TEMECULA, Calif., May 13, 2003 (PRIMEZONE) -- VentureNet Capital Group, Inc. (Pink Sheets:VNTN) announced today that it has reached an agreement to acquire 100% ownership of Exploitation Engineers, Inc. of Houston, Texas.
Exploitation Engineers, Inc. has been in the petroleum consulting business since 1982. The company performs reservoir and production engineering and has acted as an expert witness and advisor for E.I. duPont de Nemours and the U.S. Department of Justice for cases in the Eastern District of Texas, the southern district of Texas and Washington. The company has helped to manage oil and gas properties for clients and advises clients on the purchase and sale of oil and gas assets. Over the past 21 years, the firm has served more than 300 clients including major oil companies, banks and independent oil companies.
Mr. William Sawyer will remain as President of Exploitation Engineers, Inc. and conduct all day-to-day operations. Mr. Sawyer is a registered professional engineer with an MBA and has 27 years of experience in the oil and gas industry.
Mr. Sawyer has worked for various major and independent oil companies and served as Vice President of Corporate Finance for the investment-banking firm of Underwood-Neuhaus and Company. In this capacity, he worked on mergers, acquisitions, public and private offerings, and the evaluation of oil and gas properties and companies.
A VentureNet Capital Group, Inc. spokesman added that while this acquisition differs from recent acquisitions in the beverage industry, it is consistent with VentureNet Capital Group, Inc. philosophy of acquiring revenue generating businesses in proven market niche where present management will remain intact.
Exploitation Engineers should generate $500,000 per year in gross revenue. They have offices in Houston, Texas and Dubai, United Arab Emirates.
VentureNet Capital Group, Inc. specializes in providing financing and management expertise to private and public emerging growth companies demonstrating current revenues and a high growth potential.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.