NEWS Balaton Power Inc. Announces Agreement with Visa International Ltd. For Development of Gandhamardan Bauxite Project.
October 05, 2009 12:14 PM Eastern Daylight Time
LANGLEY, British Columbia--(BUSINESS WIRE)--Balaton Power Inc. (the “Company”) (OTCBB: BPWRF) is pleased to announce that its wholly owned subsidiary Continental Resources (USA) Ltd. (“CRL”) has entered into an agreement in settlement of the litigation with VISA International Ltd. of Kolkata, India (“VISA”) a leading Indian business conglomerate. Under the terms of the settlement CRL settled all outstanding disputes with VISA and thereby reinstated its agreement-dated 15.02.2005 whereby VISA (as to 74%) and CRL (as to 26%) will establish a corporation in the State of Orissa, India to jointly develop the Gandhamardan Bauxite Project.
Under the terms of the agreement CRL will receive from VISA incremental cash payments, upon the achievement of certain milestones during the development of the Gandhamardan Bauxite Project. The parties agree to work together in good faith with the Orissa Mining Corporation and its requirements for the ratification of the revised original agreement between CRL and OMC. The development of Gandhamardan Bauxite Project has been conceived as a joint venture between the Orissa Mining Corporation (“OMC”), an Orissa state-owned enterprise and CRL and is pending signatures to the revised joint venture agreement between the two entities. The original MOU and JV agreement between CRL and OMC were signed on 01.10.1996 and 18.04.1997 respectively.
VISA is a leading Indian business conglomerate with significant financial and technical resources, expertise and project experience in managing large operations in India and abroad. CRL and its parent Company Balaton Power are extremely pleased to have the litigation resolved and the involvement, and support of VISA in the development of the Gandhamardan Bauxite Project. For further information on VISA International Ltd. please visit their website at www.visa-group.com.
For further information on Balaton Power, CRL’s parent Company and the Gandhamardan Bauxite Deposit please visit www.sedar.com and specifically the 43-101 technical report titled “Summary Report Gandhamardan Bauxite Deposit’ filed on SEDAR on February 19, 2007.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
“Michael Rosa”
Michael Rosa
President & Director
