April 18, 2012
Mineseeker Operations Overseas Limited (“Mineseeker”), a British Virgin Islands corporation, has entered into a Memorandum of Understanding with USA based Wamar International LLC.
This agreement provides Wamar with representation rights in the MENA region (Middle East and North African Arab speaking countries) and commits both parties to enter in good faith negotiations to establish a joint venture entity to handle contracts in this part of the world.
Wamar will provide offices at their international headquarters in Amman, staffed by four marketing and technical personnel. The business will be headed by Wamar’s special projects manager, Mr Nasri Nowar who has known Mineseeker for the last five years. Mr Nowar has evaluated the Mineseeker product, having visited the technology supplier in the USA with the Mineseeker team and has reviewed the photo mosaic process that forms an integral part of the Mineseeker Multi-spectral Imaging Radar (MIR) product.
Mr. Nabil Barakat, President, CEO and Founder of Wamar International commented, ‘Wamar is excited about forming a relationship with Mineseeker Operations. There is no doubt that this product is much needed in the MENA region and in all countries affected by landmines. The situation in our region has been very bad for many years and the cost of locating and clearing landmines and unexploded ordnance has been prohibitive as well as technically challenging. We believe that the Mineseeker system is workable and can offer hope to the millions of people affected by the landmine problem. I believe that Wamar has the expertise, infrastructure and ability to make a big difference, in conjunction with Mineseeker, with this most important humanitarian effort.’
Mike Kendrick, CEO of Mineseeker stated, ‘We are very pleased to have joined forces with Wamar International to strengthen our marketing efforts in this important region. Since we published the initial results and images from Croatia that demonstrated the potential of the system, Mineseeker has been in negotiations with several companies with the intent of forming strategic alliances and partnerships that would give our product the global reach it needs’.
From today’s date, all sales enquiries from the MENA area are being passed to Wamar. This includes recent enquires from Kuwait, Egypt and Libya. Libya was in negotiations with Mineseeker until the 2011 revolution and the contract negotiation papers have now been passed onto Wamar to recommence talks with the new transitional government. At the time that negotiations were terminated, an initial contract valued at $25 million was drafted to survey areas in the western desert affected by World War Two landmines and unexploded ordnance.
Mr. Kendrick continued, ’Our team has already established Mineseeker Operations Southern Africa Ltd., which has led to substantive contract negotiations. Furthermore, we have been contacted by several companies around the world, including South and Central America as well as South East Asia, and expect to announce further developments in the near future’.
Wamar International LLC is a multinational group of companies and a leading provider of premium services across several industry sectors including power generation, oil and gas and aviation. It has offices in the USA, Middle East, South Africa, South America and Asia.
Safe Harbor Statement
This release contains forward-looking statements that relate to future events or performance. These statements reflect the company’s current expectations and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. The company does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other company statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond the company’s control, which could cause actual results to differ materially from the forward-looking statements. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements.