FirstGrowth Exploration & Development Services Corp.
OTC Bulletin Board : FGCDF

FirstGrowth Exploration & Development Services Corp.

July 09, 2008 08:00 ET

FirstGrowth Announces Increase in Credit Facility

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2008) - FirstGrowth Exploration & Development Services Corp. (TSX VENTURE:FGC)(OTCBB:FGCDF)(FRANKFURT:G8Q) (the "Company" or "FirstGrowth") is pleased to announce that its subsidiary, Kinetex Inc., has been approved for an increased credit line totaling $11,695,000 from HSBC Bank Canada. This is an increase of $3,000,000 over its previous credit limit. These funds will enable the company to continue to support its expanded business plan. The Company reports that the net amount drawn under its various credit facilities as of June 30th 2008 totaled $4,946,486.

About FirstGrowth

FirstGrowth is an oil, gas and mineral exploration services company focused on providing data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the resource exploration and development industry. Driven by a proven and experienced management team and using cutting edge technology, FirstGrowth has aggressively grown its revenues for three consecutive years.

FirstGrowth's subsidiary, Kinetex Inc., has been a developer of advanced exploration techniques with 2008 marking its 10th year, as an integrator of applied sciences to the resource industry. Kinetex's services being utilized in both oil & gas exploration and development, and precious and base mineral exploration and evaluation. One of Kinetex's primary services is targeted implementation and optimization of seismic imaging using the proprietary VectorSeis Recording System and Digital 3 Component Full Wave Imaging.

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

Contact Information

  • FirstGrowth Exploration & Development Services Corp.
    Gil Schneider
    President & CEO
    (604) 484-5761 or Toll Free: 1-888-484-5761
    (604) 484-5760 (FAX)