Advanced Explorations Inc.

Advanced Explorations Inc.

July 17, 2007 09:30 ET

Advanced Explorations Inc. Announces Assignment of Licensing Agreement With LDI3 to PinPoint Xploration Inc.

TORONTO, ONTARIO--(Marketwire - July 17, 2007) - Advanced Explorations Inc. (the "Company" or "AEI") (TSX VENTURE:AXI) is pleased to announce that the Company has entered into an Assignment and Assumption Agreement (the "Agreement) with PinPoint Xploration Inc. ("PinPoint") with respect to the License Agreement for laser exploration of petroleum resources between AEI and Laser Diagnostic Instruments International Inc. (LDI3). Under this Assignment and Assumption Agreement, AEI hereby assigns to PinPoint the License Agreement and all right, title and interest of AEI to that agreement, with PinPoint assuming all obligations of AEI under the License Agreement and performing all obligations of AEI. PinPoint also agrees to release, discharge and indemnify and save AEI harmless from and against all actions, suits, costs, losses, damages and expenses in respect of all such obligations arising from the agreement.

As partial consideration for this assignment and assumption, PinPoint agrees to allot and issue to AEI 111,111 ordinary shares in the capital of PinPoint, which shares will represent, immediately following their issue to AEI, 10% of the issued and outstanding ordinary shares in the capital of PinPoint. A certificate representing such shares will be delivered to AEI on or before August 30, 2007. AEI will have the right to participate in any future financings to maintain its equity interest.

"The Roche Bay iron ore project demands our full attention." John Gingerich, President and CEO of Advanced Explorations Inc. went on to say, "We are very pleased that we have been able to work with LDI3 in identifying PinPoint as a partner to lead the charge in developing oil and gas opportunities using LDI3 remote sensing technology. While we strongly believe application of LDI3 airborne petroleum mapping technology represents an exceptional business opportunity, the Company simply does not have the resources to pursue both opportunities at the same time. By securing an interest in PinPoint the Company can still benefit from future oil and gas successes while remaining focused on its core business."

Shares of the company trade on the TSX Venture Exchange under the symbol AXI.


John Gingerich, President & CEO

ABOUT Advanced Explorations Inc.

AEI, based in Toronto, Canada, has been developing a strategy to leverage its expertise and experience in identifying business opportunities within the Resource sector. The company has recently expanded its capabilities in iron ore with the acquisition of strategic management personnel. AEI has the management, technical and exploration expertise and experience to rapidly advance the Roche Bay iron ore project, as well as develop new opportunities in the area and globally. The Roche Bay magnetite project located proximal to a natural port makes it one of the world's premier iron ore opportunities. Shares of the company trade on the TSX Venture Exchange under the symbol AXI.

ABOUT Laser Diagnostic Instruments International Inc. (LDI3)

LDI3's is an Ottawa-based, privately held provider of state-of-the-art fluorescence-based analytical technology and services. Core competencies of LDI3 include laser-based remote sensing of oil and pollutants in water and on land surfaces for environmental and resource prospecting applications, and instrumentation for non-destructive instantaneous chemical analysis of samples in the context of environmental assessment and industrial process control.

This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.


Contact Information

  • Advanced Explorations Inc.
    John Gingerich
    President & CEO
    (416) 570-3250