Avalon Board of Directors Approves Exclusive Licensing Agreement.MINNEAPOLIS -- Avalon Oil & Gas, Inc. (Avalon) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AOGN) today that it has executed an exclusive license agreement with Oiltek, Inc. (Oiltek), a Delaware Corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. formed in November 2006. The terms and conditions of the Exclusive Licensing Agreement provide for Avalon to receive approximately eighty percent (80%) or ten million shares (10,000,000) of the common stock in Oiltek, in exchange for cash and the rights to market Avalon's portfolio of intellectual properties. Oiltek anticipates the filing of a Form S-1 with the Securities and Exchange Commission on or before September 1, 2007, and will seek a listing on the OTCBB when the Form S-1 has been approved. "Licensing Avalon's technologies to a focused technology commercialization company forwards our strategy to add shareholder value through enhanced oil and gas recovery opportunities," said Kent Rodriguez, Avalon's 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. . "We are pleased to be able to offer Avalon shareholders of record a stock dividend, the record date is yet to be determined by the Board of Directors," added Rodriguez. The technologies licensed to Oiltek involve innovative energy production enhancements. These include the recently patented technology developments to mitigate paraffin wax paraffin wax Mixture of organic compounds traditionally derived from petroleum but also obtained synthetically. It usually consists of alkane hydrocarbons (also called paraffins) and is used for coating and sealing, for candles, and in floor waxes, lubricants, waterproofing deposits in well bores and oil production tubing Production tubing is a tubular used in a wellbore through which production fluids are produced. Production tubing is run into the drilled well after the casing is run and cemented in place. using ultrasonic ultrasonic /ul·tra·son·ic/ (-son´ik) beyond the upper limit of perception by the human ear; relating to sound waves having a frequency of more than 20,000 Hz. ul·tra·son·ic adj. 1. waves. Also licensed to Oiltek is a system to detect hazardous gas leaks in natural gas pipelines which provides reliable, cost-effective monitoring of pipelines to detect small gas leaks before they reach a critical stage. The third technology licensed to Oiltek is a system for intelligent drilling and completion sensors to provide real-time oil reservoir An oil reservoir, petroleum system or petroleum reservoir is often thought of as being an underground "lake" of oil, but it is actually composed of hydrocarbons contained in porous rock formations. monitoring of subsurface sub·sur·face adj. Of, relating to, or situated in an area beneath a surface, especially the surface of the earth or of a body of water. Adj. 1. information. Oiltek's business model streamlines technology commercialization and market development through a close network of aligned industry business partners. The company acquires and develops oil and gas production enhancing technologies from early stage licensing partners. Avalon provides Oiltek with access to its oil and gas production resources to demonstrate the technology in current well stimulation and completion operations. Oiltek will leverage Avalon's network of industry partnerships with oil equipment service providers and system integrators to execute marketing and distribution agreements. About Avalon Oil & Gas, Inc. Avalon Oil & Gas, Inc., is an oil and gas company engaged in the acquisition of oil and gas producing properties. Avalon's technology group acquires and develops oil and gas production enhancing technologies. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 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. Those statements include statements regarding the intent, belief or current expectations of Avalon Oil & Gas, Inc., and members of its 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 that actual results may differ materially from those contemplated by such forward-looking statements. 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. FOR FURTHER INFORMATION, please visit the company's website at www.avalonoilinc.com. |
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