Digital Gas, Inc.(fka DIGGQ)

[Buckey]

2003-06-18 09:40 ET - News Release



NEW YORK, June 18 /PRNewswire-FirstCall/ -- Digital Gas, Inc. (OTC Pink Sheets: DIGG) today announced a significant addition to the board of directors and to the finance and audit teams of its two wholly owned subsidiaries in energy, resource and conservation.

Francis Bassolino will serve as a Director of both Caney Valley Drilling and Digital Energy & Farming and will be responsible for arranging an international investment banking agreement for each company to source up to $50 million for interim financing and working capital through convertible preferred placements and for Digital Energy & Farming to source $250 million in debt for funding its first energy & farming centers. Mr. Bassolino, formerly with Deloitte Touche Tohmatsu as a senior executive in Asia, is presently a consultant to a diverse international business clientele and to Deloitte Touche Tohmatsu on special projects. In addition, he is a prolific writer on Asian finance and business and a Lecturer at the University of Chicago Graduate School of Business. Mr. Bassolino resides in the United States and travels and conducts business extensively in Asia.

Ronald Martian of Martian Enterprises Ltd. has agreed to assist both Caney Valley Drilling and Digital Energy & Farming in key areas essential to the sourcing of interim and senior funding. Caney Valley Drilling will ask Mr. Martian to coordinate the auditing of the company's coal and coal gas assets and Digital Energy & Farming will ask him to coordinate project feasibility studies and source additional engineering firms, strategic partners and alternative funding options. In addition, Mr. Martian will also be asked to arrange for an audit to confirm the represented value and liquidity of collateral which a strategic partner of Digital Gas has put in place to facilitate convertible preferred and debt funding for each of the subsidiaries. Mr. Martian, formerly a Partner with Deloitte & Touche of Canada, consults to a select North American business clientele and to Deloitte & Touche on special projects through Martian Enterprises. Mr. Martian resides in Canada.

Mr. Martian will be asked to work closely with Mr. Bassolino to ensure that international and domestic investment bankers and funding agents have the proper documentation, backup and support to effectively conclude the abovementioned prospective interim and senior financings.

Management believes that these additions to the Caney Valley and Digital Energy & Farming teams greatly enhances the prospects for the subsidiaries to receive sufficient and timely interim and senior financings and to successfully apply to trade publicly on the American Stock Exchange later this year. Additional board members, senior management, consultants and strategic partners of the subsidiaries will be announced shortly.

For Further information write [e-mail]

Contact:
Matthew Bishop
917-533-0506

Digital Gas, Inc.



CONTACT: Matthew Bishop of Skopos, [phone], for Digital Gas,
Inc.