Speedteq-Ti, Inc. (Pink Sheets:SDTQ), is very pleased to announce that they have acquired all of the outstanding shares of "Neville Trevor and Associates" in a Share Exchange Agreement. As per the Agreement, the Company has acquired 100% of the outstanding shares of "Neville Trevor and Associates" in exchange for 25 million shares of the Company's restricted common stock.
"Neville Trevor and Associates" has developed a plan to recover oil in the Caspian Sea Region by method of absorption. Over the past five years they have worked within Azerbaijan with both government and oil authorities, testing and optimizing their plan.
In addition to the acquisition, the Board has appointed Neville Trevor as Chairman and CEO, and Terry Yakimovich as President. Both Trevor and Yakimovich researched and developed the oil absorption process. Mr. Trevor is currently setting up operations in Baku, Azerbaijan.
To better reflect the Company's new business model, the Board has agreed to change its name to Cengroup Petroleum Corporation. Earlier this year the Company had ended its agreement with Bradley Miller and Speedteq-Ti of Arizona to seek a more profitable business model for shareholders.
Also, to improve liquidity within the Company's stock, the Board has approved a two-for-one forward stock split. Both the stock split and symbol change are expected to occur within the next two weeks.
For further investment information please call Rick Neild at 1-800-488-4544.
Special Note Regarding Forward-Looking Statements
Forward-looking statements in this news release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this news release that are not strictly historical statements, including, without limitation, management's plans and objectives for future operations and management's assessment of market factors, and statements regarding the strategy and plans of the company and its strategic partners, constitute forward-looking statements. These forward-looking statements are not guarantees of the company's future performance and are subject to a number of risks and uncertainties, such as their success in acquiring funding for machinery and materials, maintaining needed relationships with governments and customers, and successfully executing their business plan, which could cause the company's actual results in the future materially to differ from the forward-looking statements.
SOURCE: Speedteq-Ti, Inc.
For Speedteq-Ti, Inc. Rick Neild, 1-800-488-4544
Copyright Business Wire 2006
Posts: 769 | From: Hotizona | Registered: Aug 2005
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looking like this one is about to rocket!!! moves up with every buy ask at .15 now .25 after that and only 1 mm on each.
Posts: 293 | From: Virginia | Registered: Apr 2006
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Ameritrade keeps freaking me out lol now reading bid 1.00 and ask 1.50 lol. Wish that was right!!
Posts: 293 | From: Virginia | Registered: Apr 2006
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"Also, to improve liquidity within the Company's stock, the Board has approved a two-for-one forward stock split. Both the stock split and symbol change are expected to occur within the next two weeks."
-------------------- I buy fast and sell faster! Posts: 2018 | Registered: Jan 2006
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