Company to Refocus Operations in Oil & Gas and Mineral Sectors
Long Beach, CA, Sept. 10, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Demand Brands, Inc. (OTCPK:DMAN), (“Company” or “DMAN”), announced today that it has acquired a 100% interest in GEOEnhanced Technologies, Inc (“GEO”) in exchange for 100,000 shares of the Company’s Series A Preferred stock. In connection with this transaction, all previously issued and outstanding shares of Series A and Series C preferred stock, along with 200 shares of Series B preferred stock, were cancelled by the Company. The remaining shares of Series B preferred stock (163 shares) have been subjected to various lock up and leak out restrictions. This transaction is not expected to result in any immediate significant dilution to DMAN common shareholders. The share exchange with GEO resulted in a change in control of Demand Brands with the original shareholders of GEO becoming the controlling shareholders of Demand Brands. GEO has informed the Board of Directors that it intends to become the successor issuer to Demand Brands for reporting and accounting purposes and will eventually file to change the name and ticker symbol. Shannon Cravey was appointed to the Board of Directors of Demand Brands as Chairman and all other members of the Board together with the Company’s officers resigned as part of the transaction. Mr. Cravey appointed Craig Fischer to serve as Chief Executive Officer and to fill one of the vacated board seats. The remaining board seat was filled by Richard Barber, who was appointed Chief Financial Officer of the Company.
GEOEnhanced Technologies was founded in 2016 to develop and bring to market a 4D seismic imaging system for oil, gas, mineral and water exploration. The proprietary technology conducts subsurface analysis in order to locate, identify, and quantify liquid and gaseous hydrocarbons, water, and other minerals. The electro-seismic process can eliminate “dry hole” and other exploratory costs in both the energy industry and mineral exploration. Unlike other seismic imaging devices, GEO’s system works without drilling any holes and also gives a reading on porosity at depths up to 40,000 feet. In the case of subsurface liquids, the system is able to show not only the size, depth and composition of the material, but also the direction of flow. This information greatly reduces drilling and operating costs and increases well productivity.
GEO’s business is primarily a service model where they image property for third party exploration companies. Revenues are generated from a combination of flat fees charged per acre plus an override percentage on production that results from using the information provided. GEO also provides drilling consulting and management services. The Company is also acquiring existing oil, gas and mineral leases on which it will employ its technology and expertise to drill new wells and increase the production and value of those leases.
Bruce Hannan, outgoing CEO of Demand Brands, stated, “The opportunity to acquire GEO is something the Company could not pass up. This is an exciting business with excellent potential that combines both proven technology and one of the hottest industries out there today. This is not development-stage acquisition, but a company with existing assets that is just now entering its revenue cycle. Despite diligent efforts by management to roll out our cannabis consumables business, we found it challenging to compete in an over saturated, uncertain marketplace. The GEO deal adds immediate, substantive value to our shareholders with a huge upside and experience management.”
Craig Fischer, newly-appointed Chief Executive Officer, added, “GEO stands at the forefront of using technology to reduce energy and mineral exploration costs. With exploratory drilling and mining being one of the biggest cost factors involved in energy production, being able to significantly cut down on the risk of “dry holes” is a game changer for the industry. Our three-prong approach combining service revenues, ongoing royalties or overrides, and our own production agenda, positions GEO to be a significant player in not only the energy area, but also in valuable mineral mining. In the coming days we, as a management team, look forward to providing additional information about our company, our short-term plans for providing audited financial statements, up-listing our stock, and operational forecasts.”
About Geo Enhanced Technologies, Inc.
GEOEnhanced Technologies, Inc. is a South Dakota company headquartered in Gun Barrel City, Texas, and engaged in both oil and gas exploration as well as using a proprietary electro-seismic technology to facilitate subsurface mapping to depths of 40,000 vertical feet. The company is positioned as service provider to the energy and mineral exploration industries where it charges fees plus revenue overrides for employing its technology to create seismic mapping. In addition, GEO is actively acquiring oil and gas production leases which it intends to map using its technology, drill exploratory wells to confirm the mapping, then either resell or further develop and produce the properties. For additional information, see the Company’s website at www.geoenhanced.com.
https://www.otcmarkets.com/stock/DMAN/security
GEOenhanced Technologies was founded in 2016 to develop and bring to market a 4D seismic imaging system for oil, gas, mineral and water exploration. The proprietary technology conducts subsurface analysis in order to locate, identify, and quantify liquid and gaseous hydrocarbons, water, and other minerals. The electro-seismic process can eliminate “dry hole” and other exploratory costs in both the energy industry and mineral exploration. Unlike other seismic imaging devices, GEO’s system works without drilling any holes and also gives a reading on porosity at depths up to 40,000 feet. In the case of subsurface liquids, the system is able to show not only the size, depth and composition of the material, but also the direction of flow. This information greatly reduces drilling and operating costs and increases well productivity.
GEO’s business is primarily a service model where they image property for third party exploration companies. Revenues are generated from a combination of flat fees charged per acre plus an override percentage on production that results from using the information provided.
About Geo Enhanced Technologies, Inc.
GEOEnhanced Technologies, Inc. is a South Dakota company headquartered in Gun Barrel City, Texas, and engaged in both oil and gas exploration as well as using a proprietary electro-seismic technology to facilitate subsurface mapping to depths of 40,000 vertical feet. The company is positioned as service provider to the energy and mineral exploration industries where it charges fees plus revenue overrides for employing its technology to create seismic mapping. In addition, GEO is actively acquiring oil and gas production leases which it intends to map using its technology, drill exploratory wells to confirm the mapping, then either resell or further develop and produce the properties. For additional information, see the Company’s website at www.geoenhanced.com.
Demand Brands Subsidiary GEOEnhanced Technologies
Completes Technology Demonstration on Tribal Lands
Favorable Results to be Presented in September in Anticipation of Long Term Contract
Gun Barrel City, TX, Sept. 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Demand Brands, Inc. (DMAN), (“Company” or “DMAN”), announced today that its wholly-owned subsidiary, GEOEnhanced Technologies, Inc. (“GEO”), recently completed a series of tests using its proprietary electro-seismic technology in North and South Dakota on Native tribal lands. The test was conducted at the invitation of the tribal council to demonstrate the effectiveness of the GEO technology for imaging subsurface geology, including porosity.
Adrian Garcia, Vice President of Science and Development for GEOEnhanced, commented, “The tribal council is very interested in knowing what lies below the surface of their land and, in fact, has U.S. federal grant money allocated specifically for that purpose. Foremost on their list is finding new fresh water sources that can be tapped for crops and livestock as the tribe seeks to foster their burgeoning agricultural program. Our seismic imaging team recently spent several days shooting various sections of their land to show the effectiveness of the technology at depths up to 40,000 ft. This week we are returning to present our findings to the council. We have been working over the past months to secure a long-term contract to image all 1,500,000 acres of the tribe’s land. Showing the effectiveness of our technology in a limited test was a critical piece to completing this transaction.”
The company released details of the test indicating that a total of twelve test shots were performed at locations selected by the tribe and covering areas in both North and South Dakota. While not disclosing the results of the tests, Mr. Garcia indicated that he believed the council will be interested to know what lies beneath their land. “Just knowing what is down there is an important first step so that a plan can be developed to capitalize on their natural resources. We’re excited to share these initial results.”
Craig Fischer, company Chief Executive Officer, commented, “GEOEnhanced's forthcoming seismic drone application is ideally suited for this and other projects by avoiding environmental impacts of typical dynamite seismic shots. We are continuing to gain acceptance of our industry leading and proprietary 4-D seismic geologic imaging product in the oil and gas industry.”
GEOenhanced Technologies was founded in 2016 to develop and bring to market a 4D seismic imaging system for oil, gas, mineral and water exploration. The proprietary technology conducts subsurface analysis in order to locate, identify, and quantify liquid and gaseous hydrocarbons, water, and other minerals. The electro-seismic process can eliminate “dry hole” and other exploratory costs in both the energy industry and mineral exploration. Unlike other seismic imaging devices, GEO’s system works without drilling any holes and also gives a reading on porosity at depths up to 40,000 feet. In the case of subsurface liquids, the system is able to show not only the size, depth and composition of the material, but also the direction of flow. This information greatly reduces drilling and operating costs and increases well productivity.
GEO’s business is primarily a service model where they image property for third party exploration companies. Revenues are generated from a combination of flat fees charged per acre plus an override percentage on production that results from using the information provided.
https://vimeo.com/240018202
https://www.geoenhanced.com/about-us
Mr. Garcia received his B.S in Geology from West Texas A&M University In Canyon. Mr. Garcia has worked as a geological consultant for various independent oil & gas companies. He has experience drilling in the Bakken Shale in North Dakota, Texas and Oklahoma. Mr. Garcia possesses valuable field and management experience regarding all aspects of the energy and oil and gas industries. Adrian is also a HAZWOPER 40HR Waste Site Worker 29CFR1910.120 certified, allowing him to work in any restricted or contaminated sites.
He has discovered over 100 million barrels in reserves in Texas using GeoEnhanced's electroseismic technology
Mr. Barber is a senior financial executive who delivers bottom line business improvements by raising revenue, lowering expenses, and restructuring organizations. His experience includes: CFO of Bank of America’s retail stock brokerage business, CEO of a stock clearing firm which he sold to a larger stock clearing company and CFO positions at other companies. He has been involved in real estate his entire career, including owning more than 100 multifamily units and negotiating for the purchase of 7 World Trade Center from Larry Silverstein. He has an MBA from Columbia University in Finance and is a CPA.
https://www.linkedin.com/in/craig-fischer-560a4434/
https://cambridgehouse.com/video/8029/science-providing-informationgeoenhanced-technologies
CC CRAVEY CLAIMED THAT A THIRD PARTY VALUED GEOENHANCED AT APPROXIMATELY $17 PER SHARE
WATCH THE FOLLOWING FOR DETAILS:
https://youtu.be/XXNWnMepwts?t=305
