Business Wire News

Terra Energy & Resource Technologies, Inc. (TEGR) Announces Termination of the LOI with Purestone US INC

NEW YORK--(BUSINESS WIRE)--On April 7, 2021, Terra Energy and Resource Technologies Inc. announced that it had entered into a binding letter of Intent for a prospective merger with Purestone US Inc. On July 9, 2021, the Letter of Intent was amended by agreement of both parties to be non-binding.

Effective September 11, 2021, Terra and Purestone mutually terminated the Letter of Intent. Terra’s decision to terminate resulted from inability of Purestone to satisfy the closing conditions set forth in the amended Letter of Intent.

Terra will continue to look for other merger or acquisition opportunities.

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.


Contacts

Terra Energy & Resource Technologies, Inc.
212-286-9197
This email address is being protected from spambots. You need JavaScript enabled to view it.


Read Article On Business Wire


Author:This email address is being protected from spambots. You need JavaScript enabled to view it.

Offshore Source keeps you updated with relevant information concerning the Offshore Energy Sector.

Any views or opinions represented on this website belong solely to the author and do not represent those of the people, institutions or organizations that Offshore Source or collaborators may or may not have been associated with in a professional or personal capacity, unless explicitly stated.

Corporate Offices

Technology Systems Corporation
8502 SW Kansas Ave
Stuart, FL 34997

Phone: +1 772.221.7720