Daleco Resources Corporation Amends Marketing and Distribution Agreement.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. -- Daleco Resources Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :DLOV): Gary Novinskie, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Daleco Resources Corporation ("Daleco"), reported today that the Company has successfully concluded its discussions to amend its November 2001 Master Marketing and Distribution 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 "). Under the Amendment, the exclusive marketing and buyout provisions as well as certain rights and obligations of SCOA were eliminated. According the Mr. Novinskie, the amended agreement allows Daleco to maintain a relationship with SCOA while permitting the Company to be more flexible in marketing its mineral based and timber products. He also noted that by amending the agreement, Daleco eliminated what was viewed as a potential anti-takeover provision that imposed restrictions on the Company's ability to negotiate certain types of transactions involving its mineral and timber interests. The Company intends to aggressively seek alternative distribution channels for the commercialization of its mineral and timber assets. Daleco Resources is an international asset and technology aggregation and monetization company with operating subsidiaries active in oil and gas, timber, minerals, 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 and technology. The Company has holdings in the States of Alabama, New Mexico, Oklahoma, Pennsylvania, Texas, Utah and West Virginia and in Guyana, South America. 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 international operations, imprecision in estimating product reserves and the Company's ability to replace and expand its holdings. |
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