QED Connect, Inc. Signs Definitive Agreement to Acquire Oil &
Gas Company with Rosdanex Limited
MANCHESTER, N.H., Jan. 29, 2013 /PRNewswire/ -- QED Connect,
Inc. ("QED") (OTC Pink Sheets: QEDN) today announced that it
has signed a definitive agreement to acquire Kuma Oil which owns
oil and gas rights in the Russian territory of Perm Krai.
Kuma's oil reserves were qualified in a study by Miller Lents, a Houston-based petroleum consulting firm and
subsequently verified to have 105,000,000 barrels of proven and
probable reserves. Fully developed, these reserves have an
estimated Net Asset Value (NAV) of approximately $525 million from the combination of Proven and
Proven Undeveloped Reserves.
The Russia-based group
("Kumskaya Group") companies have assets consisting of oil &
gas concessions to explore develop produce/extract and undertake
extensive exploration and geological work to existing and new oil
fields. Kuma Oil is the licensed mineral developer and its
affiliate, NMSS, is one of the largest regional, Russian oil field
services providers based in Western Siberia. There are two
fields that have been explored and mapped with production plans in
place with the initial field of 9 wells that will begin production
over next 9 months.
Mr. Konstantih Mikhaylichenko, Executive Officer of Rosdanex
Limited commented, "We are looking forward to working with the QED
Connect organization to provide the resources to implement our
business plan over the next five years. With this added
support, we will be well positioned to develop the reserves and
realize their full potential."
Mr. Tom Makmann, CEO of QED
Connect, commented, "QED is in the process of implementing its
strategy of developing a portfolio of natural resource companies
and Kuma is our second oil and gas company that we have acquired
over the last few months. The Company believes that this
marketplace has good growth potential and can offer our
shareholders added value in 2013."
The closing date of the Kuma acquisition is within 60 days
pending final due diligence, approval of any regulatory agencies,
and approval of each company's respective board of directors.
About QED Connect
QED focuses on businesses that are
producing revenue and are seeking capital and/or management
assistance to execute their business plan. QED looks for
companies that are synergistic and/or offer the opportunity to
develop a business in a market that has growth potential. QED
Connect's current investments and joint ventures include:
- Sofame Energy, Inc., a joint venture with Sofame Technologies,
has sold the custom-designed "Hybrid Percomtherm®" boiler which
recovers boiler flue gas heat from existing boilers and recycles
the heat, thereby leading to overall energy efficiency.
- StockProfile.com, a customized platform showcasing emerging
growth stocks to independent investors. In June 2011, QED Connect purchased 100% of the
assets of StockProfile.com.
- Terra Resources, through its subsidiary company NV Alliance,
has oil and gas rights in the Republic of Kalmykia, a subject of
the Russian Federation. In August
2012, QED signed a non-binding letter of intent to acquire
Terra Resources, LLC.
- Kyrzyg Alumina owns mines containing the raw material necessary
to produce alumina (aluminum oxide) in the Kyrgyzstan region. In August 2012, QED signed a non-binding letter of
intent to acquire Kyrzyg Alumina.
- AFON 2010 Ltd. is Ukraine-based oil and gas company with
concessions to oil and gas leases in in the South Terenyans'ka area
in the Nadvirnyans'ky district of Ivano-Frankivs'k region 5 km
northeast from the village of Kosmach. In October 2012 QED signed a definitive agreement to
acquire AFON 2010, and is now completing due diligence in
preparation for closing.
As a result of its continued success in the mergers and
acquisitions arena, QED is considering becoming a "business
development company" as defined under the Investment Company Act of
1940.
Safe Harbor Statement
Certain statements in this press
release that are not historical facts are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements may be identified by the use of
words such as "anticipate," "believe," "expect," "future," "may,"
"will," "would," "should," "plan," "projected," "intend," and
similar expressions. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of QED to be
materially different from those expressed or implied by such
forward-looking statements. QED's future operating results are
dependent upon many factors, including but not limited to the
Company's ability to: (i) obtain sufficient capital or a strategic
business arrangement to fund its expansion plans; (ii) build the
management infrastructure necessary to support the growth of its
business; (iii) close the above acquisitions; (iv) competitive
factors and developments beyond the Company's control; and (v)
other risk factors.
For further information regarding QED's acquisition of Yellow7
stock, see the Form 8-K filed by Yellow7 with the Securities and
Exchange Commission.
For More Information Contact - info@qedconnect.com
Tom Makmann (603) 425-8933
SOURCE QED Connect, Inc.