SOURCE: Triton Distribution Systems, Inc.

Triton Distribution Systems, Inc.

December 09, 2010 08:00 ET

Triton Signs Irrevocable Letter of Intent to Acquire Control of Advance Gold Technology ("AGT")

TIBURON, CA--(Marketwire - December 9, 2010) - Triton's (PINKSHEETS: TTDZD) management announced today the signing of an Irrevocable Letter of Intent to acquire 51% control of Advance Gold Technology ("AGT") of Delaware. Under this acquisition AGT will become a wholly owned subsidiary of Triton Distribution Systems, Inc. Triton will exchange 20,000,000 restricted shares for 51% of the outstanding equity of AGT. Final agreements will be executed by January 15, 2011. The acquisition will require shareholders approval from both companies.

Universal Holdings of Beijing, China will provide any necessary capital to Triton Distribution Systems, Inc. to expand its operation and to complete the AGT acquisition together with future planned acquisitions in several industries that need the technology developed by Triton for 5,000,000 common shares of Triton.

AGT is currently a profitable mining services company, offering a full suite of mining services including: Contract Mining, Contracting / Construction, and Fabrication and Machine Services. AGT estimates total earnings for calendar year 2010 to reach $35 million in revenue and $15 million operating income. Additionally the company owns 49% of REP BEREZOVSKOYE, a well established Russian mining company located in the north of Russia. ADT estimates revenues to reach $55 million in 2011 with $20 million in operating income. 

At the closing, Triton will purchase 51% of all issued and outstanding stock of AGT. This will result in a controlling interest of Triton over all the assets related to AGT, including all inventories, all intellectual property, all accounts and notes receivable, all contracts and agreements, all equipment, all legally assignable government permits, and certain documents, files and records containing technical support and other information belonging to the operation of AGT.

The existing Management of AGT will remain responsible and have exactly the same authority as previously appointed, to manage, make decisions, and run overall the day to day operations of AGT.

About Triton Distribution Systems: Triton Distribution Systems is an Internet-based software engineering company for electronic distribution of inventories in diversified industries from shipping to travel and from mining to transportation, hospitality and medical.

Triton's transfer agent Action Stock Transfer Corporation announced today that it has received all the stock certificates from the depository Trust Corporation ("DTC") to be exchanged for the new certificates under the new CUSIP number approved by FINRA for the November 17, 2010 Reverse Merger. The new certificates were FDERAL EXPRESSED to DTC yesterday December 8, 2010.

FORWARD-LOOKING STATEMENTS This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. The company's operations and business prospects are always subject to risk and uncertainties. 

Contact Information

  • Contact
    Triton Distribution Systems, Inc.
    Gregory Lykiardopoulos
    CEO
    415-381-4806