Terra Energy & Resource Technologies Inc. (TEGR)

[Stock Lobster]

9/25: Compuprint Eliminates debt

September 25, 2006 07:30 AM Eastern Time
CompuPrint, Inc. Announces Conversion of Debentures Into Common Stock at a Significant Premium to the Current Share Price

Transaction Eliminates Company’s Debt

NEW YORK--(BUSINESS WIRE)--CompuPrint, Inc. (OTCBB : CPPT), an energy technology company that combines satellite-based technology with traditional exploration services, announced today that investors have converted all $5 million of its outstanding debentures into common stock at a conversion price of $0.50 a share, representing more than a 150% premium over the current trading price of its common stock. The transaction with Enficon Establishment, and its affiliate, Kiev Investment Group, resulted in the issuance of 10 million shares of the Company’s restricted common stock in exchange for the surrender of the $5 million of debentures that had maturity dates of December 31, 2007 and 2008.

“We are pleased that after experiencing first-hand the value that our STeP® technology added to the drilling efforts in our first two wells in Texas and Nevada, and after reviewing the reports of independent geologists and well known expert oil industry consultants about the performance of STeP under challenging wild-cat drilling conditions, Enficon Establishment and its affiliate, Kiev Investment Group, have elected to convert their outstanding debentures into common stock at a level significantly above the current price of our shares," said Roman Rozenberg, Chief Executive Officer. "This conversion of all of our outstanding debentures removes all of our long term debt from our balance sheet, and will be helpful in our pursuit of oil and gas properties in which to deploy our promising technology, and to further the development of properties we already own."

About CompuPrint, Inc.

CompuPrint, Inc., through its wholly owned subsidiary, Terra Insight Corporation, provides mapping, surveying, and analytical services to exploration, drilling, and mining companies. The Company primarily uses the STeP technology, which facilitates the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources. It manages and interprets geologic and satellite data to develop the assessment of natural resources. Through the Company’s wholly owned subsidiary entities, the Company owns leases for oil and gas parcels in East Texas, and totaling more than 16,000 acres of land in the Railroad Valley and White River Valley areas of Nevada, for purposes of utilizing its STeP technology in oil and gas exploration and development activities, has been granted meaningful working interests including a 20% interest in a 1,000,000 acre oil exploration project in the Kurdistan area of Turkey, a 6% interest in a diamond project in Congo, majority interest for diamond exploration in more than a million acres off-shore Namibia, and recently received a $2.5 million contract from a major international oil company for a three month survey project for an off-shore Africa oil exploration parcel. Terra Insight Corporation was formed in 2005 and is based in New York City. For more information visit http://www.terrainsight.com.

This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its plans to acquire additional exploration properties, plans to drill or drilling results to fail to materialize: these include, but are not limited to, competition for new acquisitions; availability of capital; unfavorable geologic conditions; prevailing prices for oil and natural gas and general regional economic or political conditions.

Contacts
For CompuPrint, Inc.
Terra Insight Corporation
CEOcast, Inc.
Ed Lewis, 212-732-4300