Converge Global and Sparrowtech Resources Sign Merger Agreement
Press Release
Source: Converge Global, Inc. and Sparrowtech Resources, Inc.
On 9:00 am EDT, Thursday October 15, 2009
Buzz up! 0 Print
TORONTO, CANADA--(Marketwire - 10/15/09) - Converge Global, Inc. ("Converge Global") (PINK SHEETS:CVRG - News) and Sparrowtech Resources, Inc. ("Sparrowtech") (PINK SHEETS:SPMC - News) announced today that they have entered into a Merger Agreement which is expected to become effective on or about November 6, 2009.
The effect of this merger will cause Sparrowtech shareholders to receive one share of CVRG for every thirty shares of SPMC. The surviving entity will be Converge Global, Inc., whose name will remain the same.
Furthermore, upon completion of the merger, Converge Global will become the owner of 100% of the Eagle Nest mining property in La Paz County, Arizona. The former Option Agreement between Sparrowtech Resources and Uranium Hunter Corporation has been terminated.
Converge Global President Bryan Gonzales stated, "This merger will increase our shareholder base and allow us to escalate the development and work program on the Eagle Nest mining property. Management intends to focus on its 100% post merger ownership of the Eagle Nest mining property and launch the proposed work program in the near future."
Sparrowtech President Cornelia Volino stated, "With the collective resources of Sparrowtech and Converge Global working together, we are extremely excited and confident that both operations and corporate development will increase the combined shareholder value and opportunity for long term growth."
About Converge Global, Inc. www.convergeglobalinc.com
Converge Global, Inc. is a junior mining company engaged in the acquisition, exploration and development of properties in North and South America containing principally gold as well as other precious metals.
About Sparrowtech Resources, Inc. www.sparrowtech.net
Sparrowtech Resources, Inc. is an exploration and resource development company with a primary strategy to follow socially responsible development and production by supporting working conditions and modernization techniques that would leave little to no carbon footprint.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Converge Global, Inc. and Sparrowtech Resources, Inc. with members of each management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. Either company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contact:
Contacts:1-800-723-5030contact@otcconnections.comwww.otcconnections.com
Get rich slow get poor fast.
“When a man with money meets a man with experience, the man with the experience ends up with the money, and the man with the money ends up with the experience.”
You have to take their money before they take yours. :-))))
