Kinetex Resources Corporation

Kinetex Resources Corporation

June 02, 2009 11:42 ET

Kinetex Announces Current Contracts Exceeding $20 M and Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2009) - Kinetex Resources Corp. (TSX VENTURE:KTX) (the "Company" or "Kinetex") is pleased to announce that with the finalization of negotiations on pricing in the past months the Company confirms committed work contracts currently exceeding $20 million, with additional solicitations currently under development or negotiation exceeding $45 million for 2009/2010. These contracts and solicitations are broadly spaced among the Company's business segments in energy and resource exploration, with particularly strong activity in South America.

Although the past year has proved challenging at times for stakeholders, clients, suppliers and shareholders alike, the current outlook for 2009 and 2010 is one of cautious optimism. The Company enjoys several market advantages - multiple geological markets and industry niches, a superior technical product, and motivated, experienced personnel - which will allow the company to continue to forge a path of sustained improvement in all facets of its business.

Update on Trading Halt

The Board shares its Shareholders' displeasure with the delay in the completion of the audit of its Annual Financial Statements but realizes the additional time required has been necessary to assure that a comprehensive review has been completed of all of the Company's activities, which ultimately provides confidence that a firm foundation is in place for staging the growth underway. The Company plans to file its 2008 Audited Annual Financial Statements by end of business today and will concurrently apply to the various regulatory agencies to resume trading as soon as possible. The Board thanks its shareholders for their continued understanding, patience and support.

About Kinetex

Kinetex is an oil, gas and mineral exploration services company with offices in Vancouver, BC, Calgary, Alberta and Bogota, Colombia. Through its subsidiaries, Kinetex provides data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the energy, metals and minerals exploration and development industries seeking to go beyond the limitations of traditional data acquisition methods.

The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release. The company seeks safe harbour.

Contact Information

  • Kinetex Resources Corporation
    Gil Schneider
    Chief Executive Officer
    604-484-5761 or Toll-Free: 1-888-484-5761
    604-484-5760 (FAX)