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

FirstGrowth Exploration & Development Services Corp.

August 31, 2007 08:00 ET

FirstGrowth Announces Second Quarter Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2007) - FirstGrowth Exploration & Development Services Corp. (formerly FirstGrowth Capital Inc.) (TSX VENTURE:FGC)(OTCBB:FGCDF)(FRANKFURT:G8Q) announced today consolidated revenue of $9,449,724 for the first half ended June 30, 2007.

"We are pleased with our overall performance in the second quarter," President and CEO, Gil Schneider, stated. "Results from our business in Western Canada are consistent with the present state of the Western oil and gas industry where we have seen a reduction or hold in the industry's exploration budgets. We currently have a strong order book and have a good flow of bids still coming in from our clients, which we will see reflected in our third quarter results. Our recent contract in South America will provide yet another platform for the company's growth strategy and expands our global footprint. We are further pleased that our technology serves both the oil and gas, and mining exploration industries. This expanded revenue capacity provides multiple means of cash flow for FirstGrowth, and keeps us on target for our previously forecasted revenue projections."

Highlights for the six months ended June 30, 2007:

- The company changed its name to FirstGrowth Exploration & Development Services Corp. effective August 17, 2007. The name change was initiated to better reflect the range and scope of the company's quality applied sciences solutions and services to the oil and gas and minerals industries.

- The company closed a $4.2 million non-brokered private placement financing. The transaction was done at a premium to market and enabled the company to align itself with the Sprott Asset Management Group of companies.

- Effective August 7, 2007 the company received the requisite approvals from the TSX Venture Exchange to graduate its shares to Tier 1. This tier is reserved for the most advanced public companies with the most significant financial resources. FirstGrowth EDS made this transition less than one year after the company's closing of its qualifying transaction and is a testament to the overall strength of the company's business strategy, management team and financial performance.

- The company entered into a contract with Carbones Del Cesar S.A., a subsidiary of CoalCorp Mining Inc., in Colombia, South America. The FirstGrowth EDS' subsidiary, Kinetex Inc., will use its 3C VectorSeis digital crews in an effort to assist in the optimization of the exploration and development efforts of Carbones del Cesar. This contract helps the company to further expand its global market presence and provides further exposure to the company's services.

About FirstGrowth EDS

FirstGrowth EDS is an oil, gas and mineral exploration services company focused on the organic growth of its subsidiary, Kinetex Inc. In addition, FirstGrowth EDS' goal is to make acquisitions in the resource services sector accretive to Kinetex's current seismic imaging services.

Kinetex has been a developer of advanced exploration techniques for over six years as a Calgary-based integrator of applied sciences to the resource industry, including 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.

Kinetex continues to be focused on offering value added services which accelerate the advancement of both grass roots exploration and development.


Gil Schneider

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The company seeks safe harbour.

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