W-Collect Inc. (OTCBB: WCLT.PK) (the Company), today announced that its board of directors has unanimously approved a transition into oil and natural gas development. The company has entered into a letter of intent to acquire Granite Energy, Inc. Granite Energy is a privately held corporation with multiple natural gas and oil lease options.
“After extensive due diligence, including examination of financial statements and lease options we have determined Granite to be a very unique opportunity to enter the oil and natural gas sector,” stated Colin Takara, W-Collect, Inc.’s President.
Terms of the transaction will be announced following the completion of the acquisition, and the subsequent recapitalization of the company.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
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