NEW YORK--(BUSINESS WIRE)--On the 7th day of April 2021, Terra Energy and Resource Technologies Inc and Purestone US INC entered into a Binding LOI for the merger between the two companies, with the Merger Agreement and Share Exchange Agreement expected to be completed in May 2021.
The Agreement is subject to various conditions, including satisfactory due diligence, as well as the approval of shareholders of the Companies. Following the merger, the current shareholders of Terra Energy and Resource Technologies Inc will control approximately 20% of the merged equity.
Following the Merger, Purestone will file an Audit and Form 10 information to become a fully reporting company.
Purestone US INC, a company domiciled in Florida, was created to form a platform for commercial and construction related activities, with a focus to include business interests in Guam. Purestone US INC plans to wholesale building materials, mainly, Aggregate, Cement and Concrete, and capitalize on other investment opportunities and real estate developments.
Terra Energy & Resource Technologies, Inc. (Terra) is a unique space age technology service company operating in the field of natural resources detection, exploration, and development. The Company provides exploration services utilizing a suite of proprietary innovative technologies for exploration of a wide range of mineral resources: oil & gas, metals, kimberlites, uranium, water, and other minerals.
Safe Harbor for Forward-looking Statements
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its operations, services, plans, projects, and contracts, and its plans or proposals to acquire interests in, or participate in, exploration activities or properties, to fail to materialize, including, but not limited to, availability of capital, negotiation and execution of definitive agreements, satisfaction of contractual requirements, unfavorable geologic conditions, the amount of reserves projected or ultimately discovered, and general regional economic conditions.