SGWV.... NEWS OUT
Strategic Growth Ventures, Inc. Announces Agreement in Principal to Purchase Water Recovery Operations
May 18, 2006 2:12:00 PM
Copyright Business Wire 2006
TAMPA, Fla.--(BUSINESS WIRE)--May 18, 2006--
Today Strategic Growth Ventures (Pink Sheets:SGWV) announced today it has reached an agreement in principal to purchase World First Water Recovery Corp. for preferred stock. SGWV will issue Preferred Stock for the purchase.
World First Water Recovery Corp. provides services and equipment for water treatment and purification. The initial contract in this agreement is being negotiated. It is expected to provide $53 million in revenue with approximately $10 million in net income. The duration of the contract as currently negotiated provides for three years of operations with an additional one year extension possible. The operation will treat 25,000 barrels of water per day from oil production. It will take five months to install the equipment. The first revenue should be realized in November 2006. The final contract will be signed before the end of May 2006.
"We are changing the focus of the operations to provide a substantial business opportunity for the company," stated Michael Elliott, President of Strategic Growth Ventures, Inc.
About Strategic Growth Ventures:
Strategic Growth Ventures, Inc. invests in emerging growth companies with market-ready products, strong management teams, and strategies for developing high growth companies in well defined markets.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
Source: Strategic Growth Ventures, Inc.
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