MONTREAL, June 23, 2005 (PRIMEZONE) -- Bio-Tracking Security Inc. (Pink Sheets:BTSI) announced today that further to receiving significant positive results from RSM Top Audit, the company has signed a definitive agreement with Nord Oil and acquired its oil and gas properties as well as its storage facilities in Russia's Samara Region, the country's most prolific oil reserve, in a deal valued at approximately $2.5 billion U.S.
Under the terms of the definitive agreement, the company will proceed to issue 180 million shares for 100% of the acquisition of Nord Oil's properties with proven reserves of 15 million barrels of oil and probable reserves of 33 million barrels; a deal valued at approximately $2.5 billion USD. The company will issue said shares post a reverse split of its common shares on a 1:12 basis, resulting in the total outstanding shares of the company to be approximately 216 million shares and where the shareholders of Nord Oil will own approximately 83%. Once the reverse split is executed and the shares issued, the company will proceed to change its name to Nord Oil International Inc.
"It wasn't quick to conclude, but our efforts have been nicely rewarded with a deal that brings us approximately $3.50 per share of proven oil reserve and $11 per share of both proven and probable oil reserve assets," said Mr. Amyot, President of Bio-Tracking. "We are very proud of the results and we hope this will translate in our common stock to be valued according to this new matrix," said Mr. Amyot
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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.