November 7, 2008
PTLC Acquires Mineral Rights
Petroleum Communication Holdings, Inc.(PTLC), Formerly "AIT Wireless, Inc." (PINKSHEETS: PTLC), announced it had completed a non-cash stock transaction to acquire the mineral rights in a substantial track of mineral rich property in Pinal County, Arizona. The property has high concentrations of Magnetite, an ore in great demand in the manufacturing sector, in addition to a marketable quantity of gold ore and other precious metals.
"In keeping with environmental concerns, and maximizing profit efficiencies, the latest technologies for mining these and other precious metals also results in the very profitable by-product of gravel, critically needed in the highway and construction industry in that region of the country," commented Ernest Phillips, President/CEO of PTLC.
This is one of several transactions the company is currently negotiating. To develop the mineral rights of this property, PTLC is nearing completion of a private placement to generate a capital infusion. In addition to developing the mineral rights, proceeds from the private placement may be used to acquire producing oil leases in both California and Eastern Canada.
"We are also looking at divesting up to 49% of our interest in the mineral property in exchange for shares in another publicly traded company that could be valued at up to $300 million dollars," Phillips added.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company's plans, intentions and expectations. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Such statements are inherently subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from those expected or implied by the forward-looking statements. These factors include general economic and business conditions nationally, internationally and in the regions and countries in which we operate; demographic changes; technology changes; competition; changes in business strategy or development plans; our high leverage and our ability to access capital markets; our ability to attract and retain qualified personnel; existing governmental regulations. Given these factors, investor and analysts should not place undue reliance on forward-looking statements.
Petroleum Communication Holdings, Inc. Ernest Phillips 727-409-4582 [email protected]
SOURCE: Petroleum Communication Holdings, Inc.