MONTREAL, May 11, 2005 (PRIMEZONE) -- Bio-Tracking Security Inc. (Pink Sheets:BTSI) announced today that it had completed the preliminary review of several oil and gas properties available to it under the terms of the memorandum of understanding with Nord Oil.
The company will now initiate its due diligence process on two selected targets in the Samara region of Russia, one of that country's most prolific regions. The expert firm of Niven Fischer of Calgary, Alberta has been selected to perform the full due diligence and the company expects expenditures on this process to range between $150,000 and $200,000 to completion, which funds are to be advanced by a group of major shareholders and management.
Niven Fischer is a well-established firm of geologists, reservoir analysts and petroleum engineers with more than a decade of onsite experience in Russia. The team, headed by Robert Niven and Alexei Borisov will start data analysis immediately and expects to proceed with its onsite inspection the week of May 23rd.
The due diligence process will also benefit from the services of RSM-TOP Audit, one of Russia's largest accounting firms and the leading professional firm in the oil and gas sector. RSM-TOP Audit is the Russian affiliate to RSM International, the world's 6th largest accounting and auditing firm.
Dr. Matossian, who was hired as special coordinator to lead negotiations and manage the due-diligence process stated that, "Work is now well under way in our review of these significant assets and we expect to proceed to the asset vend-in phase as early as mid June."
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A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.