CARSON CITY, Nev., July 20, 2004 (PRIMEZONE) -- Stafford Energy, Inc. ("Stafford") (Pink Sheets:SFDE) is very pleased to announce that it has acquired 100% of the issued and outstanding shares of Abucco Technologies Inc. ("Abucco"), a private company incorporated under the laws of the Province of British Columbia, in exchange for 100% of the issued and outstanding shares of Stafford (the "Transaction"). Stafford, Abucco and shareholders of Abucco holding 100% of the issued and outstanding shares of Abucco have executed the formal Share Exchange Agreement, which replaces and further clarifies all of the terms and conditions of the Transaction. Stafford has closed the Transaction as to the shareholders of Abucco holding 100% of the issued and outstanding shares of Abucco. Abucco will now become a 100% wholly owned subsidiary of Stafford.
Stafford is also very pleased to announce the strengthening of the Board of Directors with the appointment of Mr. Sven Smeds. Mr. Smeds brings with him over 25 years of high-technology sales and management experience with extensive contacts in Europe. Mr. Smeds has spent the past several months putting in place the initial dealer network for the Abucco products here in North America. He will spend the next several weeks in Europe structuring a dealer network primarily in the Scandinavian countries of Finland and Sweden where cellular and satellite communications are more prevalent than in North America.
Jaro Bucko, President of Abucco commented, "We have been working with Stafford as one unit for a number of months now. There has been significant progress as a company and there are many exciting opportunities which we are currently working on to bring them to reality."
Richard Connors, Chairman and President of Stafford stated, "We have been looking for a long time to find the right fit within Stafford and it is my firm belief that we have now found it. Abucco, in addition to bringing with it a cutting-edge technology with applicability to just about any area of business today, also brings with it a group of dedicated Research and Development people. These people are not only responsible for this phenomenal technology, they will continue to develop new technologies which will provide our customers with the highest utility products for the most cost-effective price on the planet."
Abucco is in the business of high-technology security, access and telemetry monitoring and control over the Internet and wireless networks. For more information about Abucco, please see Abucco's website at www.abucco.com.
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.