Daleco Resources secures funding for forest subsidiary.WAYNE, Pa.--(BUSINESS WIRE)--May 15, 1997--Dov Amir, chairman of the board and chief executive officer of Daleco Resources Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :DLOV), announced Thursday that Daleco has secured funding for 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. , Sustainable Forest Industries Inc. Sustainable was acquired by Daleco in September 1995 to take advantage of the tightening trends in worldwide supplies of high quality hardwood products. Amir added that the placement of the current funding should permit Sustainable's operating and expansion plans to become a reality and provide a very favorable economic impact on the corporation. Gary Novinskie, Daleco's president and chairman of Sustainable Forest Industries Inc., stated that, since its acquisition, efforts have focused on fine tuning Fine Tuning is the name of XM Satellite Radio's eclectic music channel. The program director for Fine Tuning is Ben Smith. The channel is described as "A musical oasis for the sophisticated listener culled from every imaginable genre and country. Sustainable's business plan prior to completing funding for the expansion of its operations. Novinskie noted that the company's current holdings of approximately 6,000 acres of virgin high quality hardwood forest land in Guyana, 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. , represents an asset base with an estimated timber gross value in excess of $20 million. He further stated that, when coupled with Sustainable's wood products expertise and its environmentally conscious forestry plan, these concessions should make Sustainable a significant player in the international wood markets. Sustainable Forest Industries' President, Jack Ryan Jack Ryan may refer to:
Ryan indicated that, based on recent orders and inquiries received from Caribbean island nations, manufacturing companies and domestic United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. hardwood users, there is a significant demand for the Sustainable's timber products due to their physical strength and natural resistance to deterioration from weather and organisms such as termites and wood fungi. Based on the recently increased environmental regulations placed on treated wood treated wood Toxicology Wood impregnated with preservatives–eg, chromium-copper-arsenate, creosote, inorganic arsenicals, pentachlorophenol, to ↑ its useful life, thwarting insects, fungi, etc; chronic exposure to the fumes of burning wood or skin products by the United States Environmental Protection Agency "EPA" redirects here. For other uses see EPA (disambiguation) and Environmental Protection Agency. The Environmental Protection Agency (EPA or sometimes USEPA , these natural characteristics of the Guyana hardwoods make them exceptionally attractive alternatives for use in the Unites States as replacement utility poles and marine wood products. Daleco Resources Corp. is a natural resources entity concentrating on oil and gas exploration and development in the United States. Through its wholly owned subsidiary, Sustainable Forest Industries, the company is involved in developing timber concessions in Guyana. Additionally, the company has interests in 109 gold claims in the Yukon Territory Yukon Territory, territory (2001 pop. 28,674), 207,076 sq mi (536,327 sq km), NW Canada. Geography and Climate The triangle-shaped Yukon territory is bordered on the N by the Beaufort Sea of the Arctic Ocean, on the E by the Northwest Territories, of Canada and an interest in a Mexican mining company. -0- 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 of this press release are forward-looking statements that are made pursuant in 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. CONTACT: Daleco Resources Corp., Wayne Gary J. Novinskie, 610/254-4199 or Dov Amir, 310/282-9999 |
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