FORT LAUDERDALE, Fla., July 24, 2003 (PRIMEZONE) -- Tekron, Inc. (OTCBB:TKRN) announced that following initial due diligence, it has entered into an exclusive and comprehensive Letter of Intent with Mikasoil International to acquire a 25% equity stake of five oilfields within Russia. Under the terms of the agreement, Tekron will have 90 days to complete its due diligence, and then raise US$5 million to fund the initial phase of the project.
Under the terms of the Letter of Intent, Tekron has agreed to complete its due diligence with the assistance of independent Canadian legal counsel, and will be retaining the geophysical firm of McDaniels and Associates, based in Calgary, to conduct an independent assessment of the stated reserves. McDaniels and Associates was previously instrumental in the geo-physical work for Hurricane Hydrocarbons, listed on Toronto Stock Exchange, (PKN).
When reached for comment, Tekron's Chairman and CEO, Mr. Luigi Brun stated "this is a fantastic opportunity for not only Tekron shareholders, but to aid in the global development and production of an environmentally friendly oil resource".
Initial documentation has shown that the five properties, being in the Orenburg and Sverdlovsk regions within the Russian Federation, indicate reserves of approximately 20,000,000 metric tons, or approximately 140 million barrels of Crude oil, 14 million barrels equivalent of gas condensate, and 4 Billion cubic meters of Natural Gas.
Tekron, Inc. which is a holding company specializing in mergers and acquisitions also plans to market and sell next generation, non-invasive medical devices and technologies that are capable of revolutionizing medical care around the world.
This information contains certain forward-looking statements and information relating to the Company that are based on the beliefs of the Company or management as well as assumptions made by and information currently available to the Company or management. When used in this document, the words "anticipate," "believe," "estimate," "expect" and "intend" and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein.