Daleco Resources Updates Funding Status.WAYNE, Pa.--(BUSINESS WIRE)--March 8, 1999--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 Company has received assurances that its private equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. is still on track. Mr. William Windsor, President of Infinite Networks Corporation, stated that its purchase of 1,848,566 shares of Daleco's common stock for $9,000,000 should be completed in the near term and that he is looking forward to working with Daleco in their efforts to redirect and expand the Company operation. Under the Stock Purchase Agreement dated December 18, 1998, the transaction was to have closed prior to year end 1998. Mr. Windsor advised the Company that the delay in closing has been caused by the longer than expected time needed to assemble his financing. The funds obtained through this equity placement are earmarked as working capital for the Company and its subsidiaries, the retirement of current preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , and to satisfy corporate obligations. Additionally, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Gary Novinskie, Daleco's President, the capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. will enable the Company to pursue the completion of several important acquisitions in the area of strategic industrial mineral as well as a substantial expansion of its timber operations in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . 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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