Earth Search Announces Stock Exchange With GNE.Business Editors KALISPELL, Mont.--(BUSINESS WIRE)--Sept. 26, 2001 Earth Search Sciences, Inc. (ESSI ESSI Ecole Supérieure en Sciences Informatiques (French) ESSI Eon Silicon Solution Inc ESSI Engineered Support Systems Inc. ESSI Education Statistics Services Institute ESSI European Systems and Software Initiative ) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :EDIS EDIS Emergency Department Information System (software) EDIS Emergency Digital Information Service (California) EDIS Electronic Data Information Source EDIS Edison National Historic Site ) today announced a stock exchange with GNE GNE Gateway Network Element (data communications) GNE Game Neverending (MMORPG) GNE Gross National Expenditure GNE Game Networking Engine GNE Graphical Network Editor (Nortel) Corp. exchanging shares of its Petro Probe subsidiary for 5,000,000 shares of GNE. Under the terms of the agreement, GlobalNet Energy (GNE) will purchase all 149,717,502 shares of PPI (1) (Pixels Per Inch) The measurement of the resolution of a monitor or scanner. For example, a monitor that is 16 inches wide and displays 1600 pixels across its width would have a resolution of 100 ppi (1600 divided by 16). stock from current shareholders in exchange for 4,990,583 shares of GNE common stock, and 4,491,525 shares of GNE Series C Voting Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . GNE will also pay Earth Search Sciences, Inc. the sum of $3 million on or before February 28, 2002 to satisfy PPI's previous agreement to purchase the ESSI Probe 1 hyperspectral imaging Hyperspectral imaging, sometimes referred to as spectral imaging, is an electron microscopy technique that involves microanalysis using either Energy dispersive X-ray spectroscopy (EDS), Electron energy loss spectroscopy (EELS), Infrared Spectroscopy(IR), Raman Spectroscopy, or unit. "Our strategy has been to take our technology into several different industries. The company will have a tremendous advantage through the technology and the experienced personnel of GNE," said Larry Vance, chairman of ESSI. "We can now build on our break through experience with hyperspectral imaging combined with 3D seismic to leverage the technology into the hydrocarbon industry." "We are very fortunate to gain the services of Andrew Kacic in GNE," Vance continued. "Mr. Kacic and the new management team have extensive experience with the capital markets here and abroad, public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most and on Wall Street. These skills will not only benefit GNE but ESSI as well. It is our experience with the hyperspectral technology, 3D seismic and new patented geo-chemical techniques combined with GNE's drilling, production and transportation experience that gives this new company a dramatic advantage over the competition." About GlobalNet Energy, Inc. GlobalNet Energy Corp. (Pink Sheets:GNEQ), formerly GlobalNet Equities, was formed in 2001 to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. unique technology and development opportunities within the E&P sector. The Company participates in revenues from the output of the well commensurate to its equity position. Additionally, GNE recently acquired Sterling Energy Inc. (SEI), a Nevada corporation engaged in the business of exploring, producing, marketing and transporting natural gas. The acquisition, completed earlier this month, brought GNE additional proven oil and gas acreage in the Appalachian region; a permit to a 4,000 acre lease of oil and gas rights with a permit for an additional 40 wells to be drilled on acreage adjoining the proven acreage presently being drilled; 12 additional wells that are in the process of being connected to pipelines; and oil and gas leases to approximately 2,000 acres in Overton and Clark Counties, Tennessee For more information call 406/751-5200 or e-mail earthsrch@aol.com or www.earthsearch.com This news release includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that thee results predicted here will be realized. Actual results may vary from those represented and those variations may be material. The closing of this acquisition is subject to typical conditions and covenants, including among others EDIS's satisfactory completion of its due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. regarding GlobalNet and its operation, and the requirement that GlobalNet pay a minimum of $250,000 in cash to EDIS as a down payment on the probe. There is no assurance that the proposed acquisition of PPI will be completed. |
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