SOURCE: Techlabs, Inc.

June 24, 2008 12:11 ET

Techlabs, Inc. Completes Its Due Diligence on Oil Lease to Be Acquired in Green County, Kentucky

JENSEN BEACH, FL--(Marketwire - June 24, 2008) - Techlabs, Inc. (PINKSHEETS: TCHL) today announced today that it has completed its due diligence of the 32.5 acre lease in Green County, Kentucky and plans to close on the transaction. As previously announced, no share dilution is contemplated in the transaction. The company expects the first capped well to be re-opened and producing oil within 30 days of closing. The Company is also discussing several lease opportunities with regard to surrounding properties for oil and coal recovery.

Techlabs, Inc. (www.techlabsinc.net) is a holding company specializing in acquiring interests in high growth entities through direct investments in a targeted entity. The Company intends to develop these strategic investments utilizing its ability to access capital markets and professionals necessary for the effective execution of the acquisition's business plan. This contemplated acquisition is the latest in a series of anticipated entities to be developed under the Holding Company. Currently, the Company's portfolio of companies will include real estate, energy and food distribution.

This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors, including those set forth in Techlabs, Inc.'s filings with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof and Techlabs, Inc. undertakes no obligation to update such statements.

Contact Information

  • For further information regarding the company, contact:
    Techlabs, Inc.
    (267) 350-9210