Daleco Resources Announces Equity Placement.Business Editors WEST CHESTER West Chester, borough (1990 pop. 18,041), seat of Chester co., SE Pa., W of Philadelphia; inc. 1799. Primarily residential, West Chester was long the trade and processing center for an agricultural region that is now mainly suburbs. , Pa.--(BUSINESS WIRE)--Nov. 19, 2001 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 Daleco Resources Corporation ("Daleco") has executed documents for an equity transaction with Sumitomo Corporation Sumitomo Corporation (住友商事, Sumitomo Shōji) TYO: 8053 is a highly built worldwide trading company (Sogo shosha), and is a diversified corporation based in Tokyo, Japan. It is a member company of the Sumitomo Group. of America ("SCOA SCOA Standard Chart Of Accounts SCOA Societe Commerciale de l'Ouest Africain (Paris, France) SCOA South Carolina Orthopaedic Association SCOA South Carolina Optometric Association SCOA Spinone Clubs of America "), 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 corporation. Under the terms of the agreement, Daleco will initially issue 640,000 shares of Common Stock to SCOA at a price of $1.25 per share. In addition to the initial equity, SCOA will receive warrants to acquired 1,700,000 shares of Common Stock at prices ranging from $2.00 to $3.00 share. Mr. Amir added that SCOA will initially have one seat on Daleco's Board of Directors but that their Board representation can increase to two (2) seats. He concluded in saying that Daleco is pleased to have reached its agreement with SCOA and is looking forward to a long term and prosperous relationship. Robert G. Graustein, Senior Vice President and General Manager of the Corporate Business Development Division of SCOA stated "that initial equity capital provided to Daleco should aid in the commercialization of Daleco's industrial minerals and patented environmental technologies". Mr. Graustein added that the companies plan to expand their relationship beyond the equity position mainly in the areas of product development and marketing. Gary Novinskie, Daleco's President stated that the terms of the equity infusion are intended to augment the Company's capital funding arrangements. The initial SCOA funding level and warrant position was structured to provide the capital needed to fund the successful growth and marketing efforts for both the minerals and environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a technology held by Clean Age Minerals, its 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. . He noted that SCOA's financial and marketing expertise enhances Daleco's business opportunities. Daleco Resources Corporation is an international asset and technology aggregation and monetization company with operating subsidiaries active in oil and gas, timber, minerals, and technology. Sumitomo Corporation of America, a wholly owned subsidiary of Sumitomo Corporation, is a fully integrated international trading and investment enterprise with offices in 14 major U.S. Cities. 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 Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , imprecision in estimating product reserves and the Company's ability to replace and expand its holdings. |
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