SOURCE: Aquatic Cellulose International Corp.

October 31, 2006 05:26 ET

Aquatic Announces Acquisition of Tiger•Lynk™ Technology; Company Gains on Settlement With Former CEO

VERNON, BC -- (MARKET WIRE) -- October 31, 2006 -- Aquatic Cellulose International Corp. (PINKSHEETS: AQCI) is pleased to announce that a settlement agreement has been reached with former CEO, Mr. Gary Ackles, enabling the Company to follow through on its planned acquisition of Mr. Ackles' Tiger•Lynk™ Technology, formerly known as the Aquatic Timber Harvester (ATH).

Sheridan Westgarde, Aquatic CEO, stated, "Today's announcement is a major victory for our Company and shareholders. We have significantly improved the balance sheet and simultaneously acquired a proven technology that promises to leverage our growth in the energy sector and in new markets."

The Company has purchased 100% interest in Tiger•Lynk™ from Mr. Ackles for $250,000 in cash. This includes all Tiger•Lynk™ patents, trademarks, blueprints, and other proprietary design information.

Mr. Ackles has relinquished all debts owed to him by the Company.

This agreement effectively ends Aquatic's relationship with its former CEO. As a result of the settlement, the Company expects to report a significant gain for the period ending November 30th, 2006.

Today, Aquatic sees an immediate opportunity to apply Tiger•Lynk™ to potential offshore oil and gas drilling opportunities at the Company's Hamill Project in Matagorda County, Texas. The Company is also targeting a number of marine industries for technology sales and licensing opportunities.

Tiger•Lynk™ is a patented large-scale robotic manipulator technology designed to significantly enhance performance, safety and efficiency in a wide range of underwater operations. The advantage of Tiger•Lynk™ is that it enables an operator above the water to precisely control underwater movement via a robotic manipulating arm. Attached to this arm is a manipulator head designed for a specific type of operation. The technology can be applied to existing crane and diver-based operations or it can function independently. In 1999, Aquatic generated worldwide media interest when it pioneered this technology at Tucurui Reservoir, Brazil in the commercial recovery of inundated Amazon rainforest.

For more information about Aquatic and Tiger•Lynk™, visit www.valoryenergy.com.

Contact Information

  • Contacts:
    Aquatic Cellulose International Corp.
    Investor Relations
    (503)-502-5104