SOURCE: Cardinal Resources Inc.

Cardinal Resources Inc.

November 02, 2015 09:49 ET

Cardinal Resources Update on the Reauthorization of the U.S. Export Import Bank Charter and the CAMWATER Project

PITTSBURGH, PA--(Marketwired - November 02, 2015) - Cardinal Resources, Inc. (OTCQB: CDNL) - On October 27, 2015 a broad coalition of Republicans and Democrats in the House of Representatives voted 313 to 118 to renew the Export-Import (EXIM) Banks Charter. The vote marks a victory for all business and Cardinal Resources as we look to move forward on the CAMWATER contract and other opportunities. The reauthorization must also be approved by the Senate which is likely given the last vote that passed with 64 votes in July.

"This is an important step that brings the Company closer to realizing the promise of the CAMWATER contract valued at $28.8 million," stated Mr. Jones CEO of Cardinal Resources. "The government of Cameroon is ready, CAMWATER is ready, the Mandated Banks for the transaction are ready, and Cardinal Resources is ready. All we need now is for the EXIM to receive its Charter and move forward. It has been frustrating to have a great commercial contract in place that will bring clean water to the people of Cameroon and generate significant revenue for the company, but this Congressional action means the wait is getting closer to being over. We look forward to bringing economically and environmentally sustainable clean water to communities throughout the country."

The Company will continue to provide updates to the CAMWATER contract and the Reauthorization of the EXIM Bank.

Forward-Looking Statements

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Certain statements in this presentation constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as business and political conditions in the geographic areas in which we sell our products, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged.

The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this presentation and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company¹s expectations."

Cardinal Resources brings a unique blend of experience, technology, and focus to projects worldwide and across the United States from their office in the Pittsburgh, Pennsylvania area. Their commitment to Clean Water, Clean Environment, Worldwide includes the patented Red Bird System, a solar-powered community-sized drinking water system, and the Grey Bird Approach to wastewater treatment and green infrastructure as well as a depth of traditional environmental and engineering services. Visit our website at www.cardinalres.com.

Contact Information

  • Contact:
    Kevin Jones
    412-374-0989