CPPT News CompuPrint Receives Payment from Multi-Billion Dollar Exploration Company for STeP(R) Technology Diamond Report on 1,000 Square Kilometer Prospect
NEW YORK--(BUSINESS WIRE)--CompuPrint, Inc. (OTCBB:CPPT), an energy and natural resource
exploration technology company, announced today that it has received an
initial payment from an exploration affiliate of a multi-billion dollar
company to provide its proprietary satellite-based STeP®
technology report to locate diamonds in a more than 1,000 square
kilometer area in the Republic of Congo. The September 2006 service
contract also provides for the Company to receive, in addition to its
undiscounted service rates out of project revenues, a 1% free
participation interest and a 5% working interest in the project.
The Company has begun its preliminary analysis of the contracted
prospect to determine the location of the kimberlite pipe(s) which is
the potential source of the alluvial diamonds already found in the
license area. Our co-venturer has already built a campsite to support
the exploration activities.
In preparing its analysis, the Company utilizes proprietary STeP
technology, which is based on interpretation of satellite data, to
effectively identify kimberlite pipes containing diamonds, and for
finding other natural resources subsurface, including oil and gas, gold
and even water.
"We are proud that a substantial company in minerals exploration
recognizes the value of STeP. Our technology will enable our client to
more effectively and efficiently exploit its diamond exploration efforts
and achieve substantial time and dollar savings,”
said Roman Rozenberg, CompuPrint's Chief Executive Officer. “It
has already been demonstrated that the technology we employ can help
substantially in locating kimberlite pipes for diamond exploration. In
addition, this project in Congo complements our now more than 1,000,000
acre off-shore Namibia diamond prospect for which we have obtained
licenses from the Government of Namibia for diamond exploration. So, we
are optimistic that our STeP technology will open more opportunities to
work with this client and other major exploration companies. We are
currently in negotiations to render other services to several potential
clients of similar size."
About CompuPrint, Inc.
CompuPrint, Inc., through its wholly owned subsidiary, Terra Insight
Corporation, provides subsurface surveying, and analytical services for
exploration, drilling, and mining companies. The Company primarily uses
satellite-based STeP technology, which facilitates the prediction and
location of commercially viable deposits of hydrocarbons, gold,
diamonds, and other natural resources. The Company interprets and
quantifies geologic and satellite data to develop the assessment of
natural resources for any given geographic area - on or off shore. The
Company, through its subsidiaries and affiliates holds (1) six licenses
to more than one million acres off-shore Namibia for diamond
exploration, (2) a participation interest in a diamond prospect in the
Congo, (3) a working interest in a one million acre Kurdistan oil
prospect, (4) leases for oil and gas parcels totaling more than 16,000
acres of land in the Rail Road Valley and White River Valley areas of
Nevada and (5) oil and gas leases in East and South Texas. 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, inclusive 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.
