MANCHESTER, N.H., Oct. 11, 2012 /PRNewswire/ -- QED Connect, Inc.
("QED Connect" or the Company") (OTC Pink Sheets: QEDN) today
announced that it has entered into a definitive agreement to
acquire AFON 2010 Ltd., a Ukraine-based oil and gas company with
concessions to oil and gas leases in southern Ukraine.
Western Ukrainian Geophysical Prospecting Expedition, an
independent oil and gas consulting firm, performed a survey in 2002
on AFON 2010's leases and determined that the company's leases have
the potential to produce 119,000,000 barrels of oil.
QED Connect plans to develop five wells initially on the AFON
2010 concession pending acquiring the required working capital.
Average production for wells drilled in this region is over
1,000 barrels per day; however, QED Connect's revenue projections
are based only on 500 barrels per day production and show
$45 million in revenue from these
five wells.
Mr. V. V. Yurchak, Director of
AFON 2010 Ltd commented, "We are pleased to join the QED Connect
organization as it gives us greater resources to implement our roll
out strategy and be able to develop the full potential of our oil
and gas concession in the South Terenyans'ka territory."
Tom Makmann, President and CEO of
QED Connect added, "The acquisition of AFON 2010 is our first
venture in the oil and gas industry. As previously announced,
QED Connect has three other pending letters of intent for the
acquisitions of Terra Resources PLC, Kuma Oil and Kyrzyg Alumina.
The Company is in process of completing the definitive agreements
for these transactions. The natural mineral resources
industry presents a high growth opportunity for QED and the
potential for increased shareholder value."
The closing date of the AFON 2010 acquisition is 120 days
pending final due diligence, approval of any regulatory agencies,
and approval of each company's respective board of directors.
QED Connect is continuing its strategy of acquisitions,
investments, and strategic business alliances. The Company targets
companies that are seeking capital and/or management assistance to
execute their business plans. The Company targets businesses that
are synergistic with other QED Connect investments and/or present
high growth opportunities.
As a result of its continued success in the mergers and
acquisitions arena, QED Connect is considering becoming a "business
development company" as defined under the Investment Company Act of
1940.
Safe Harbor Statement
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,"
"believe," "expect," "future," "may," "will," "would," "should,"
"plan," "projected," "intend," and similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to be materially
different from those expressed or implied by such forward-looking
statements. The Company's future operating results are dependent
upon many factors, including but not limited to the Company's
ability to: (i) obtain sufficient capital or a strategic business
arrangement to fund its expansion plans; (ii) build the management
infrastructure necessary to support the growth of its business;
(iii) obtain the financing necessary to complete the acquisition of
AFON 2010, (iv) competitive factors and developments beyond the
Company's control; and (v) other risk factors.
For More Information Contact - info@qedconnect.com
Tom Makmann (603)
425-8933
SOURCE QED Connect, Inc.