Triton Signs Irrevocable Letter of Intent to Acquire Control of Advance Gold Technology ("AGT")
December 09 2010 - 8:00AM
Marketwired
Triton's (PINKSHEETS: TTDZD) management announced today the signing
of an Irrevocable Letter of Intent to acquire 51% control of
Advance Gold Technology ("AGT") of Delaware. Under this acquisition
AGT will become a wholly owned subsidiary of Triton Distribution
Systems, Inc. Triton will exchange 20,000,000 restricted shares for
51% of the outstanding equity of AGT. Final agreements will be
executed by January 15, 2011. The acquisition will require
shareholders approval from both companies.
Universal Holdings of Beijing, China will provide any necessary
capital to Triton Distribution Systems, Inc. to expand its
operation and to complete the AGT acquisition together with future
planned acquisitions in several industries that need the technology
developed by Triton for 5,000,000 common shares of Triton.
AGT is currently a profitable mining services company, offering
a full suite of mining services including: Contract Mining,
Contracting / Construction, and Fabrication and Machine Services.
AGT estimates total earnings for calendar year 2010 to reach $35
million in revenue and $15 million operating income. Additionally
the company owns 49% of REP BEREZOVSKOYE, a well established
Russian mining company located in the north of Russia. ADT
estimates revenues to reach $55 million in 2011 with $20 million in
operating income.
At the closing, Triton will purchase 51% of all issued and
outstanding stock of AGT. This will result in a controlling
interest of Triton over all the assets related to AGT, including
all inventories, all intellectual property, all accounts and notes
receivable, all contracts and agreements, all equipment, all
legally assignable government permits, and certain documents, files
and records containing technical support and other information
belonging to the operation of AGT.
The existing Management of AGT will remain responsible and have
exactly the same authority as previously appointed, to manage, make
decisions, and run overall the day to day operations of AGT.
About Triton Distribution Systems: Triton
Distribution Systems is an Internet-based software engineering
company for electronic distribution of inventories in diversified
industries from shipping to travel and from mining to
transportation, hospitality and medical.
Triton's transfer agent Action Stock Transfer Corporation
announced today that it has received all the stock certificates
from the depository Trust Corporation ("DTC") to be exchanged for
the new certificates under the new CUSIP number approved by FINRA
for the November 17, 2010 Reverse Merger. The new certificates were
FDERAL EXPRESSED to DTC yesterday December 8, 2010.
FORWARD-LOOKING STATEMENTS This news
release includes forward-looking statements. While these statements
are made to convey to the public the company's progress, business
opportunities and growth prospects, readers are cautioned that such
forward-looking statements represent management's opinion. The
company's operations and business prospects are always subject to
risk and uncertainties.
Contact Triton Distribution Systems, Inc. Gregory
Lykiardopoulos CEO 415-381-4806
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