Sillenger has entered into a LOI with Toronto-based Ecuador Bancorp to conduct Business in Ecuador
Sillenger Enters Into Letter of Intent With Ecuador Bancorp
TORONTO, March 26, 2013 /PRNewswire/ — Sillenger Exploration Corp. (“Sillenger”) (OTCQB: SLGX), is pleased to announce it has entered into a Letter of Intent with Toronto-based Ecuador Bancorp to conduct business in Ecuador.
Through its relationship with Ecuador Bancorp Inc., Sillenger is examining, for the purposes of acquisition or Joint Venture, certain natural resource assets or businesses in Ecuador. A business model would include the vertical integration of a wood business from sales to lot to mill to shipment. Woods available include softwoods, hardwoods and tropical exotics. Teak and other woods suitable for building furniture and flooring are abundant. Ecuador Bancorp has numerous established relationships in Ecuador and is well positioned to develop these assets and opportunities.
“While the Company’s primary focus is West Africa, management continues to seek and consider other opportunities to generate revenue and create value for our shareholders,” stated John Gillespie, President of Sillenger. “Ecuador Bancorp could potentially generate substantial sustainable cash flow and provide a solid foundation for growth.”
“Ecuador Bancorp’s business strategy in South America is similar to Sillenger’s Africa strategy,” said Ecuador Bancorp Managing Director Alan Irwin, “and we believe it is prudent to explore our synergies to develop a mutually beneficial relationship.”
About Sillenger Exploration Corp.
Sillenger is a natural resource development company dedicated to bringing a progressive, creative and proprietary approach to natural resource exploration. Sillenger works in partnership with governments of developing nations to help attract foreign capital investment to stimulate economic growth through the development of their natural resources sectors.
The Sillenger CLP Claims Licensing Program® is a turnkey process used in partnership with Governments to improve the way their natural resources are managed. Sillenger’s Government partners provide a “fast-track” to expediting all necessary permits, licenses, legal, and other bureaucratic documentation and procedures that exploration and extraction companies would require in order to begin their work programs in these countries.
Information in this press release may contain ‘forward-looking statements.’ Statements describing objectives or goals or Sillenger Exploration Corp.’s future plans are also forward-looking statements and are subject to risks and uncertainties, including the financial performance of Sillenger Exploration Corp. and market valuations of its stock, which could cause actual results to differ materially from those anticipated. Forward-looking statements in this news release are made pursuant to the ‘Safe Harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995.
SOURCE Sillenger Exploration Corp.