SOURCE: Resources Ventures Inc.

March 21, 2013 16:22 ET

Resource Ventures Inc. Signs Letter of Intent for Purchase of Slovakian Renewable Energy Production Facility

SILVERADO, CA--(Marketwire - Mar 21, 2013) - Resource Ventures Inc. (PINKSHEETS: REVI) President Bob Thompson announces that Resource Ventures Inc. ("REVI"), through its wholly owned subsidiary, Global Energy Management Ltd., has signed a Letter of Intent ("LOI") with a renewable energy producer in the Czech Republic for the purchase of solar power production facilities.

The power generating facilities are located in Central Slovakia and have a combined production capacity of 2.7MW and annual net cash flow of EUR 1.7 million (USD $2.2 million). The LOI anticipates a purchase price of EUR 9 million (USD $11.6 million), offset by the assumption of EUR 6.2 million (USD $8.0 million) of debt leaving an overall outlay of EUR 2.8 million (USD $3.6 million). The purchase is dependent upon satisfactory completion of due diligence.

Central and Southern Slovakia are located in the upper Mediterranean Climate Zone and have a Horizontal Irradiance factor of up to 1300 KWh/m2, similar to central and southern France and over 80% as much solar power availability as in Tuscany, Italy. About 2.7% of Slovakia's installed power capacity is supplied by renewable energy, placing it in the top 25% of the world's nations in that regard.

Commented President Bob Thompson, "Solar cell production has been growing exponentially since the mid part of the last decade. Photovoltaic prices have dropped and projects are becoming economically more viable. At REVI, we include photovoltaic power production as part of our Corporate Vision and this opportunity in Slovakia may be a suitable first step in the achievement of our renewable power production goals."

About Resource Ventures Inc. (PINKSHEETS: REVI)
Resource Ventures Inc. ("REVI") is an emerging independent global Electrical Power Production and Petroleum Exploration Company that is focused on the acquisition and development of a diversified portfolio of complementary power generation and energy production projects.

REVI's strategic vision anticipates the utilization of both modern and traditional power generation technologies in combination with diverse energy sources, including oil and natural gas as well as renewable energy sources such as biomass, bio-diesel, wind power and photovoltaic systems.

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