Lotta Coal Inc. Signs Global License Agreement With Cotren Inc.
GlobeNewswire "GlobeNewswire "
MONTREAL , July 23, 2009 (GLOBE NEWSWIRE) -- Lotta Coal Inc. (Pink Sheets:LCOL) (Frankfurt:LC5) today announced that it has signed a global licensing agreement with Cotren Inc. , a privately held company.
According to the global licensing agreement, Lotta Coal will be granted Global Licensing rights to Cotren's proprietary and patented technologies including but not limited to its DCarbon+ revolutionary combustion technology. Lotta Coal will issue common shares to Cotren as payment for the global licensing agreement and begin the reorganization with the announcement of a new board of directors and officers to manage the new business. The global licensing agreement is scheduled to conclude on or before July 31, 2009 pending the completion of the due-diligence and further testing of the DCarbon+ technology.
Lotta Coal Inc. has, in the process, sold its oil and gas interest to a privately held company in British Columbia for consideration of approximately $3,000,000 , which represents the accumulated debt owed to suppliers for the drilling and maintenance of its oil and gas wells in Northern Alberta . The sale of the oil and gas division leaves the company in a good financial position and the company can now concentrate its efforts on marketing the new technology.
"Ironically, the company's name Lotta Coal represents one of the largest pollutants in the World and now with the change of our business, we will now fight pollutants," said Jean-Francois Amyot , Interim President of Lotta Coal Inc. "The university of Laval lab testing as well as the government's testing demonstrate the phenomenal technology of the DCarbon+, and we are profoundly enthusiastic about the change we can bring to the planet. Change is no longer an option, it is an obligation," further added Mr. Amyot.
The company expects to change its name, launch a new website as well as publish marketing material for the benefit of its shareholders, stakeholders and potential customers.
About DCarbon+ Technology
Cotren Inc. is a Marketing, Research and Development Company , which has developed a new technology which aims to contribute to the reduction of toxic pollutants from internal combustion engines in the transportation industry and any generator using petroleum products, while increasing gas efficiency in Gas and Diesel engines. The technology improves the combustion process by harnessing and facilitating the binding of the oxygen of the air and the fuel use in the combustion process. Cotren Inc. has conducted private testing and has developed a test group of users that confirm the benefits of DCarbon+ technology and that such studies and tests are concluded to the benefit of DCarbon+ technology. DCarbon+ technology focuses primarily on the reduction of toxic pollutants, all other benefits such as fuel efficiency are considered as a bonus for users.
Important Information About Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on the Company's website does not constitute a part of this release.
CONTACT: Lotta Coal Inc. Jean-Francois Amyot , Interim President 514-334-3131 ext 211
