SOURCE: Royal Quantum Group, Inc.
2008-11-07 14:25:00
Royal Quantum Updates Ohio Property
CALGARY, AB--(eMediaWorld - November 7, 2008) - Royal Quantum Group, Inc. (OTCBB: RYQG) -- The company has completed its review of the engineering evaluation on the Ohio Oil & Gas property acquisition. The 3rd party engineering evaluation has identified certain inaccuracies in the data provided to the company by the land owner. As a result of this, management has determined it is not in the best interest of the company to continue with the project and has notified the landowner of its intent not to pursue the acquisition. The company has also demanded the immediate return of the funds and stock issued to the landowner for the final extension. To date the landowner has not responded to our request. The company is reviewing its legal options for the return of the consideration.
Royal Quantum is continuing its evaluation of projects for acquisition which meet its criteria of cash flow or near term cash flow producing properties within the resource sector.
Royal Quantum is a North American based exploration and development Company, focusing on the acquisition and development of Uranium, Gold and Copper projects which demonstrate high probability for near term production. Royal Quantum is a fully reporting public company trading on the OTCBB market under the symbol RYQG.
Statements released by Royal Quantum Group, Inc. that are not purely historical are forward-looking within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's expectations, hopes, intentions, and strategies for the future. Investors are cautioned that forward-looking statements involve risk and uncertainties that may affect the company's business prospects and performance. The company's actual results could differ materially from those in such forward-looking statements. Risk factors include but are not limited to general economic, competitive, governmental, and technological factors as discussed in the company's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The company does not undertake any responsibility to update the forward-looking statements contained in this release.
Visit the Royal Quantum Group, Inc. web site at www.royalquantum.com. Information included on the Company's website is not incorporated herein by reference or otherwise.
For additional information please contact:
Royal Quantum Group, Inc.
Suite # 145, 251 Midpark Blvd S.E.
Calgary, AB T2X 1S3
Tel: 403-288-4321
Fax: 403-201-5792
