TUBAC, Ariz., Oct. 26, 2004 (PRIMEZONE) -- Tubac Holdings, Inc. (Pink Sheets:TBAH), in its ongoing effort to achieve a strategically diverse portfolio for its shareholders, Tubac Holdings, Inc. announced today that it has signed a letter of intent with Quaestus Refining, LLC, a privately held company.
Under the terms of the agreement, Quaestus Refining has agreed to a reorganization plan by which Quaestus Refining will become publicly traded. As a result of this reorganization, Quaestus Refining will have access to additional capital, further facilitating the development of its revolutionary Oil Extraction Process. All the assets, patents, and extraction technology currently owned by Quaestus Refining, will be assigned to the new company. Tubac Holdings will own approximately 20% of the new, publicly traded company.
The purpose of Quaestus Refining is to extract oil from the proven and unproven shallow oil and tar sands deposits, known as "oil sands". Quaestus Refining has licensed proprietary technology that extracts this type of oil from the shallow ground on which it sits. The market share for this type of oil is huge with an estimated 350 billion barrels in North America. This patented technology design allows oil substrate-solvent cleansing to take place on a totally automated and continuous basis. It is estimated that the extraction process comes to under $10.00 a barrel, which is extremely cost effective considering the current price of oil. Revenue share between Quaestus Refining and Tubac Holdings, will provide for a significant increase in stock valuation.
Harold Tanner, CEO of Tubac Holdings, Inc. states, "With the current price of oil, it was a huge priority for Tubac Holdings to become involved with production of this 'black gold'. This patented extraction process is one-of- a-kind, with no known competition. This truly creates a "sky is the limit" scenario. We are extremely pleased to have signed a letter of intent with Quaestus Refining. This strategic partnership will be beneficial to our shareholders and increase the value of Tubac. We have taken another major step in achieving our goal of becoming a globally diverse company engaged in numerous business opportunities, both directly and through our partner companies."
Watch for further releases detailing this venture.
About Tubac Holdings, Inc.
Tubac is a holding company that offers consulting in the public and private equity sectors. Tubac specializes in finding undervalued small cap and microcap companies with exciting products, services or technology that are poised for explosive growth. Tubac provides these companies with equity, guidance and strategic counseling to help them succeed. Tubac has taken an equity stake in several public companies, and is in negotiations with additional acquisition targets.
For more information, visit the company website at www.tubacholdings.com or call 520-398-2235.
For investor relations, call Ed Pickens at 858-459-3552 and visit www.equityallianceint.com.
Certain statements above constitute forward-looking statements with respect to Tubac Holdings, Inc. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Tubac Holdings, Inc. to be materially different from any further results, performance or achievements expressed or implied by such forward-looking statements.