RRN - NEWS RELEASE
Roper Resources Inc RRN
Shares issued 13,484,300
1998-04-20 close $0.21
Wednesday Apr 22 1998
Mr Richard Watson reports
The company and Safe Environment Engineering have satisfactorily completed their initial mutual due diligence. A second phase of negotiations has commenced. Roper Resources has deposited, in trust, the sum of US$50,000 with the law offices of MacDonald, Altman, Sager of Toronto. With this deposit, Roper obtains the exclusive right to negotiate a relationship with Safe Environment Engineering. The parties are at arm's-length and have agreed to determine and define such a relationship by May 29 1998. If circumstances warrant, this date may be extended by mutual agreement. It is Roper's intent that the outcome of the negotiations will result in an agreement where Roper will acquire a significant interest in Safe Environment Engineering. The agreement reached to date is non-binding and there are no guarantees that the outcome of negotiations will result in an interest being acquired. Safe Environment Engineering, a California Limited Partnership, is headquartered in Valencia, California, 25 miles north of downtown Los Angeles. The company develops and supplies communications systems, which integrate wireless telemetry and voice communication to transmit information. The company uses this technology in its patented Life-line system, which, in one version, enables monitoring of entrants into confined spaces or hazardous locations; and, in another configuration, monitors security personnel on patrol rounds. The products of Safe Environment Engineering meet the strictest standards and requirements of various national and international regulatory bodies including CSA, UL, and FEDOSHA relating to confined spaces. Existing installations of the Life-line system are at the Northrop Grumman facility, Palmdale, California; Tinker Air Force Base, Del City, Oklahoma; Pearl Harbor Naval Shipyard, Honolulu, Hawaii; and Hill Air Force Base in Layton, Utah. Recently, StarEnterprise of Beaumont, Texas acquired the Life-line system on the basis of a short-term rental. The system was used to monitor the safety of oil refinery personnel throughout the duration of a major maintenance shutdown. Safe Environment expects this rental to be the first example of a significant marketplace within the oil refinery business. Production is well under way to fill a recently placed order received from the The Boeing Company of Seattle, Washington, for employment in its aircraft manufacturing facility in Everett, Washington. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
