Message #9 From:
NewsBot Date: September 25, 2006 04:30:00 AM
CPPT News CompuPrint, Inc. Announces Conversion of Debentures Into Common Stock at a Significant Premium to the Current Share Price
NEW YORK--(BUSINESS WIRE)--CompuPrint, Inc. (OTCBB : CPPT), an energy technology company that
combines satellite-based technology with traditional exploration
services, announced today that investors have converted all $5 million
of its outstanding debentures into common stock at a conversion price of
$0.50 a share, representing more than a 150% premium over the current
trading price of its common stock. The transaction with Enficon
Establishment, and its affiliate, Kiev Investment Group, resulted in the
issuance of 10 million shares of the Company’s
restricted common stock in exchange for the surrender of the $5 million
of debentures that had maturity dates of December 31, 2007 and 2008.
“We are pleased that after experiencing
first-hand the value that our STeP® technology
added to the drilling efforts in our first two wells in Texas and
Nevada, and after reviewing the reports of independent geologists and
well known expert oil industry consultants about the performance of STeP
under challenging wild-cat drilling conditions, Enficon Establishment
and its affiliate, Kiev Investment Group, have elected to convert their
outstanding debentures into common stock at a level significantly above
the current price of our shares," said Roman Rozenberg, Chief Executive
Officer. "This conversion of all of our outstanding debentures removes
all of our long term debt from our balance sheet, and will be helpful in
our pursuit of oil and gas properties in which to deploy our promising
technology, and to further the development of properties we already own."
About CompuPrint, Inc.
CompuPrint, Inc., through its wholly owned subsidiary, Terra Insight
Corporation, provides mapping, surveying, and analytical services to
exploration, drilling, and mining companies. The Company primarily uses
the STeP technology, which facilitates the prediction and location of
commercially viable deposits of hydrocarbons, gold, diamonds, and other
natural resources. It manages and interprets geologic and satellite data
to develop the assessment of natural resources. Through the Company’s
wholly owned subsidiary entities, the Company owns leases for oil and
gas parcels in East Texas, and totaling more than 16,000 acres of land
in the Railroad Valley and White River Valley areas of Nevada, for
purposes of utilizing its STeP technology in oil and gas exploration and
development activities, has been granted meaningful working interests
including a 20% interest in a 1,000,000 acre oil exploration project in
the Kurdistan area of Turkey, a 6% interest in a diamond project in
Congo, majority interest for diamond exploration in more than a million
acres off-shore Namibia, and recently received a $2.5 million contract
from a major international oil company for a three month survey project
for an off-shore Africa oil exploration parcel. Terra Insight
Corporation was formed in 2005 and is based in New York City. For more
information visit http://www.terrainsight.com.
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 plans to acquire additional
exploration properties, plans to drill or drilling results to fail to
materialize: these include, but are not limited to, competition for new
acquisitions; availability of capital; unfavorable geologic conditions;
prevailing prices for oil and natural gas and general regional economic
or political conditions.
