LANGLEY, British Columbia, Nov. 1, 2007 (PRIME NEWSWIRE) -- Nitro Lube, Inc. (Pink Sheets:NLUI), today announced that NLUI and Uranium City Mining have completed their due-diligence and the Board of Directors has signed a final Definitive Agreement to acquire, through NLUI's subsidiary, Uranium City Mining and all it's mineral properties within the proximity of Uranium City, Saskatchewan, Canada. Under the terms of the Agreement, in exchange for the mining claims and properties to its subsidiary, NLUI will immediately issue 21,291,824 shares of its common stock to the principals of Uranium City Mining. NLUI will change the name of the Corporation to Uranium City Mining, Inc. and elect new Officers and Directors. The Agreement is also conditioned on the spin-off of Nitro Lube Canada, Ltd. as a self-liquidating dividend to the shareholders. New management will assist Jason Rite, CEO of Nitro Lube Canada, and, lend their full support and assistance through the 15-C211 process for that entity to be publicly traded.
About Uranium City Mining
Uranium City Mining is a mining company founded by professional geologist and managers who have intimate knowledge of uranium mining in Saskatchewan. Walter Stunder, President, has over 27 years experience as a rare earth minerals mining executive as well as extensive geological expertise. His leadership led to the assembly of the founding staff of Uranium City Mining. The company has offices in Uranium City, Saskatchewan and Vancouver, B.C. Uranium City Mining's properties cover an area of over 3.000 acres and contain several former producers of uranium when uranium was still used for nuclear weapons. Uranium City Mining's geological reports show detailed information on five past producing uranium mines with one shaft having reserves of over 30.000 pounds of Uranium (U308). Presently, the Province of Saskatchewan produces approximately 35% of the world's uranium.
About Nitro Lube, Inc.
Nitro Lube, Inc. is a marketing and holding corporation, organized under the laws of the state of Nevada on March 22, 1996. Nitro Lube, Inc. currently owns 100% of Nitro Lube Canada, Ltd. (a Canadian corporation) and 100% of Nitro Lube USA, Inc. (a Nevada corporation). Nitro Lube Canada is engaged in the business of manufacturing and worldwide marketing of high tech lubricants and fuel conditioners while Nitro Lube USA is currently in development. All products produced and sold by Nitro Lube contain the revolutionary "PMF2000" formula. Nitro Lube, Inc. has offices in Langley, B.C., Canada and an executive office in Palm Desert, California, USA. The company's subsidiaries maintain websites at: http://www.nitrolube.com and http://www.nitrolubeusa.com.
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Nitro Lube, Inc., and members of management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. These risks and uncertainties include, among other things, volatility of market prices, product demand, market competition, risks inherent in the Company's international operations, and the Company's ability to expand. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.