NEW YORK, NY--(Marketwire - March 2, 2011) - VizStar Inc. (
Subject to the terms and conditions of the MOU, VizStar will issue Navitas $100,000 in common stock and pay an additional $400,000 on agreeable terms from field revenues. In exchange, VizStar will acquire an 80% working interest (WI) in Navitas' Hansen Field, resulting in a 60% net revenue interest (NRI) on all Hansen field production. The agreement is also subject to other terms and conditions.
Richard Brutti, CEO of VizStar, stated, "We're very excited to have been presented with this opportunity but are moving forward with prudence. After conducting an extensive due diligence process and finalizing the acquisition, we will focus our efforts entirely on this opportunity."
Safe Harbor Statement Under the Private Securities Litigation Act of 1995
With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of the company could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to respond to the evolving technological landscape, inability to finance the Company's operations or expansion, inability to hire and retain qualified personnel, competitive pressure, changes in the general economic climate, including rising interest rates, and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as 'may,' 'will,' 'should,' 'expect,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'predict,' 'potential' or 'continue,' the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors associated with our Company, review our SEC filings.
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