Adama Technologies Corp. Suspends Negotiations to Purchase a Major Mining Asset in Africa
NEW YORK, August 15, 2011 /PRNewswire/ --
Adama Technologies Corp. (OTCBB: ADAC), a clean-tech company dedicated to the remediation of contaminated brownfields, today announced the Company has currently suspended the negotiations to purchase a major mining asset in Africa. The Company previously announced on July 11, 2011 that it was in advanced negotiations to purchase the major mining asset, but the negotiations have currently been suspended. The company entered into negotiations on the African mining asset following attempts with a separate party to negotiate the sale of Adama's existing renewable energy project in Romania.
Aviram Malik, CEO of Adama Technologies stated that "we are continuously seeking to advance our business development activities in order to enhance Adama's ability to raise the capital to finance new and existing projects. While we believe that had Adama been successful in its mining asset purchase, it could have enhanced our ability to attract investors, we will continue to explore other strategic business opportunities consistent with our business plan. We further believe that upon the effective date of our 1 for 300 reverse split, for which we have filed an Information Statement with the SEC, we should be better positioned to pursue potential acquisitions or other business opportunities."
About Adama Technologies Corp.
Adama Technologies Corp. acquires, decontaminates and revitalizes brownfields using patented Molecular Bond Solution (MBS) Technology. To learn more about Adama Technologies and MBS Technology, please visit http://www.adama-tech.com.
Forward-Looking Statements:
This press release may contain forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). All statements other than statements of historical information provided herein may be deemed to be forward-looking statements. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects" and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those that we may anticipate reflected by our subsidiaries' operations include without limitations, growth in the energy sector and in the oil and gas service industry, increased levels of competition, new products and technology changes, and the market for pipes, the rules of regulatory authorities and risks associated with any potential acquisitions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, belief or expectation only as of the date hereof. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company.
Adama Technologies' public filings may be viewed at http://www.sec.gov.
Contact: Aviram Malik, CEO, Tel +972-54-494-3953, [email protected]
SOURCE Adama Technologies Corporation
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