Aquatic Announces Debenture Financing and Property Acquisition.Business Editors VERNON, British Columbia--(BUSINESS WIRE)--April 13, 2004 Sheridan B. Westgarde, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Aquatic Cellulose International Corp. (Pink Sheets:AQCI) announces that the company has acquired from Century Resources Inc. a 20% working interest and 16% net revenue interest in the Hamill Lease, a 3,645 acre natural gas producing property located in the Matagorda County, Texas Matagorda County is a county located in the U.S. state of Texas. As of 2000, the population was 37,957. Its county seat is Bay City6. Matagorda County is named for the canebrakes which once grew along the coast (Matagorda is a Spanish word meaning "thick bush"). . The company's original plan to acquire Century, a Texas based oil and gas company, was replaced with this new acquisition agreement which includes exclusive and optional new project and exploration drilling participation with Century. This aspect of the agreement has three successive one year terms, with Aquatic holding the exclusive option on each year. The cost of this acquisition and exclusive optional participation agreement was $580,000 dollars and a 15% ownership stake in the company. To complete this acquisition a $900,000 financing was arranged with a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based investor group. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). received were used to complete the acquisition and meet many of the current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. of the company. The company would like to also announce that both Mr. Lonnie Hayward and Mr. Harvey Smith will be joining the company. Mr. Hayward brings a vast knowledge of the public market and shall become a director of Aquatic. Mr. Smith has an extensive background in public finance and will join the company as its advisor and corporate finance and property acquisition consultant. The company has plans to move forward with a special meeting of shareholders to seek approval to increase the authorized share volume of the company to meet commitments to the company's financiers, the Hamill Lease acquisition and exclusive optional participation agreement, as well as meet commitments for future professional services to the company. This press release contains statements that constitute forward-looking statements, as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that may cause or contribute to such differences include, among other things, changes in business conditions and the economy in general, changes in governmental regulations, unforeseen litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other risk factors identified. The Company undertakes no obligation to update these forward-looking statements for revisions or changes after the date of this press release. Aquatic further reminds all of the changed office location and contact information. The new office location is Suite 5, 2504 43 St. Vernon, B.C. Canada. V1T 6L1. The new telephone number is (250) 558-4216 and fax (250) 558-3846. The NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). has neither approved nor disapproved of the information contained herein. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion