corporation
Commission, notification of the name change will be submitted to the
Securities and Exchange Commission and National Association of
Securities Dealers, and a new stock “ticker'' symbol and CUSIP number
applied for.
This press release contains forward-looking statements that
involve risk and uncertainties that could cause the Company's actual
results and experience to differ materially from anticipated results
and expectations expressed in these forward-looking statements. In
particular, Energy Optics' plans may be revised, and its actual
results may differ materially from that indicated by its current
plans, in each case as a result of a variety of factors, including:
(i) the availability of financing and regulatory approvals; (ii) the
number of potential customers in a target market; (iii) the existence
of strategic alliances or relationships; (iv) technological,
regulatory or other developments in the Company's business; (v)
changes in the competitive climate in which the Company operates; and
(vi) the emergence of future opportunities.
Contact:
James C. Statham
Energy Optics, Inc.
352-742-5010
