MAJOR DISCOVERY BY THE CAN, BUT IT'S WATER!!!
ROOOOOOOOOLLLLLLLLLLL
Indocan Resources Flows Mountain Spring Pure Canadian Water
EDMONTON, Alberta, Sep 23, 1999 (BUSINESS WIRE) -- Pure Canadian
Water, a division of Indocan Resources (OTCBB:IDCN) is nearing the
completion of a marketing/sales contract for all 10 million liters of
the expected first year production of mountain spring water. "A
distribution company in Southern California has a keen interest and is
likely to close with us presently. The second year production is
expected to be about 20 million liters and the third year will bring us
to full capacity of 31 million liters, which is the total annual
diversion allowed by license from the Province of Alberta" says Company
president, Jeffrey Bruhjell.
Bruhjell added, "We will not actually begin shipping water from the
source at our artesian well site near Rocky Mountain House, Alberta
until we have a solid marketing contract in place. To speculate by
bottling any competitive product would be suicide. Many other potential
buyers for the product have been identified including a Canadian firm
that would take the water products on an exclusive basis for all of
Canada. Once we have the volume ascertained from the California
contract we can consider whether or not to also offer water in Canada
or just stay with the export product. It's most likely that the
California buyers will take all the production we eventually have."
Mr. Bruhjell continued "Our division, Pure Canadian Water will be
quoted on the OTC BB in the coming days under its inception name. We
will be folding-in the Alberta corporate entity in the near future and
applying for a name change for this new OTC BB listing to Pure Canadian
Water. Since the first thirty days of trading a BB stock, only one
market maker calls the quote, a last trade quote without bid and offer
only are shown and we may decide not to publish the name of the trading
shell until the merger is completed. Once the thirty-day period is over
other market makers may quote the stock and with three or more you get
a full bid/ask quotation. By then the name change will be in effect and
will avoid most confusion as people will then trade in shares of Pure
Canadian Water and not the shell company name."
Indocan Resources Inc. will be keeping its shares of Pure Canadian
Water and not distributing them to shareholders as is planned with the
Isaac's Harbour spin-off. IDCN shareholders will have to purchase
shares of Pure Canadian Water to be a direct shareholder. Everyone is
of course an indirect beneficiary through the Company's holdings.
Indocan Resources is a Nevada Corporation with interests in mining
exploration in Indonesia, the United States and Canada. A complete
report on all activities is available on the Company web site
www.indocan.com. This press release contains forward-looking statements
made pursuant to the safe harbor provisions of the Private Litigation
Reform Act of 1995. Such forward-looking statements involve risks,
uncertainties, and other factors, which may cause the actual results,
performance, or achievement expressed or implied by such
forward-looking statements to differ.
Copyright (C) 1999 Business Wire. All rights reserved.
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GEOGRAPHY: NEVADA INTERNATIONAL CANADA
INDUSTRY CODE: FOODS/BEVERAGES
MINING/METALS
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