Message #4 From:
NewsBot Date: January 17, 2007 11:06:00 AM
SLRE News Diatom Announces Agreement to Acquire Planktos
FOSTER CITY, Calif.--(BUSINESS WIRE)--Diatom Corporation (OTCBB:DTMC) (“Diatom”)
today announced that it has reached an agreement to acquire Planktos,
Inc. (“Planktos”) as
a wholly owned subsidiary from Solar Energy Limited (OTCBB:SLRE) (“Solar”)
in exchange for 30,000,000 shares of Diatom common stock.
The acquisition agreement further requires that Diatom have $1,000,000
in working capital available at closing to fund Planktos’
12 month business plan and that Diatom cancel 30,000,000 shares of its
issued and outstanding share capital prior to closing. On January 16,
2007, Diatom evidenced this commitment by purchasing the Research Vessel
Weatherbird II from the Bermuda Biological Station for Research Inc. for
$800,000, which purchase is an integral part of the Planktos business
plan.
Diatom intends to change its name to “Planktos
Corp.” as soon as is practicable.
Planktos is a research and development company staffed by scientists and
businessmen dedicated to improving the world’s
marine and terrestrial environments by focusing on the commercial
opportunities attendant to the Kyoto Protocol.
Planktos’ near term commercial objective is
to produce carbon credits at a cost that is significantly lower than the
current market value of carbon credits utilizing proprietary technology
designed to restore the world’s oceans and
forests as a means by which to sequester carbon dioxide in the
environment. The overall mission of Planktos can be viewed on the
Planktos website at www.planktos.com.
Diatom is a public company; its common shares trade on the OTCBB under
the ticker symbol “DTMC”.
Forward-Looking Statements:
A number of statements contained in this press release are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended. A safe-harbor provision may not be
applicable to the forward-looking statements made in this press release
because of certain exclusions under Section 27A(b). These
forward-looking statements involve a number of risks and uncertainties,
including the sufficiency of existing capital resources, uncertainties
related to the development of Planktos’
business plan, and the ability to secure additional sources of
financing. The actual results that Diatom may achieve could differ
materially from any forward-looking statements due to such risks and
uncertainties. Diatom encourages the public to read the information
provided here in conjunction with its most recent filings on Form 10-KSB
and Form 10-QSB. Diatom’s public filings may
be viewed at www.sec.gov.
