Radar Acquisitions Corp.

Radar Acquisitions Corp.

January 03, 2008 17:31 ET

Radar and West Hawk Terminate Letter of Intent

CALGARY, ALBERTA--(Marketwire - Jan. 3, 2008) - Radar Acquisitions Corp. ("Radar") (TSX VENTURE:RAC) provides the following update regarding the Letter of Intent with West Hawk Development Corp. ("West Hawk") announced on March 16, 2007, for development of the Colorado East Project (the "Buick Coal Project").

Further to the Letter of Intent, West Hawk had until September 30, 2007, to complete coal testing and all other due diligence on the Buick Coal Project. Late in September, West Hawk requested a two-month extension to this deadline. On November 30th, this extension expired without the companies reaching an agreement and on December 17th, Radar accepted West Hawk's termination of the Letter of Intent.

"Radar has honoured the Letter of Intent with West Hawk," stated Timothy Bergen, Radar's president and CEO. "The coal gasification sector is very strong and we are excited about exploring new opportunities for the Buick Project while we continue to move forward with our Re-Fuel™ development projects."

About Radar Acquisitions Corp.

Radar is a diversified natural resource development company focused on growth through the acquisition, exploration and development of resources and resource related technologies. The company is focused on a joint venture agreement it has with New Energy USA, LLC, to develop engineered solid fuel products (Re-Fuel™) using a combination of coal slurry pond waste and biomass.

Re-Fuel™ will benefit the environment through the reclamation of coal slurry and other bio-refuse in the production phase and cleaner stack and ash emissions in the power generation phase. Production of Re-Fuel™ can qualify the producing joint venture company for a variety of tax credits while providing coal waste owners/suppliers with a significant benefit by decreasing site reclamation costs. Users of Re-Fuel™ will benefit from a competitively priced, cleaner, more efficient product that may also make them eligible for substantial carbon credits.

All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Radar's expectations are disclosed in the company's documents filed from time to time with the TSX Venture Exchange, the Alberta Securities Commission, and the British Columbia Securities Commission.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Radar Acquisitions Corp.
    Timothy J. Bergen
    (403) 262-3797 or Toll Free: 1-877-262-5888
    Email: tbergen@radar.ab.ca
    Ascenta Capital Partners Inc.
    Bryson Goodwin
    Investor Relations
    (604) 684-4743 ext 239 or Toll Free: 1-866-684-4209
    Email: bryson@ascentacapital.com