By: PR Newswire | 19 Oct 2009
(Posted by CAAI News Media)
NEW YORK, Oct 19, 2009 /PRNewswire-FirstCall via COMTEX/ -- Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), a natural resource exploration services technology company, announces that the Company's service subsidiary Terra Insight Services, Inc. signed a service contract with The Millennium International Group, LLC, a US limited liability company.
Terra Insight Services is to perform a two phase marble exploration utilizing Sub Terrain Prospecting Technology (STeP(R)) on an approximately 100 square kilometer service territory in Cambodia.
"The client's payment for our services will be in cash and an overriding royalty in all natural resources which may be produced or extracted from the service territory of two percent for the first phase and one percent for the second phase of the contract. We have been engaged in phase one of the contract, for which we have already received a prepayment," said Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, Inc.
"Terra aims at utilizing its unique and innovative exploration capabilities for economic interests in natural resource exploration projects in addition to regular service fees," said Dmitry Vilbaum, the Company's Chief Executive Officer. "Consistent with our business model and plans, we see The Millennium International Group as becoming a valuable Southeast Asia market partner for the Company." About Terra Energy & Resource Technologies, Inc.
Terra Energy & Resource Technologies, Inc., through its subsidiary Terra Insight Services, Inc., provides mapping and analysis services for exploration, drilling, and mining companies related to natural resources found beneath the surface of the Earth. The Company uses a suite of innovative and efficient technologies, which facilitate the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources, and assesses them for any given geographic area - on or offshore. For more information, visit http://www.terrainsight.com.
Safe Harbor for Forward-looking Statements This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its operations, its plans to acquire interests in exploration properties or technologies, plans to drill or drilling results to fail to materialize, including, but not limited to: competition for new acquisitions; availability of capital; unfavorable geologic conditions; prevailing prices for oil, natural gas and other natural resources; and general regional economic conditions.
CONTACT: Terra Energy & Resource Technologies, Inc., (212) 286-9197, info@terrainsight.com SOURCE Terra Energy & Resource Technologies, Inc.
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