Pipejoin Technologies, Inc

December 01, 2009 14:43 ET

Pipejoin Technologies, Inc Acquires Extol Resources Limited

LONDON, UNITED KINGDOM--(Marketwire - Dec. 1, 2009) - Pipejoin Technologies, Inc (PINK SHEETS:PPJN) today announces that it has closed a Definitive Agreement to acquire Extol Resources Limited, an Iron & Steel company with extensive Iron Ore resources.

The Agreement provides for the issuance of 1,500,000,000 shares of the Company's common stock in exchange for 100% of Extol Resources Limited.

Extol Resources is a company that is focused on Iron and Steel and owns significant long term Iron Ore reserve mining rights in South East Asia. Extol Resources has exclusive rights to extract Iron Ore and other minerals from mines it will upgrade with up to date technology to significantly increase production. In addition to current verified reserves Extol Resources own valuable additional rights which when validated should further increase assayed reserve holdings.

Extol Resources also enjoys beneficial production costs which should make Extol one of the more profitable Iron Ore producers in the sector once the expansion program is implemented. The Company will also seek to partner with other Iron Ore producers.

The existing proprietary technologies that Pipejoin currently owns will continue to be developed as they are synergistic with Extol's ongoing operations.

The Company intends to file a disclosure statement within 14 days of today's date.

Contact Information

  • Pipejoin Technologies, Inc
    +44750 6926 412