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TXO COMMENTS ON ANNOUNCEMENT FROM EMPIRE ENERGY CORPORATION ANNOUNCEMENT

TXO COMMENTS ON ANNOUNCEMENT FROM EMPIRE ENERGY CORPORATION ANNOUNCEMENT

The Board of TXO Plc (“TXO” or “the Company”) Plc notes the 8k filing by US-based Empire Energy Corporation International (“Empire”) (Pink Sheets:
EEGC.pk) yesterday, giving a trading update on its activities in relation to Tasmanian Oil and Gas drilling plans, Gas to liquids / FASER Technology and medical waste recycling plans. Empire also gave an update on Board changes.

Tasmanian Oil and Gas drilling plans

Further to the TXO announcement made on 2 December 2011, Empire has rights to drill for oil in two sites in Tasmania’s central and north basins where its initial geological research has discovered previously unknown, significant petroleum structures. Yesterday, Empire announced new plans to extend the drilling to a third site, Mt Lloyd dome, within the existing lease 14/2009.

Below are relevant extracts from the Empire 8k filing yesterday:

“Empire has forwarded draft agreements and obtained a commitment from the principals to proceed, with negotiations, to finance the Tasmanian oil project through a joint venture with an Asian financier, NBD partners. Through the proposal, NBD partners intend to earn a 49% interest in the Tasmanian Basin tenement, held by Great South Land Minerals Ltd, EL14/2009, in exchange for an investment of USD $50 million. Directors of Empire intend to be holding meetings next week in Asia with a view to effect the completion of this deal.”

“The parties plan to drill both of Great South Land Minerals prospects Bellevue #1 and Thunderbolt #1 this Australian Summer, provided that all necessary permits can be obtained from local authorities. On Friday 25th November, Great South Land Minerals Ltd submitted an Exploration Licence Work Program to undertake care and maintenance of the Bellevue #1 well in advance of mobilization of a certified petroleum rig at the site early 2012. The company is presently in discussions with Mineral Resources Tasmania personnel in relation to the Program and Permits to resume operations. It was anticipated that the aforementioned submission lodged during November to re-commence drilling would have been approved in order that the company would be able to resume operations before Christmas. The parties are presently working through the Program and Permitting requirements to resolve issues so that permissions may be granted without further delay. Further to the rigs already identified for drilling in November, we are accelerating our target number of wells this summer to 14. We are now actively trying to source four further rigs locally and internationally for expanded exploration and development of Great South Land Minerals Limited prospects and leads associated with the forthcoming drill programs. This may include confirmation of the purchase of a GEFCO Model SS_1100 Rig or other Australian alternatives, which will be subject to contract and are presently being reviewed by drilling engineers on behalf of the company.”

Gas to liquids / FASER Technology

By way of background to this aspect of the Empire trading update, below is a relevant extract from the 3 June 2011 announcement by Empire:

“Empire has executed a MOU in respect to funding for early stage development and market implementation of a gas to liquids (GTL) process technology for which Empire holds exclusive marketing and development rights in North, South and Central America. The transaction to finance and develop the gas to liquids technology allows Empire to retain a 51% interest in the project, while facilitating ready to market commercial application of the technology. Empire has previously validated the business case and has obtained an independent opinion providing forecast revenues based on an estimated regional market of approximately USD $2.7 billion per year. The joint venture will enable Empire to implement the business plan within 3 years. Empire considers the business case for the patented process technology to reside within its ability to convert gas to liquids at substantially lower capital and operating costs than are currently being experienced using the standard Fischer Tropsch process, including a smaller plant footprint and the inherent mobility of a 40 foot container.


Empire is also intending to develop its FASER (Force Amplification by Stimulated Electron Resonance) technology that has many applications, including as a possible application supporting the enhancement of the power supply and the productivity of the gas to liquids technology. Another exciting application for this revolutionary power supply under development is that it can be used in a method as a treatment system for chronic disease conditions. The invention has been designed using theoretical concepts of quantum biology. The principles of operation are based on the device’s ability to stimulate a Bose-Einstein condensate and excitation of the Frolich resonance in living tissue. The wave numbers necessary for this excitation are derived from the solution to the equations for optical photon scattering in living tissue generated by optical photon excitation. The establishment of this superconducting state facilitates DNA replication, transcription, and translation, thereby allowing the proper formation or regeneration of healthy tissue. This superconducting state provides the conditions necessary for establishing the violation of time reversal invariance in living tissue. Arrangements are currently underway to do supervised medical trials of the technology both within the USA and Europe as a precursor for the global commercialization of the unit.”

Below are relevant extracts from the Empire 8k filing yesterday:

“Empire intends to secure a corporate shell vehicle, listed publicly on the AIM market, to support development of the FASER technology which was described in a June 2, 2011 announcement. Exceptional progress has been made toward the resolution of infrastructure and proprietary technical issues in the development of the FASER technology over the past six months and the primary FASER power supply is now ready for mass production. The company has accepted initial orders for 1st generation research units and are moving aggressively toward delivery. As part of this expansion and acquisition period, Empire is continuing to develop strategic ties to principal owners of FASER, and will continue capitalization steps for acquisition of licenses for specific applications pertinent to long range plans.

Similar progress has been made on the Gas to Liquids technology which is intended to be manufactured and developed in the same facility identified in Missouri, USA, as is the FASER technology. It is further contemplated that the construction of mobile medical waste and recycling modules could also be done within this facility.

In anticipation of successful fund raising efforts, the company has sought and is intending to engage two key persons to spearhead the manufacturing campaign. Mr Rob Osborn, will be a key liaison with the Missouri Economic Development Organizations to maximize the benefits of bringing in manufacturing business to the state. He will also bring to the project many years of marketing experience. Mr. Randen, is a longtime resident of Missouri, and has extensive award-winning experience as a plant manager for a FORTURE 150 manufacturer. His years of experience combined with his knowledge of the area will allow the company to rapidly implement the plans for expansion into planned areas.”

Medical waste recycling

Below are relevant extracts from the Empire 8k filing yesterday:

“Empire Energy in its continued outlook for diversification in multiple growing global industries has identified continued growth in the medical waste and recycling industries. With said expansion potential Empire Energy has identified numerous medical waste candidates interested in joint venturing and securing public company status for capitalization, development and growth financing. A current American enterprise, with which a confidentiality agreement exists with Empire Energy, anticipates the continued data exchange to reach a proposed acquisition agreement in 1st quarter 2012.”

Commenting on the announcement from Empire, Tim Baldwin, Chairman of TXO, said:

“We are pleased with the progress Empire has made with negotiations to finance and expand the drilling programme of Great South Land Minerals prospects in the Australian summer 2012 (December 2011 to April 2012) . We are encouraged by the announcement yesterday of the diversification plans of Empire and expect further announcements. The strengthening of the Board of Empire is another positive, with appointments of David Villarreal and Nicole Chesterman announced yesterday.”

For further information, please contact:

TXO PLC

Tim Baldwin, Chairman +44 (0) 771 287 2820

Beaumont Cornish Limited

Roland Cornish and James Biddle +44 (0) 20 7628 3396

December 7, 2011 Posted by | Press Release | Leave a Comment

Empire retires $3 million in debt, and proceeds to finalise finance to drill Bellevue, Thunderbolt and Mt Lloyd domes, expands board and operations.

Empire retires $3 million in debt, and proceeds to finalise finance to drill Bellevue, Thunderbolt and Mt Lloyd domes, expands board and operations.

LEAWOOD, Kansas, Tuesday 6th December, 2011 /Businesswire/ — Empire Energy Corporation International (Empire) (Pink Sheets: EEGC.pk – News) announces that on Thursday 1st December 2011, TXO Plc USD $1.5 Million convertible loan note, as lodged as an 8-K filing with the SEC on Friday 2nd December, has been fully completed having the effect of discharging in excess of USD$3.0 million of Empire group debt.

The discharged debts included RAB Capital (UK) and Terralinna Pty Ltd, whose terms were prejudicial to fund raising efforts, and therefore impeded the operational viability of Empire. As previously announced, the funding has been advanced as a loan, and may be convertible to shares in Empire at the discretion of TXO plc. The convertible loan note may enable the company to acquire a 19.9% equity interest post restructuring, (on a fully diluted basis) or the option to be paid back in full with interest. TXO plc announced in their press release of Friday 2nd December, “TXO plc paid a total cash consideration of USD $300,000 to Empire, and paid cash totaling AUD $543,520 and USD $160,000 to Empires creditors and issued 26,547,369 ordinary shares of 0.1p each in the company (ordinary shares “) at a price of 0.75p per ordinary share to the holder of an Empire loan note, Better Loyal Investments Limited. As a result Better Loyal Investment Limited now owns 7.2% of TXO’s enlarged issued share capital and has agreed to be locked in for 6 months in respect of these Ordinary shares as part of the agreement.” Now that TXO plc has completed the finance for the restructuring of Empire, it is focused on assisting Empire further with the execution and completion of the drilling finance as previously documented in our 8-K filings.

Empire has forwarded draft agreements and obtained a commitment from the principals to proceed, with negotiations, to finance the Tasmanian oil project through a joint venture with an Asian financier, NBD partners. Through the proposal, NBD partners intend to earn a 49% interest in the Tasmanian Basin tenement, held by Great South Land Minerals Ltd, EL14/2009, in exchange for an investment of USD $50 million. Directors of Empire intend to be holding meetings next week in Asia with a view to effect the completion of this deal.

The parties plan to drill both of Great South Land Minerals prospects Bellevue #1 and Thunderbolt #1 this Australian Summer, provided that all necessary permits can be obtained from local authorities. On Friday 25th November, Great South Land Minerals Ltd submitted an Exploration Licence Work Program to undertake care and maintenance of the Bellevue #1 well in advance of mobilization of a certified petroleum rig at the site early 2012. The company is presently in discussions with Mineral Resources Tasmania personnel in relation to the Program and Permits to resume operations. It was anticipated that the aforementioned submission lodged during November to re-commence drilling would have been approved in order that the company would be able to resume operations before Christmas. The parties are presently working through the Program and Permitting requirements to resolve issues so that permissions may be granted without further delay. Further to the rigs already identified for drilling in November, we are accelerating our target number of wells this summer to 14. We are now actively trying to source four further rigs locally and internationally for expanded exploration and development of Great South Land Minerals Limited prospects and leads associated with the forthcoming drill programs. This may include confirmation of the purchase of a GEFCO Model SS_1100 Rig or other Australian alternatives, which will be subject to contract and are presently being reviewed by drilling engineers on behalf of the company.

Chairman and CEO Malcolm Bendall, stated “We’ve entered an exciting stage in our development program having overcome the challenges of negotiating finance, a drill rig, discharging previous debt (caused by Smartwin’s default) and subsequent legal action (taken by Smartwin against us). Empire’s defence and countersuit has been independently funded and we believe our legal counsel, Paul Batista Esq. (New York) has now gained the legal advantage for Empire and is counter suing for significant damages of over $1 Billion. Therefore the foundation is now set to fund our aggressive drilling and seismic programme over the next 4 months of the Australian summer to capitalise on the already completed pre collar and site work on the Bellevue#1 well. Shareholders can also look forward to several other significant developments being announced over the next week, including the addition of two new directors to the board.

 


Empire intends to secure a corporate shell vehicle, listed publicly on the AIM market, to support development of the FASER technology which was described in a June 2, 2011 announcement. Exceptional progress has been made toward the resolution of infrastructure and proprietary technical issues in the development of the FASER technology over the past six months and the primary FASER power supply is now ready for mass production. The company has accepted initial orders for 1st generation research units and are moving aggressively toward delivery. As part of this expansion and acquisition period, Empire is continuing to develop strategic ties to principal owners of FASER, and will continue capitalization steps for acquisition of licenses for specific applications pertinent to long range plans. Similar progress has been made on the Gas to Liquids technology which is intended to be manufactured and developed in the same facility identified in Missouri, USA, as is the FASER technology. It is further contemplated that the construction of mobile medical waste and recycling modules could also be done within this facility.

In anticipation of successful fund raising efforts, the company has sought and is intending to engage two key persons to spearhead the manufacturing campaign. Mr Rob Osborn, will be a key liaison with the Missouri Economic Development Organizations to maximize the benefits of bringing in manufacturing business to the state. He will also bring to the project many years of marketing experience. Mr. Randen, is a longtime resident of Missouri, and has extensive award-winning experience as a plant manager for a FORTURE 150 manufacturer. His years of experience combined with his knowledge of the area will allow the company to rapidly implement the plans for expansion into planned areas.

Empire Energy in its continued outlook for diversification in multiple growing global industries has identified continued growth in the medical waste and recycling industries. With said expansion potential Empire Energy has identified numerous medical waste candidates interested in joint venturing and securing public company status for capitalization, development and growth financing. A current American enterprise, with which a confidentiality agreement exists with Empire Energy, anticipates the continued data exchange to reach a proposed acquisition agreement in 1st quarter 2012.

In consideration of recent positive developments and the expansion of Empire’s business interests, the Board of Empire have extended invitations to Nicole Chesterman & David Villarreal to join the existing Board of the Company. Nicole Chesterman is currently Company Secretary of Great South Land Minerals Limited, and has previously held roles as Director and Company Secretary of an AIM listed mining company (and associated subsidiaries) and a recent executive appointment with a Tasmanian based renewable energy development company. Ms Chesterman holds a Bachelor of Commerce Degree and is presently pursing post-graduate studies in the field of finance. The appointment and role as Chief Financial Officer will provide additional resources to assist Empire with regulatory compliance and reporting, corporate finance, management and legal.

Chairman, Malcolm Bendall further states that ‘it is with genuine enthusiasm that a long term employee of Empire’s subsidiary, Great South Land Minerals Ltd, Nicole Chesterman, will be joining the Empire Energy Board of Directors.” Additionally, Mr. Bendall stated that “former Chairman of the Board David Villarreal, will be rejoining the Empire Board to assist me in the expansion efforts of our multi-faceted strategic goals and continue in the capitalization and finance efforts of the company. In addition, we look forward to future support from the addition to the board, at the appropriate time, of a representative of TXO.”

Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world’s last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania’s central and northern basins.

This Press Release contained forward-looking statements based on our current expectations about our company and our industry. You can identify these forward-looking statements when you see us using the words such as “expect,” “anticipate,” “estimate,”, “believes,” “plans” and other similar expressions.
These forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire’s ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements. For a more detailed discussion of risks and other factors related to Empire Energy Corporation Int’l, please refer to its 10-KSB and 10 QSB reports filed with the U.S. Securities and Exchange Commission.

Contact: Malcolm Bendall

913-663-2310

December 6, 2011 Posted by | Press Release | Leave a Comment

TXO COMPLETES THE INVESTMENT IN US$1.5M CONVERTIBLE LOAN NOTE RETIRING US$2.68M EMPIRE ENERGY GROUP DEBT EXERCISE OF WARRANTS

RNS Number : 2506T

TXO PLC

02 December 2011

 

                                                                                                        2  December  2011

TXO PLC

(“TXO” or the “Company”)

 

TXO COMPLETES THE INVESTMENT IN US$1.5M CONVERTIBLE LOAN NOTE RETIRING US$2.68M EMPIRE ENERGY GROUP DEBT EXERCISE OF WARRANTS

  

The Board of TXO Plc (“TXO” or “the Company”) announces that, further to the announcement made on 8 September 2011, yesterday it completed the investment in a US$1.5m convertible loan note in US-based Empire Energy Corporation International (“Empire”) (Pink Sheets: EEGC.pk).  Empire has oil interests in Tasmania, Australia.

The convertible loan note gives the Company a call option to acquire a 19.9% equity interest in Empire (on a fully diluted basis) or be paid back in full.  TXO paid a total cash consideration of US$300,000 to Empire, paid cash totalling AUS$543,520 and USD$160,000 to Empire’s creditors and issued 26,547,369 Ordinary Shares of 0.1p each in the Company (“Ordinary Shares”) at a price of 0.75p per Ordinary Share to the holder of an Empire loan note, Better Loyal Investments Limited. As a result, Better Loyal Investments Limited owns 7.2% of TXO’s enlarged issued share capital and has agreed to be locked in for six months in respect of these Ordinary Shares.

As part of the agreement, TXO has the option to appoint one member to the board of Empire.

Information on Empire is publically available on its website, www.empireenergy.com and was set out in the TXO announcement made on 8 September 2011.  Empire has rights to drill for oil in two sites in Tasmania’s central and north basins where its initial geological research has discovered previously unknown, significant petroleum structures.

The Board of TXO has also issued and allotted 9,000,000 new Ordinary Shares of 0.1p each at a price of 0.5p per Ordinary Share following receipt of a form of notice of exercise of warrants. The funds received by the Company on exercise of the warrants totalled £45,000. 

The new Ordinary Shares will rank, pari passu, with the existing ordinary shares. Application has been made for these new Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on or around 7 December 2011.

This brings the total number of Ordinary Shares in the Company with voting rights to 370,835,913.

TXO Chairman Tim Baldwin said:  “Empire has a current market cap of approximately US$8.3m.  TXO has been able to extinguish nearly US$3m of Empire’s debt in exchange for its call option; this now allows Empire to focus on drilling both of the Great South Land Minerals prospects, Bellevue#1 and Thunderbolt#1 in  summer 2012, provided that all necessary permits can be obtained from local authorities and funding secured.  We believe that this call option has been secured at the right time for TXO shareholders as it should allow the Company to realise value from Empire’s enhanced balance sheet, as well as Empire’s significant exploration assets”.

For further information, please contact:

 

 

TXO PLC

Tim Baldwin, Chairman

+44 (0) 771 287 2820      

 

Beaumont Cornish Limited

Roland Cornish and James Biddle

+44 (0) 20 7628 3396      

 

 

This information is provided by RNS

The company news service from the London Stock Exchange

 

END

December 2, 2011 Posted by | Press Release | Leave a Comment

TXO ISSUES CONVERTIBLE LOAN NOTES TOTALING £961,200

FOR IMMEDIATE RELEASE

November 10, 2011

TXO PLC

(“TXO” or the “Company”)

Issue of Convertible Loan Note

TXO ISSUES CONVERTIBLE LOAN NOTES TOTALLING £961,200

Further to the announcement made on 8 September 2011, the board of TXO Plc (“TXO” or “the Company”) announces that it has issued Convertible Loan Notes totalling £961,200. The convertible, unsecured, loan notes (“Loan Notes”) have been issued to institutional investors and high net worth individuals as well as to certain directors and advisors to settle outstanding fees.

The Loan Notes are due for repayment on 30 April 2013 or, on the election of the note holders, may be converted in whole or in part into new TXO ordinary shares (“Ordinary Shares”), at a conversion price of 0.75p per share. Prior to repayment or conversion, the Loan Notes will be subject to interest at the rate of 10% for per annum, payable monthly in cash to the note holder.

Full conversion of the Loan Note would result in the issue of 128,160,000 new Ordinary Shares, representing 27.9% per cent of the issued share capital (as enlarged thereby) of the Company.

Following the issue of the Loan Notes, TXO has received a gross amount of £925,000 in cash (net amount after costs of £900,500). In addition, £36,200 of the Loan Notes have been issued to settle outstanding director and advisor’s fees. These are as follows: Daniel French, a Director of TXO, has received £15,000 worth of Loan Notes.  Andrew Glendinning, a Director of TXO, has received £7,700 worth of Loan Notes.  Hill Street Investments plc (“Hill Street”) have received £13,500 worth of Loan Notes.  Tim Baldwin, Chairman, is also chairman of Hill Street, in which he holds a beneficial interest.  In addition, Tim Baldwin, a Director of TXO, through his personal pension scheme has subscribed for £50,000 worth of Loan Notes in cash. These transactions are related party transactions under the AIM Rules for Companies.

Accordingly, the independent director, being Richard Harvey, considers, having consulted with its Nominated Adviser, that the terms of the transaction are fair and reasonable insofar as the Company’s shareholders are concerned.

The cash proceeds of the Loan Note will be used to fund the exercise of TXO’s call option to acquire a 19.9% interest in Empire Energy Corporation International (“Empire”) as announced on 8 September 2011. An announcement will be made shortly on completion of this investment in Empire. In addition funds will be used for general working capital purposes.

For further information, please contact:

TXO PLC

Tim Baldwin, Chairman +44 (0) 771 287 2820

Beaumont Cornish Limited

Roland Cornish and James Biddle +44 (0) 20 7628 3396

November 14, 2011 Posted by | Press Release | Leave a Comment

Empire Signs Joint Venture and Financing Agreements with a London Based AIM Listed Company TXO Plc and Smart Win Legal Update

LEAWOOD, Kan., Tuesday, September 6, 2011 /PRNewswire-First Call/ — Empire Energy Corporation International (Empire) (Pink Sheets: EEGC.pk – News) and its wholly owned subsidiary, Great South Land Minerals Ltd (GSLM) announced today that Empire and a London based company, TXO Plc, an AIM listed company on the London Stock Exchange, have concluded negotiation of the terms of a Joint Venture and Administration Agreement (JVA) for the proposed drilling of Bellevue and Thunderbolt oil wells in Tasmania Australia.  Further, Empire has provided TXO Plc with an option to invest up to $5 million via a convertible loan instrument, in exchange for a 49% interest in Empire’s Tasmanian exploration license, announced June 3, 2011, of which $100,000 has been advanced.

TXO Plc has been granted a further option by Empire to provide another convertible loan debt facility for $1,500,000 to meet Empire’s short term funding requirements and may extinguish up to approximately $2,680,000 of Empire’s debt.  This option may be converted at the election of TXO Plc to no more than 19.9% of Empire’s share capital post recapitalization.  TXO Plc has provided a $50,000 advance on this debt facility. In addition to other obligations, these funds are expected to allow us to complete our audit for the year ended December 31, 2010 and therefore to file our 10K and interim quarterly reports on Form 10Q.

The parties to the Agreement plan to drill both giant domal seismically defined targets this spring and summer, provided that all necessary permits can be obtained from local Tasmanian authorities as requested.

Following the announcement June 3, 2011, Empire confirms receipt of positive news that the Smart Win International motion for summary judgment and the motion to dismiss Empire’s counterclaims against Smart Win, which allege significant damages in excess of $1 billion on behalf of Empire against Smart Win in the Supreme Court of New York, was denied and the court ordered that SmartWin submit themselves to discovery in the US. Empire will now pursue its remedies and defenses aggressively in the New York courts with the assistance of attorney Paul Batista.  Empire, mindful of the need to conserve finances for drilling, has also sold the rights to 50% of the proceeds of the Smart Win action in return for an obligation to fund, up to a certain level, the costs of this action, relieving Empire of the stress of funding the ongoing case.

 

On August 30, 2011, Empire Energy Corporation International filed an action in the United States District Court for the Southern District of New York against Noble Trenham, Diane Lawton, Smart Win International, LLC, and others alleging violations of the federal securities laws.  More specifically, the defendants are alleged to have violated the proxy solicitation and tender offer laws and regulations under the Securities Exchange Act of 1934.  The action seeks injunctive relief enjoining the defendants from attempting to seize control of Empire and remove its management through illegal proxy solicitations and offers to purchase Empire securities.  In addition to injunctive relief, the action seeks in excess of $1 billion in damages.

Empire Energy Corporation is an international oil and gas exploration company, focusing on developing assets in one of the world’s last virgin basins and to become a leading low-cost finder of hydrocarbons. The Company is currently operating in Tasmania’s central and northern basins.

This press release contains forward-looking statements based on our current expectations about our company and our industry. You can identify these forward- looking statements when you see us using the words such as “expect,” “anticipate,” “estimate,” “believes,” “plans” and other similar expressions. These forward- looking statements involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of our ability to complete required financings and other preconditions to the completion of the transactions described herein and Empire’s ability to successfully acquire reserves and produce its resources among other issues. We undertake no obligation to publicly update any forward-looking statements for any reason, even if new information becomes available or other events occur in the future. We caution you not to place undue reliance on those statements. For a more detailed discussion of risks and other factors related to Empire Energy Corporation International, please refer to 10-K and 10-Q reports filed with the U.S. Securities and Exchange Commission.

 

Contact:  Malcolm Bendall

913-663-2310

September 6, 2011 Posted by | Press Release | Leave a Comment