VANCOUVER, British Columbia, Jan. 6, 2004 (PRIMEZONE) -- Stafford Energy, Inc., ("Stafford") (Pink Sheets:SFDE), has agreed to acquire shares of privately held, Abucco Technologies Inc. ("Abucco"). Abucco is in the business of high technology security, access and telemetry monitoring and control over the Internet and wireless networks.
As of December 10, 2003, Stafford and Abucco entered into a Reorganization Agreement, pursuant to which, the Parties have agreed to reorganize Stafford so that Abucco may become a subsidiary of Stafford.
The final closing of the Abucco transaction is subject to the ability of Stafford to obtain a minimum amount of financing ("Financing"). There can be no assurances that Stafford will succeed in obtaining the minimum amount of Financing.
According to the terms of the Agreement, Stafford is obligated to tender up to $1,500,000 (CAD) in order to acquire 100% of Abucco. Stafford will not receive shares of Abucco unless and until Abucco receives proceeds from the Financing of at least $765,000 (CAD). To date, Stafford has tendered enough cash to acquire approximately 6.6% of Abucco.
Richard Connors, the President of Stafford commented, "We are very excited about the prospect of expanding our focus in the high tech, security monitoring and control industry. We believe the potential of Stafford to access additional capital coupled with Abucco's unique and market ready products, will be a successful combination. With several, first to market products set to be launched in the first quarter this year, Stafford will be well positioned to capitalize on the numerous contacts we have in these target markets."
Jaro Bucko, President of Abucco Technologies Inc. added, "The funding capabilities of the Stafford group as well as their management and marketing expertise will enable Abucco to accelerate our growth, enhance our product offerings, expand our market channels, and ultimately accelerate growth of our revenues."
Stafford intends to continue to update its shareholders and the marketplace as newsworthy events occur.
Safe Harbor Statement:
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding announcements of financial results, business potentiality and other prospective presentations by Stafford. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products in domestic and international markets will continue to expand. Stafford undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Stafford's expectations with regard to these forward-looking statements or the occurrence of unanticipated events