Science & Technology
Science and Technology
Science and Technology
Wed, March 25, 2009
Tue, March 24, 2009 Revolution Technologies Inc.: Revolution Technologies Inc. to Reorganize
TORONTO, ONTARIO--(Marketwire - March 24, 2009) - Revolution Technologies Inc. (PINK SHEETS:RVLTF)(FRANKFURT:3GP) is pleased to announce that the Company intends to reorganize itself by offering to acquire via a share exchange the 45% of Canada Iron Inc. that it does not currently own followed by changing its name to Canada Iron Inc. Shareholders authorized the Directors at the last AGM to change the name and/or make an acquisition if deemed beneficial to reflect market conditions.
The deal is subject to regulatory and legal review as well as board approval from both companies. The details of the transaction will be announced as soon as the terms are finalized.
In addition the company is pleased to announce that it has entered into a 50/50 joint venture arrangement with its Manitoba Fox River Nickel mining licence -108B. This is subject to regulatory approval and the terms of the JV will be announced once accepted.
Going forward the Company will concentrate on enhancing its iron ore portfolio with additional staking, acquisitions and development. For further information please refer to [ www.canadaironinc.com ].
The Company will continue to maintain its minority investment in privately held Revolution Energy Inc (RE). Although the Russian scientists have resigned from RE over policy and future development procedures in North America, RE is committed to develop part or all of the technology by seeking other qualified persons to determine any potential commercial applications. Currently RE is under funded and management is reviewing other options to share the technology with interested parties.
This news release contains certain "forward-looking statements," such as statements that describe the plans, objectives, and goals of the management of Revolution Technologies Inc. Forward-looking statements are necessarily subject to a variety of risks, uncertainties, and other factors that could cause actual events or results to differ materially from those expressed or implied by these forward-looking statements. The reader is cautioned not to place undue reliance on forward looking statements.
Revolution Technologies Inc. has 113,477,000 common shares issued and outstanding. The Company's shares are posted on the Pink Sheets ([ www.pinksheets.com ]) under the symbol RVLTF.
No regulatory body has reviewed the adequacy or accuracy of this news release.
