VIPR Industries Moves Towards Structuring Offer on Property Acquisition and Provides Update on Other Corporate Developments
January 28 2009 - 7:00AM
Marketwired
VIPR Industries Inc. ("VIPR") (PINK SHEETS: VIPR) announces it has
proceeded to move forward on structuring an offer towards the
acquisition of 3 Geita region properties previously announced by
the company in November of 2008, and provides an update on other
corporate events.
The 3 prospect properties are located within a region of
Tanzania possessing very significant mines and discoveries and are
a mere 20 km from the Geita Gold Mine where the mines cost of
production is known to be $250 per ounce. VIPR has received several
opinions on the properties and has concluded that there is a
reasonable amount of optimism in the properties and its resource
potential. The licenses are known as HQ-15896, HQ-P15891 and
HQ-P15890 respectively within the Ministry of Energy and Mines of
Tanzania.
In other developments VIPR has received a commitment on the
financing of non exploration type expenditures through a group of
various private investors of which the company has subsequently
received funds from. The company is also negotiating with the same
group of investors for a further long term larger commitment on the
financing of an exploration budget on one or more of its mining
properties.
VIPR has encountered positive developments on its other
properties and potential acquisitions which it anticipates shortly
divulging in subsequent releases. However, not all initiatives have
moved as quickly as planned. The company who has been in
discussions with Zereko Mining as an acquisition target announces
that negotiations have been slowed as it awaits for other pertinent
financial and corporate documents for review. Further discussions
have been suspended until such time these documents are delivered
and reviewed.
The company is also pleased to announce the appointment of Mr.
JC Barbeck to the position of President and CEO of VIPR Industries.
Mr. Barbeck who had been the Company's Chief Operating Officer,
replaces the outgoing President and CEO, Mike Gerstner, who has
elected to leave for personal reasons, but will continue to be an
advisor to the company on a consulting basis. Further board
appointments including a replacement COO are expected to be
announced shortly.
Safe Harbor
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(The "Act"). In particular, when used in the preceding discussion,
the words "pleased" "plan," "confident that," "believe," "expect,"
or "intend to," and similar conditional expressions are intended to
identify forward looking statements within the meaning of the Act
and are subject to the safe harbor created by the Act. Such
statements are subject to certain risks and uncertainties and
actual results could differ materially from those expressed in any
of the forward-looking statements. Such risks and uncertainties
include, but are not limited to, market conditions, general
acceptance of the Company's products, competitive factors, the
ability to successfully complete additional financings and other
risks described in the Company's filings and documents.
For more information please visit
(http://www.viprindustries.com/).
Contacts: VIPR Industries Inc. Investor Relations (416) 644-8648
Email: info@viprindustries.com Website: www.viprindustries.com