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Olie, Inc. Awaits Formal Agreement

VANCOUVER, British Columbia, May 2, 2013 (GLOBE NEWSWIRE) -- Olie, Inc. (OTCQB:OLIE) ("Olie" or the "Company) has previously announced an agreement, that would be reduced to a formalized definitive document, with EnCanSol, respecting the "rolling in" of its worldwide 'flatplate' licence. The flatplate technology uses the patented technology of the rechargeable alkaline battery that is currently successfully operative, in commercial use, and in the single cell format. EnCanSol has for some years been developing a 'flatplate' format. This has reached a stage now of pre-prototype development, that once commercialized, would present an environmentally favourable competitor to current rechargeable batteries, including the lead acid battery that is toxically hazardous and bulky.

Olie has been anticipating the formalization of the EnCanSol agreement for some time now, given that there are general time considerations and constraints. In particular given that the NSBI (the business arm of the Nova Scotia Government) has given notice of default to EnCanSol, with only days to remedy. Olie regards the opportunity presented by NSBI, and subject to default, as excellent. It remains optimistic with its efforts to finance, despite the backdrop of past and continual contractual delays, and the constraints this has caused upon funding. Olie regards the NSBI offer and opportunity as complementary to the development of the flatplate alkaline battery.

Olie, Inc. Safe Harbor Statement

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements, based on the current plans and expectations of management, are subject to a number of uncertainties and risks that could significantly affect Laredo's current and future plans and expectations, which Laredo undertakes no future obligation to publicly revise.

No stock exchange or regulatory organization in the USA or Canada accepts responsibility for the adequacy or accuracy of this release.

CONTACT: Robert C. Gardner Phone: 604 669-9000 E-mail: robertgardner@telus.netSource:Olie, Inc.