CARSON CITY, Nev. , July 1, 2004 (PRIMEZONE) -- Stafford Energy, Inc., ("Stafford") (Pink Sheets:SFDE) is very pleased to announce that on May 25, 2004, the shareholders of Abucco Technologies Inc. ("Abucco"), a private company incorporated under the laws of the Province of British Columbia, approved the Letter Agreement dated April 28, 2004, whereby Stafford offered to acquire all of the issued and outstanding shares of Abucco in exchange for the Abucco shareholders receiving pro-rata the equivalent of 100% of the issued and outstanding shares of Stafford (the "Transaction"). As of June 30, 2004, Stafford, Abucco and shareholders of Abucco holding 70% 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. As of June 30, 2004, Stafford has decided to close the Transaction as to the shareholders of Abucco holding 70% of the issued and outstanding shares of Abucco and expects to close the Transaction as the remaining 30% of the issued and outstanding shares of Abucco in the next five business days.
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.