The extended version...
Negotiations with Safe Environment continue; Abbott review continues
Roper Resources Inc RRN
Shares issued 13,484,300 Apr 20 close $0.21
Wed 22 Apr 98 News Release
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.
Mr W.T. Styffe reports
With reference to a news release dated March 4 1998 (Stockwatch March 5),
the company and its joint venture partners continue to evaluate and review
the geological and drill hole data on the Abbott project in the Slocan
mining district on Healy Creek, which is 40 miles North of Kaslo, BC and
fifteen miles north of the Cominco Duncan mine. Work under way is intended
to enable a determination of a fieldwork program in 1998 season. Subject to
financing, the continuation of surface and underground exploration and
development is planned. Financing in part, for the program envisaged is in
place. Negotiations for additional financing are under way.
Though the company did not provide any monies in 1997 towards its earn in
requirement on the Abbott property an extension was negotiated and granted.
The earn in requirement was increased. The present earn in requirement is
that Roper will expend $2,000,000 to earn a 50% interest in the Abbott
property. Silver Peak Resources (70%) and Golden Arch Resources (30%)
presently own the Abbott property. Roper Resources and the co-venture
partners are related.
In accordance with a news release dated March 4 1998 (Stockwatch March 5),
the company continues to be on notice with regard to meeting continued
listing requirements. In furtherance of meeting exchange requirements the
company has arranged a five year convertible debenture with Duncan R. McKay
& Associates of London, England in the amount of C$150,000. Conversion
price and warrants will be in accordance with exchange policies. Funds will
be used for working capital. |
