February 13, 2012
Mineseeker Operations has formally engaged with a South African company to deploy Mineseeker technology, MIR™, across the Southern African Development Community (SADC). The first project being discussed will use the MIR™ technology for the aerial survey of large tracts of land affected by unexploded ordnance.
Mineseeker received a Letter of Intent from the South African company and has now signed a Memorandum of Understanding which will further entrench the relationship, paving the way for a Joint Venture company, Mineseeker Operations Southern Africa Ltd, which will undertake the contract to survey and clear significant areas of land currently unusable for economic development.
The Joint Venture, with well placed partners, will bring important local expertise to Mineseeker’s undertakings in the region and ensure transparency and compliance with BEE laws that require all companies to have at least 26% local national ownership. Furthermore, such practice aligns with the Mineseeker philosophy of generating wealth in the regions in which the company operates, as well as for the company’s shareholders.
Meetings are now being scheduled for Johannesburg, South Africa with the JV partners. The LOI emphasises that relevant stakeholders have been identified and expected to participate in further discussions to have their accord, cooperation and commitment in returning the affected tribal lands to the local population which has been displaced. This project perfectly fits in with the humanitarian nature of the work that is at the core of Mineseeker’s business plan, and funding will be provided through the JV company.
Further details of the timing and project value will be released after successful conclusion of the contract negotiations.
This particular project has been a target contract for Mineseeker Operations since its inception and discussions have been underway during the last year, with various parties. In keeping with its business model, Mineseeker will undertake level one and aerial surveys to identify unexploded ordnance, releasing unaffected areas back for economic and community use. Mineseeker will sub-contract the removal of unexploded ordnance to a specialist contractor.
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.