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PROL is cooperating with the Philippines Department of Science & Technology (DOST) toward a design of the proposed biodiesel fuel production plant, and the company's engineers and environmental consultants will conduct an investigation into the environmental effects of cultivating the JATROPA plant on a commercial scale.
During the week of November 5, PROL management will initiate application for a Small Scale Oil Exploration Permit from the Philippines Department of Energy.
The new management team of PROL is envisioning to become the model and distributor of this solar and wind energy, as the source of electric power in our own gold mine sites in Bukidnon and Masbate Island," stated President/COO Ricardo Bernardo.
commonly known as PHILOIL also announces the appointment of the new management for the new PROL Team: Jason Piamonte is appointed as the new CEO; Engr.
It is the vision and mission of the new management team of PROL to materialize the explorations and developments of the coal products and other energy from that small island.
Furthermore, Phil Oil is looking forward to raise funds for its explorations and developments as soon as PROL finalizes its piggyback qualification.
Meanwhile, Phil Oil clarifies that it was not responsible for nor has any knowledge of the reasons behind the recent unusual increase in trading volume and stock price of PROL.
PAIM's CEO Jason Piamonte, states: "We have set March 31, 2007 as the payment date for issuance of stock dividends of 1 Post Split Common share of PROL for each 100 PAIM Common shares held as of record date of February 26, 2007.
The new stock symbol PROL, and at the same time, the 100 to 1 forward split of PGMC, has been approved with record date of February 18, 2007; NASDAQ will not set an X-dividend for PAIM's dividend of shares of PROL to its shareholders, as the dividend shares of PROL to PAIM shareholders are restricted.