WINSTON-SALEM, N.C., Feb. 19, 2010 (GLOBE NEWSWIRE) -- Plateau Mineral Development, Inc. (Pink Sheets:PMDP) announced today that the company has signed a letter of intent to acquire Matthews Energy Investments, LLC (MEI). A memorandum of understanding is in progress and should be completed within the next few weeks.
MEI is a research and development management company that receives income from successful development projects. Three current sources of income for MEI are from oil and gas projects in Kentucky, Oklahoma and Michigan; all of which have a positive cash flow.
MEI also provides loans to companies for developmental purposes. However, in some cases, MEI carries out its own in-house research and development. Therefore, another source of MEI's income is from the reimbursement of loans and up front capitalization for in-house developments.
Robert Matthews of Plateau Mineral Development, Inc., states, "Plateau has chosen to acquire MEI because MEI has both the funds and the resources for research and development, while Plateau has the tools and technology to get the job done. The signing of the letter of intent will allow Plateau to move forward and participate in some of the lucrative projects that MEI is involved in."
About Plateau Mineral Development, Inc.: Plateau Mineral Development has been in existence for over five years.
Forward Looking Statements:
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.