VentureNet Capital Group Buys Oil & Gas Leases And Water Rights for Development
TEMECULA, Calif., Jan. 5 /PRNewswire/ -- Michael Brette, President and CEO of VentureNet Capital Group, Inc. (OTC Bulletin Board: VNTN) announced today that the company has entered into a letter of intent to purchase 1200 acres of oil & gas leases, and water rights from EMB Mortgage Corporation for a total of $5,000,000. Terms and conditions were not disclosed.
Mr. Brette, President and CEO of VentureNet Capital Group, Inc. said, "Once we have completed our due-diligence relative to the oil and gas leases, and water rights, and have received reports from our engineers, we will be prepared to close this transaction forthwith." Mr. Brette went on to say, "These oil and gas leases and water rights will provide an excellent alliance for our water company, Coastal Mountain Water, that we have agreed to purchase as announced on November 1, 2000. We think it could provide additional revenue for the company on a consolidated basis, which we would hope will provide earnings and shareholder equity."
VentureNet Capital Group, Inc. specializes in providing financing and management expertise to private and public emerging growth companies demonstrating current revenues and high growth potential.
For further information please contact VentureNet Capital Group, Inc. at (909) 296-9945.
Safe Harbor Statement
The foregoing press release may include numerous forward-looking statements concerning the company's business and future prospects and other similar statements that do not concern matters of historical fact. The Federal Securities laws provide a limited "safe harbor" for certain forward-looking statements. Forward-looking statements in this press release relating to product development, business prospects and development of a commercial market for technological advances are based on the company's current expectations. The company's current expectations are subject to all of the uncertainties and risks customarily associated with new business ventures including, but not limited to, market conditions, successful product development and the possibility of private litigation. The company's actual results may differ materially from current expectations. Readers are cautioned not to put undue reliance on forward-looking statements. The company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or for any other reason.
SOURCE VentureNet Capital Group, Inc.
/CONTACT: VentureNet Capital Group, Inc., 909-296-9945, info@vntrnet.com/ |
