COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:
CompuPrint Receives Payment from Multi-Billion Dollar Exploration Company for STeP(R) Technology Diamond Report on 1,000 Square Kilometer Prospect
NEW YORK, Oct 18, 2006 (Canada NewsWire via COMTEX) -- Company Also Receives Free Participation Interest for STeP Report CompuPrint, Inc. (OTCBB:CPPT), an energy and natural resource exploration technology company, announced today that it has received an initial payment from an exploration affiliate of a multi-billion dollar company to provide its proprietary satellite-based STeP(R) technology report to locate diamonds in a more than 1,000 square kilometer area in the Republic of Congo. The September 2006 service contract also provides for the Company to receive, in addition to its undiscounted service rates out of project revenues, a 1% free participation interest and a 5% working interest in the project.
The Company has begun its preliminary analysis of the contracted prospect to determine the location of the kimberlite pipe(s) which is the potential source of the alluvial diamonds already found in the license area. Our co-venturer has already built a campsite to support the exploration activities.
In preparing its analysis, the Company utilizes proprietary STeP technology, which is based on interpretation of satellite data, to effectively identify kimberlite pipes containing diamonds, and for finding other natural resources subsurface, including oil and gas, gold and even water.
"We are proud that a substantial company in minerals exploration recognizes the value of STeP. Our technology will enable our client to more effectively and efficiently exploit its diamond exploration efforts and achieve substantial time and dollar savings," said Roman Rozenberg, CompuPrint's Chief Executive Officer. "It has already been demonstrated that the technology we employ can help substantially in locating kimberlite pipes for diamond exploration. In addition, this project in Congo complements our now more than 1,000,000 acre off-shore Namibia diamond prospect for which we have obtained licenses from the Government of Namibia for diamond exploration. So, we are optimistic that our STeP technology will open more opportunities to work with this client and other major exploration companies. We are currently in negotiations to render other services to several potential clients of similar size."
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