Message #12 From:
Stock News Bot Date: October 31, 2006 05:48:00 AM
CPPT News CompuPrint Receives Second Payment from Major International Oil and Gas Exploration Company
NEW YORK--(BUSINESS WIRE)--CompuPrint, Inc. (OTCBB:CPPT), an energy and natural resource
exploration technology company, announced today that it has received the
second payment of $375,000 from a major oil and gas exploration and
production company in connection with its previously announced $2.5
million service contract. This second payment represents a progress
payment on the August 2006 contract earned after delivery of the first
stage STeP® analysis report for an off-shore
African oil and gas drilling prospect.
In preparing its analysis, the Company utilizes proprietary STeP
technology which is based on interpretation of satellite data to
effectively identify oil and gas as well as other minerals subsurface,
on or off-shore. CompuPrint conducts its operations through its wholly
owned subsidiary, Terra Insight corporation (TIC).
"We are pleased to report our receipt of this payment, reflecting the on
schedule performance of the Company in delivering its first stage STeP
report pursuant to this important contract with one of the world leaders
in off-shore oil and gas exploration and production. Our technology will
enable our client to more effectively and efficiently conduct its
exploration efforts and achieve substantial time and dollar savings, in
addition to significant reduction of exploration risk,”
said Roman Rozenberg, CompuPrint's Chief Executive Officer. “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."
About CompuPrint, Inc.
CompuPrint, Inc., through its wholly owned subsidiary, Terra Insight
Corporation, provides analysis for exploration for oil and gas as well
as other minerals subsurface. The Company primarily uses proprietary
satellite-based STeP (Sub-Terrain Prospecting) technology, which
facilitates the prediction and location of commercially viable deposits
of hydrocarbons, gold, diamonds, and other natural resources. The
Company interprets and quantifies satellite and geologic data to
determine locations and depths of natural resource deposits, and assess
them for any given geographic area - on or off shore. The Company,
through its subsidiaries and affiliates holds (1) six licenses totaling
more than one million acres off-shore Namibia for diamond exploration,
(2) a participation interest in a diamond prospect in the Congo of more
than one thousand square kilometers, (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.
