CARSON CITY, Nev., May 25, 2004 (PRIMEZONE) -- Stafford Energy, Inc., ("Stafford") (Pink Sheets:SFDE), is very pleased to announce that the binding Letter Agreement signed on May 4, 2004 with Abucco Technologies Inc. ("Abucco"), a private company incorporated under the laws of the Province of British Columbia, was given unanimous approval from the Abucco shareholders at the May 20, 2004 extraordinary shareholders meeting. The Abucco shareholders approved the terms of the Letter Agreement ("Agreement"), a reverse takeover by Stafford, whereby Stafford will acquire all of the issued and outstanding shares of Abucco in exchange for receiving the equivalent of 100% of the issued and outstanding shares of Stafford prior to the acquisition of Abucco being completed, which shares of Stafford will be issued pro rata to the shareholders of Abucco on the closing date. Stafford and Abucco are now formalizing the share exchange agreement and other documents that more fully delineate and formalize the terms outlined in the Agreement.
Richard Connors, the President of Stafford commented, "Stafford has had the opportunity over the past few months to actually work with Abucco and we are very excited over what Abucco has to offer in addition to what we have already been able to achieve, working together. Certainly, the Abucco shareholders have indicated their confidence in the relationship. Both companies have recognized the synergies and we are now moving forward very quickly to turn this into a reality."
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.