SELLERSVILLE, Pa., April 26, 2005 (PRIMEZONE) -- Delta Mutual, Inc. (OTCBB:DLTM), specializing in energy recovery and construction services through environmentally friendly technologies and construction technologies and products, announced the retention of Santa Fe Capital to provide Delta investment banking services including capital raising and project financing.
Peter Russo, President and CEO, commented, "We are very pleased to be working with Santa Fe Capital and its President, David Silver. They have assisted many rapidly emerging companies in proving the necessary banking services to accelerate their growth. To continue the significant progress in 2004 and the beginning of 2005, our growth is now limited by the need for capital to support our activities. When the Company's financing plans are completed, we will be in a position to capitalize on several projects that are moving forward in Indonesia, Saudi Arabia and Puerto Rico."
Indonesia - Project activities are well underway with the Indramayu equipment installation of oil sludge processing facilities scheduled for mid-May. The sludge processing will begin shortly thereafter. All regional Pertamina refinery managers have been presented with the Indramayu program for consideration in their regions. In addition, negotiations are currently underway for offshore oil barge sludge cleaning and recovery between the Indonesian Gas Authority (MIGAS), the Chinese National Oil Company (CNOCC), and Tryhuda Envirotech (Delta's joint-venture partner in Asia).
Saudi Arabia - Discussions have begun with SABIC, one of the largest petro-chemical and gas companies in that country for secondary water treatment technology for the city of Jebel II.
Puerto Rico - Initial construction project in Aguadillia is in the final permit stage with only environmental approvals remaining. Planning board approval and preselling will follow after environmental approvals. Delta's real estate agent, TIRI (the exclusive GMAC realty affiliate in Puerto Rico), will begin selling the homes at that time period. The second project, Guayanilla, is in the master site planning and initial permit filing stage. Typically, this type of project can take twelve to eighteen months before construction begins.
About Santa Fe Capital Group
Following two decades of traditional investment banking doing start-up fundings, LBOs, M&A and workouts and turn-arounds, Santa Fe Capital Group, has raised over $1 billion for 350 companies ranging from raw start-ups to $150 million (sales) companies in industries as diverse as Internet software and health insurance. Clients have included ActMedia, Interliant, News Corporation, ALC Communications, MobilePro Corp., Xing Technology, Voex, Inc., iboats, Inc., Forgefinder.com, Inc., Meaning Master Technolgies, Inc., Orbid Corp. and Catalog.com among others.
David Silver is the Principal of Santa Fe. He is the author of 30 books on entrepreneurship and finance. Silver has contributed numerous articles to business magazines and given hundreds of seminars around the world sponsored by the White House, AT&T, Coopers and Lybrand, Price Waterhouse, Malaysian Airlines, Boustead Holdings, Volvo, and others. For additional information on Santa Fe Capital, please see www.sfcapital.com.
About Delta Mutual
Delta Mutual, Inc. specializes in energy recovery and construction services through environmentally friendly technologies and products currently operating through joint ventures in the Middle East, Far East and Puerto Rico. Delta employs technologies that efficiently recover energy sources from soil, water and other waste streams while simultaneously improving existing environmental conditions. The Company also employs an energy efficient building material system for construction projects that are initially taking place in Puerto Rico. www.deltamutual.com
If you would like to be added to the Company's e-mail list for press releases and updates, please send your e-mail address to dltm@focuspartners.com. For further information, including a factsheet on the company, please contact FOCUS Partners.
Forward-Looking Statement
This press release contains forward-looking statements that involve risks and uncertainties where actual results could differ materially from those discussed in this Press Release. Forward-looking statements including "When the Company's financing plans are completed, we will be in a position to capitalize on several projects that are moving forward in Indonesia, Saudi Arabia and Puerto Rico." involve risks and uncertainties. These risks and uncertainties include: lack of capital, delays in finalizing contracts, typical issues of dealing with foreign governments, availability of appropriate technology and additional risks as outlined in our SEC filings.