Daleco Consumates Clean Age Mineral Merger.Business Editors WAYNE, Pa.--(BUSINESS WIRE)--Sept. 20, 2000 Daleco Resources Corporation ( OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : DLOV) Dov Amir, Chairman of the Board and Chief Executive Officer, announced today that the merger of Clean Age Minerals Incorporated and Strategic Minerals, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Daleco Resources Corporation has been completed. As part of the merger the Company issued convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". with a stated value Stated Value A value that, instead of being par value, is assigned to a corporation's stock for accounting purposes. Stated value has no relation to market price. Notes: of $20,018,000 and assumed obligations of $560,000. Gary Novinskie, Daleco's President, stated that merger represents another key step in Daleco's diversification as a natural resource holding, production and marketing company. He added that the addition of Clean Age's extensive industrial mineral holdings (3,000,000,000+ tons) and its patented environmental remediation process strengthens Daleco's consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. and offers new market opportunities which will enhance the Company's cash flow and profitability. Daleco Resources Corporation is an international natural resource company with holdings in oil and gas, timber and minerals. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the Company's domestic and international operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings. |
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