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Terra Energy & Resource Technologies, Inc. (TEGR) Announces Termination of the LOI with Purestone US INC
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
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NEW YORK--(BUSINESS WIRE)--
On April 7, 2021, Terra Energy and Resource Technologies Inc. announced that it had entered into a binding letter of Intent for a prospective merger with Purestone US Inc. On July 9, 2021, the Letter of Intent was amended by agreement of both parties to be non-binding.
Effective September 11, 2021, Terra and Purestone mutually terminated the Letter of Intent. Terra’s decision to terminate resulted from inability of Purestone to satisfy the closing conditions set forth in the amended Letter of Intent.
Terra will continue to look for other merger or acquisition opportunities.
Safe Harbor for Forward-looking Statements
This press release contains 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, services, plans, projects, and contracts, and its plans or proposals to acquire interests in, or participate in, exploration activities or properties, to fail to materialize, including, but not limited to, availability of capital, negotiation and execution of definitive agreements, satisfaction of contractual requirements, unfavorable geologic conditions, the amount of reserves projected or ultimately discovered, and general regional economic conditions.
terra energy & resource technologies, inc. (“terra”) is a publicly-held, space-age, natural resource exploration company explores on behalf of its customers through its wholly owned subsidiary terra insight services to find oil & gas as well as various minerals using innovative and proprietary technologies developed over the past 35 years. terra’s methods greatly improve exploration success rates while significantly reducing risk, time and expense. terra will high-grade a given territory for hydrocarbon prospectivity, and when appropriate, recommend drilling locations and target depths faster and more cost effectively as compared with conventional methods. terra’s team of geoscientists has performed work for major and independent oil companies all over the world. terra also has numerous mineral discoveries to its credit including gold, copper, uranium, diamonds, rubies, etc.
