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Petroleum Communication Holdings to Purchase Major Mineral Field 10/17/2005 4:15 pm
LAKELAND, FL, Oct 17, 2005 (MARKET WIRE via COMTEX) -- Petroleum Communication Holdings, Inc., formerly "AIT Wireless, Inc." (OTC: ATWL), further cemented its commitment to expand its natural resource business by acquiring a major interest in a significant mineral field. The mine is located in Pineal County, Arizona, one of the top mineral areas in the United States.
Petroleum Communication Holdings, Inc. has entered into a definitive agreement for the acquisition of a 51% interest in certain properties known as the New Solomon Mines and Arizona Mineral and Iron Works. The Company is acquiring an interest in more than 1200 acres (approximately two square miles) of alluvial deposits from glacier movement grinding the deposits into black sand with some gravel ranging in size from 1 to 4 inches in diameter. This makes for ease of production and recovery of metals. The New Solomon Mines property was acquired from POP, LLC and IFGT-SI in exchange for the issuance by ATWL of several classes of its capital stock and warrants valued at nearly $50 million. The board of directors has approved the acquisition and the final closing of the transaction is scheduled to occur within weeks.
According to Ernest Phillips, CEO of Petroleum Communication Holdings, ATWL, "There is a tremendous world market for iron and iron-ore derivates in which global supply cannot meet current demand. If only a small fraction of the mineral wealth of this property can be brought into production it will mean a very handsome cash flow to the company. The company intends to joint venture this property as soon as possible and is in negotiations to move the New Solomon Mines into optimum production."
A ready market is available for both the magnetic concentrates and other by-products. Most of the metallic production will be used as feed for steel mills both in the United States and foreign countries, to produce sponge iron for use in the precipitation of copper from the copper leach solutions produced at the large copper mines which surround the subject area. This is used for the preparation of heavy media for cleaning coal and sink-float mineral benefaction, and minor uses in the manufacture of cement, as an abrasive. There is also a market for the by-products such as titanium and sand find gravel.
In a related move, just 2 weeks ago, Petroleum Communication Holdings announced the major acquisition of Thronburg Ranch, a considerable oil and natural gas field in Wyoming's Wind River Basin, the third most productive oil and gas region in the United States.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company's plans, intentions and expectations. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Such statements are inherently subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from those expected or implied by the forward-looking statements. These factors include general economic and business conditions nationally, internationally and in the regions and countries in which we operate; demographic changes; technology changes; increased competition; changes in business strategy or development plans; our high leverage and our ability to access capital markets; our ability to attract and retain qualified personnel; existing governmental regulations. Given these factors, investor and analysts should not place undue reliance on forward-looking statements.
Contact: Petroleum Communication Holdings (previously "AIT Wireless, Inc.") Ernest Phillips 863-647-4341 ephillips*pcholdings.com
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