Daleco Resources Closes Funding and Executes Master Distribution and Marketing Agreement With Sumitomo Corporation of America.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)--Dec. 3, 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 closed on the funding under its previously announced Stock Purchase Agreement 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. In addition, Mr. Amir reported that Daleco has expanded its relationship with SCOA by entering into a Master Distribution and Marketing Agreement covering its Industrial Minerals, Tropical Hardwood Timber and its Patented CA-Series 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. Under the terms of the distribution and marketing agreement, Daleco received an additional $540,000 from SCOA to support the commercialization of these resources and will work exclusively through SCOA for their introduction into the marketplace. Mr. Amir added that Mr. Robert Graustein, Senior Vice President and General Manager of the Corporate Business Development Division of SCOA will join Daleco's Board of Directors. Robert G. Graustein, stated, "through the terms of the Master Distribution and Marketing Agreement with Daleco, the relationship between SCOA and Daleco has expanded in that it provides Daleco with access to SCOA's extensive worldwide marketing expertise and product distribution capabilities. Furthermore, by combining Daleco's extensive resource holdings and patented environmental technologies with SCOA's trading network, the two Companies have the potential to be major participants in the industrial mineral and environmental technology markets. Gary Novinskie, Daleco's President stated that the consummation of the SCOA-Daleco Stock Purchase Agreement and the execution of the Master Distribution and Marketing Agreement represent important benchmarks in the Company's plans to develop and exploit its extensive natural resource and technology assets. He noted that SCOA's marketing expertise provides Daleco with sale opportunities in a wide range of industrial and environmental markets both domestically and internationally. The enhanced market exposure will significantly accelerate the Company's asset monitization efforts as they relate to the Company's Clean Age Mineral and Sustainable Forest Industries, wholly owned subsidiaries 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. Daleco Resources Corporation is an international asset and technology aggregation and monetization company. The Company is active in the oil and gas producing basins of Texas, Oklahoma, Pennsylvania Oklahoma is a borough in Westmoreland County, Pennsylvania, United States. The population was 915 at the 2000 census. Geography Oklahoma is located at (40.581613, -79.574586)GR1. , West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. and Alabama through its wholly owned subsidiaries, Westlands Resources Corporation and Deven Resources, Inc. Its industrial mineral development operations in Texas, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). and Utah and the marketing of its patented environmental remediation products are managed by its Clean Age Mineral, Inc. a wholly owned subsidiary. The development and marketing of the Company's tropical hardwood timber and products in Guyana South America are coordinated through its Sustainable Forest Industries, Inc., also a wholly owned subsidiary. The development and deployment of Daleco's information technologies is managed through its wholly owned 16/6 Inc. subsidiary, a software architecture and business development company. Sumitomo Corporation of America (SCOA), is a fully integrated trading and investment enterprise with offices in 14 major U.S. cities. SCOA is the largest wholly owned subsidiary of Sumitomo Corporation (SC), an integrated global trading firm with diversified investments and trading businesses. Established in 1952, and headquartered in New York, SCOA has 55 subsidiary and affiliate companies that include diverse enterprises involved in PVC PVC: see polyvinyl chloride. PVC in full polyvinyl chloride Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. pipe manufacturing, steel service centers, tire distribution, agricultural products and more. The Company is a powerful force in investments and financing and in the distribution of products and has been a leading distributor of commodities and products ranging from transportation and railway equipment, chemicals and plastics, fertilizer, tubular products agricultural and food products, ferrous and non ferrous metals, to name a few. Sumitomo Corporation (SC) is one of the world's leading traders and distributors of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. around the world, and ranks among the top 50 global corporations in sales volume. SC has 192 offices and 767 consolidated subsidiaries and associated companies throughout 88 countries. For more information about Sumitomo Corporation of America, see www.sumitomocorp.com 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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