Double Crown Resources Receives 1st Purchase Order for High Grade Barite
Additional Orders for Long-Term Oilfield Service Projects Expected
HENDERSON, Nev.--(BUSINESS WIRE)--Feb. 25, 2014 -- Double Crown Resources, Inc. (OTCQB:DDCC), a fully reporting company, (hereinafter, "Double Crown"), today announces its first purchase order has been received for supply of the strategic mineral barite, a key commodity needed for hydraulic fracturing in oilfield drilling operations. Full payment for this order is due to Double Crown's account within 30 days which will mark the company's first revenue generation from its primary business plan of oilfield supply and services. This initial order represents the first of many being planned in a long-term arrangement with the customer. A multi-year sales agreement is being prepared for continual shipments of the barite product to support the customer's active and ongoing oilfield drilling program. Purchase orders for barite and other drilling products with additional customers worldwide are also anticipated to follow in the near term. Double Crown will release dollar value figures and further information for its orders in upcoming announcements and its regular SEC filings.
The barite mineral being purchased in this first order is a high grade product which is being made available exclusively to Double Crown through the company's Master Purchase Agreement (MPA) with the source mine. No other barite supplier has access to this specific high grade ore which exceeds current industry standards. The product for this initial order, as well as planned follow-up orders, will be handled and delivered via Double Crown's strategic alliance with Logistica US, a subsidiary of Logistica Integral en Transportacion S.A de C.V. (http://logisticaintermodal.com). Logistica US is currently arranging for our shipment to arrive at their established port destination in Corpus Christi, Texas within the next 7 days. From there the product will be sent directly to the customer's own processing center and prepared for immediate use in downhole testing at an active production drilling site. Once the product proving stages are successfully completed it is expected that the customer will move forward on execution of Double Crown's Full Corporate Offer (FCO) with them on a planned multi-year barite supply agreement.
As soon as possible in the future, commodity product loads will be routed through Double Crown's recently leased processing plant & bulk terminal in New Orleans, Louisiana. It is also planned that these shipments will employ the company's new, single transfer Transprop AGG container system. The patent pending Transprop AGG is designed to significantly improve overall efficiency, economics and environmental protection in large scale aggregate material transport and delivery. Double Crown management believes the Transprop AGG system will become a game changing development in the commodity shipping industry when fully deployed to the market.
President Allen E. Lopez stated, "This is a milestone point for Double Crown Resources. The timing could not be better for our commercial launch into the pivotally important oilfield services energy sector with all of the new commitment to United States and western energy independence we see today. The accomplishments our team has put in place to date have made us ready and able to fulfill our primary mission of service and strategic commodity supply for customers in the petroleum production industry at every level. I feel it is appropriate now to express appreciation to everyone who has contributed to our success. Let me thank our Chairman and CEO, Jerold S. Drew whose leadership and tireless efforts to build up the company have given us the ideal platform we now have going to work for our customers. Great thanks also go to our Chief Operating Officer, Antonio B. Castillo. We would not be where we are today without his key contributions. For many months Antonio has been involved in extensive research, negotiations and international travel to make procurements and preparations for our orders. We are now entering a time that should greatly benefit everyone, including all of our DDCC investors. Thanks must additionally go to our private placement investors who offered their vital financial support at the times when it was needed most. At Double Crown Resources we are bullish on the future and delivering on our company slogan; We drive the minerals that drive the market."
About Double Crown Resources, Inc.
Double Crown Resources, Inc. is a natural resource exploration and development company holding a 100% interest in the Bateman gold & nickel prospect near Thunder Bay, Ontario, Canada. In addition, Double Crown is targeting new properties as well as oilfield supply & service projects that have the potential for near-term positive cash flow. The company is presently reviewing a number of new natural resource properties that are near to, or in production, located in North, South and Latin America. Multiple oilfield service projects are currently under active development. Double Crown Resources, Inc., originally founded in 2006, is based in Henderson, NV.
Neither this press release nor any related calls or discussions constitutes an offer to sell, or the solicitation of an offer to buy, any securities.
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Double Crown Resources, Inc., please refer to its website at http://www.doublecrownresources.com/.