Post by LoveToFly on Jun 21, 2006 10:20:27 GMT -5
Arete Industries, Inc. Releases Update on Possible Merger
June 21, 2006 11:00:50 (ET)
WESTMINSTER, Colo., June 21, 2006 /PRNewswire-FirstCall via COMTEX/ -- Arete Industries, Inc. (ARET, Trade) (Arete) announced today an update on the status of the letter of intent for merger.
Arete Industries, Inc. announced on May 8, 2006 that it had received a letter of intent and non-refundable deposit of $25,000 for the due diligence period that was to end June 12, 2006. "The process has been slow but the parties are close to terms on a definitive agreement for the purchase and merger of an oil & gas company," stated Charles Gamber CEO of Arete. The Company still needs to deal with the status of its inactive subsidiary Aggression Sports, Inc. dba Arete Outdoors and the final settlement of its outstanding debt. The Company feels like it will be able to complete the final agreement and settle all of its open items by no later than the middle of July 2006.
About the Company. Arete Industries, Inc., a development stage company, is a publicly traded holding company with several subsidiaries. Its subsidiary, Avatar Technology Group Inc. operates the delivery of technology solutions for small to medium size businesses as well as public entities. These solutions include business services, custom software development and web design, network security services and IT solutions. Avatar Technology Group Inc. has secured reseller/affiliate agreements with major partners in each area to deliver these services primarily through a website model. Avatar Technology Group Inc maintains a website at www.avtekgroup.com. Avatar Technology Group Inc. plans to market these services to specific vertical markets using advertising in print media and targeted opt in email campaigns. Most of the services are based on a recurring revenue model. All of the technology solution offerings were selected to be complimentary to each other. Arete Industries, Inc. has one other subsidiary, Aggression Sports, Inc. dba Arete Outdoors, an outdoor sports equipment manufacturing company that has been inactive since 2001. The Company continues to seek a buyer or merger candidate for Aggression Sports, Inc.
Statement as to Forward Looking Statements. Certain statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties not known or disclosed herein that could cause actual results to differ materially from those expressed herein. These statements may include projections and other "forward-looking statements" within the meaning of the federal securities laws. Any such projections or statements reflect Arete's or AVT's current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from those projected. Important factors that could cause the actual results to differ materially from those projected include, without limitation, AVT's inability to meet the conditions to acquiring its current business including providing financing to provide for servicing current and new contracts; unexpected difficulties encountered in the investment market, competition, government regulation or other action, the ability of management to execute its plans to meet its goals and other risks inherent in their businesses that are detailed in their Securities and Exchange Commission ("SEC") filings.
SOURCE Arete Industries, Inc.
Charles Gamber, CEO of Arete Industries, Inc., +1-303-652-3113,
ir@areteindustries.com; or John Herzog, President of Avatar Technology Group, Inc.,
+1-303-459-7818, jrh@avtekgroup.com
www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved.
June 21, 2006 11:00:50 (ET)
WESTMINSTER, Colo., June 21, 2006 /PRNewswire-FirstCall via COMTEX/ -- Arete Industries, Inc. (ARET, Trade) (Arete) announced today an update on the status of the letter of intent for merger.
Arete Industries, Inc. announced on May 8, 2006 that it had received a letter of intent and non-refundable deposit of $25,000 for the due diligence period that was to end June 12, 2006. "The process has been slow but the parties are close to terms on a definitive agreement for the purchase and merger of an oil & gas company," stated Charles Gamber CEO of Arete. The Company still needs to deal with the status of its inactive subsidiary Aggression Sports, Inc. dba Arete Outdoors and the final settlement of its outstanding debt. The Company feels like it will be able to complete the final agreement and settle all of its open items by no later than the middle of July 2006.
About the Company. Arete Industries, Inc., a development stage company, is a publicly traded holding company with several subsidiaries. Its subsidiary, Avatar Technology Group Inc. operates the delivery of technology solutions for small to medium size businesses as well as public entities. These solutions include business services, custom software development and web design, network security services and IT solutions. Avatar Technology Group Inc. has secured reseller/affiliate agreements with major partners in each area to deliver these services primarily through a website model. Avatar Technology Group Inc maintains a website at www.avtekgroup.com. Avatar Technology Group Inc. plans to market these services to specific vertical markets using advertising in print media and targeted opt in email campaigns. Most of the services are based on a recurring revenue model. All of the technology solution offerings were selected to be complimentary to each other. Arete Industries, Inc. has one other subsidiary, Aggression Sports, Inc. dba Arete Outdoors, an outdoor sports equipment manufacturing company that has been inactive since 2001. The Company continues to seek a buyer or merger candidate for Aggression Sports, Inc.
Statement as to Forward Looking Statements. Certain statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties not known or disclosed herein that could cause actual results to differ materially from those expressed herein. These statements may include projections and other "forward-looking statements" within the meaning of the federal securities laws. Any such projections or statements reflect Arete's or AVT's current views about future events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from those projected. Important factors that could cause the actual results to differ materially from those projected include, without limitation, AVT's inability to meet the conditions to acquiring its current business including providing financing to provide for servicing current and new contracts; unexpected difficulties encountered in the investment market, competition, government regulation or other action, the ability of management to execute its plans to meet its goals and other risks inherent in their businesses that are detailed in their Securities and Exchange Commission ("SEC") filings.
SOURCE Arete Industries, Inc.
Charles Gamber, CEO of Arete Industries, Inc., +1-303-652-3113,
ir@areteindustries.com; or John Herzog, President of Avatar Technology Group, Inc.,
+1-303-459-7818, jrh@avtekgroup.com
www.prnewswire.com
Copyright (C) 2006 PR Newswire. All rights reserved.
