ZEOX Corporation

ZEOX Corporation

June 08, 2007 11:46 ET

ZEOX Receives TSX Approval to the Acquisition of GSA Resources, Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2007) - Mr. LuVerne E.W. Hogg, President and CEO of ZEOX Corporation (TSX VENTURE:ZOX) is pleased to announce that it has received TSX Venture Exchange approval to the acquisition of certain business assets from GSA Resources, Inc. ("GSA") and associated chabazite properties from Cheto Partners, LLC ("Cheto").

Pursuant to an Asset Purchase Agreement, as amended, dated January 1, 2007, the Company has agreed to issue 2,000,000 shares of its common stock to each of GSA and Cheto and has agreed to pay to Cheto a total of US$660,000 by way of production royalties.

The transaction is non-arm's length as GSA and Cheto are owned and controlled by Dan Eyde, a director of the Company.

The 2,000,000 shares to be issued to each of GSA and Cheto will have a four-month hold period expiring October 8, 2007.

The parties have agreed to a closing date of June 12, 2007.

For a more complete business and financial profile of the Company, management encourages interested parties to view the Company's documents posted on sedar.com.

On behalf of the Board of Directors

LuVerne E.W. Hogg, President & Chief Executive Officer

Legal Notice Regarding Forward Looking-Statements:

Statements in this news release include that we have agreed to make certain payments under the Asset Purchase Agreement and have agreed to acquire the property.

It is important to note that the Company's actual outcomes may differ materially from those statements contained in this news release. Factors which may delay or prevent these forward looking statements from being realized include that we may not be able to raise sufficient funds to make the payment obligations under the Asset Purchase Agreement, that the Asset Purchase Agreement may not be settled by the parties. As well, if we do purchase the property, there may be sound business reasons for us to decide not to conduct any development activities on it, and even if we do, we may not be able to exploit it profitably. Readers should refer to the risk disclosures outlined in the Company's most recent documents filed from time to time with the Alberta Securities Commission on SEDAR, and the risk disclosures of other junior mining companies.

Contact Information

  • ZEOX Corporation
    LuVerne E.W. Hogg
    (250) 767-6788
    (250) 767-6134 (FAX)
    Email: vernehogg@shaw.ca