August 12, 2008
Freedom Financial Holdings Announces Definitive Agreement to Launch Heavy-Oil Conversion Technology
Freedom Financial Holdings, Inc. (PINKSHEETS: FDMF) CEO Brian Kistler announced today that the Company has signed the definitive agreement with WI Technology, LLC, an Oil Technology company, to form a Joint Venture to launch a new Heavy-oil conversion technology and begin production on reserves within Southwest Missouri.
Brian Kistler, the Company's Chairman and Chief Executive Officer, commented, "We gave ourselves 60 days to get the final agreement and terms completed, however the excitement from all parties gave this initiative top priority. The opportunity to partner with WI Technology and participate in this project is absolutely a huge opportunity for the Freedom Financial Holdings shareholders. We believe the technical and economic viability of this breakthrough technology has the potential to significantly increase and change the production of heavy oil resources."The Company will be issuing WI Technology, LLC (10) ten million restricted common shares in exchange for 12.5% working interest in all oil leases. The parties placed an initial value of $500,000 or $0.05 per share for this transaction.
Kistler further commented, "The first oil production leases contain approximately 1500 acres with oil reserves that are estimated to be over $800 million (USD). After first witnessing the conversion process of old hard asphalt separate back into its original form with sand and gravel at the bottom and pure oil at the top, we at Freedom Financial Holdings and WI Technology believe this proprietary heavy oil conversion technology could potentially change part of the processes involved with domestic oil production."
"Final negotiations with the drilling company should be completed over the next few days. Once this agreement is consummated we hope to be producing oil within 60-90 days. The most exciting point concerning this whole initiative is that we know where the oil is. This is not exploration, but production. Samples of oil from the first lease have been evaluated and first indications show that we have very good grade of oil. The Missouri Department of Natural Resources estimates Missouri has between $35 billion and $42 billion in heavy-oil reserves," concluded Kistler.
To learn more about Heavy Oil visit: http://pubs.usgs.gov/fs/fs070-03/fs070-03.html
ABOUT FREEDOM FINANCIAL HOLDINGS, INC.
Freedom Financial Holdings, Inc. ("FFH") is a holding company with a focus on the identification of opportunities. The Company's objective is to acquire undervalued assets and/or initiate operations in underserved niches. Once established within the FFH portfolio, the Holding Company will provide the support necessary to enable each of its subsidiaries to maximize their business opportunities.
FFH also operates two divisions with a focus in the financial services sector; Freedom Financial Mortgage Corp. ("FFMC") with operations in Indiana, Ohio, Georgia and Florida and Freedom Mortgage Resolutions, Inc. . with operations in Ohio, Indiana, Alabama, Illinois, Michigan, Minnesota, North Dakota, North Carolina, Wisconsin, Tennessee, Mississippi, Georgia, Florida, Nevada, Mississippi and Colorado.
FORWARD LOOKING STATEMENT
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning it expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to develop operations, the Company's ability to consummate and complete the acquisition, the Company's access to future capital, the successful integration of acquired companies, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition, sales and other factors that may be identified from time to time in the Company's public announcements.
Contact: Freedom Financial Holdings, Inc Brian Kistler 260-490-5363 ext 307
SOURCE: Freedom Financial Holdings, Inc.