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Brownstone Resources Inc. (Pink Sheets: BWNR) (Mon, December 3, 2007, 8:00am ET) Brownstone Resources Inc. is pleased to announce that the company has signed a Letter of Intent (LOI) with a private mineral resource development company which will ultimately enable Brownstone the right to earn a 50% participating ownership interest in a select group of gold mining claims in northeastern Arizona. The claims are located approximately 70 miles outside of Flagstaff, Arizona.
Preliminary geophysical work undertaken by the founding company has been completed on the property to test the potential of the property to host gold mineralization.
Work performed to date, involving limited geophysical surveying to test, on surface, the potential of the known anomalies to host gold mineralization, and subsequent surface sampling and fire assaying of the samples have been undertaken and completed by the original claim owners. The results of both the geophysical surveying and the sample collection and assaying have yielded promising initial results, and was the basis for Brownstone entering into the LOI.
Brownstone will now proceed with a formal site visit to the property to verify the information provided to them, and complete all necessary due diligence. Once the visit and reconciliation of information is completed to management's satisfaction, Brownstone will, based on the original LOI, create the formal participation and JV agreement which both companies will enter into, going forward.
The company will make further announcements on the LOI and subsequent signing of a formal agreement.
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Location Based Technologies, Inc. (OTCBB: LBAS) (Sun, December 2, 2007, 11:29pm ET) Location Based Technologies, Inc. is in the final product development and engineering testing stage of the PocketFinder GPS based personal location device. PocketFinder devices are personal location devices designed to optimize the lives of parents, guardians and pet owners. PocketFinder devices are small, rugged and water tight. It is the size of an Oreo cookie and weighs less than two ounces. Our expected primary market evolved from the desire of parents to ensure the safety and well-being of their children. Secondary markets are expansive and include medical and elder care providers, campers, hikers, backpackers, adventure seekers, extreme sports enthusiasts, and pet owners.
It is not only our device's GPS and wireless technologies that differentiates our product(s) from the competition. It is also the proprietary software that transforms available technologies into an intuitive and user-friendly interface that offers greater value, capabilities, and convenience to the customer.
Since 2002, IDC research has consistently shown very high levels of consumer interest in location based services - especially in family/friend locator devices. Drawing from recent census information, there are over 37,000,000 children in our 5 to 13 year old market segment in the United States with an additional 4,000,000 in the prime focus areas in Canada. The European Community has an additional 42,500,000 children in this primary age group. This represents a target market of more than 109,200,000 potential customers in our focus age group.
Our products and service will offer wireless network coverage throughout North America utilizing the largest GSM carrier network in the United States and Canada. Our personal locators have the ability to operate seamlessly on the networks of 290 wireless providers in over 130 countries and to work on any GSM network in the world.
We expect our revenues to be based on the following sales and revenue sources: PocketFinder personal locator device sales from mass retailers; the PocketFinder website; and Affinity groups. Sales of device accessories and monthly re-occurring service fees and potential licensing fees will provide additional revenue.
In our ever-mobile society, it helps to know where we are and where we are going. Due to the demands of families with dual earners, and the number of single parent homes, many children are left without a parent home during the day. Parents in those situations desire the ability to know where their children are and where they are going.
Our corporate website, www.locationbasedtech.com provides a description of our corporate business along with our contact information. Our service website www.PocketFinder.com also provides prospective customers with relevant information about our products, ordering capability, frequently asked questions and access to corporate investor relations information. We believe our PocketFinder products will be well received when taken to the market.
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Thorium Power, Ltd. (OTCBB: THPW) (Mon, December 3, 2007, 9:00am ET) Thorium Power, Ltd., the leading developer of low-waste, non-proliferative nuclear fuel technology for existing and future reactors, today announced that it has entered into a consulting and strategic advisory services agreement with a foreign government-owned entity to develop a roadmap as the first phase of a feasibility study for a prospective program to deploy civilian nuclear power plants. The roadmap will include recommendations related to timelines, organizational structure and priorities for subsequent phases of the program.
The terms of the agreement call for an initial payment to Thorium Power of $5 million USD at the start of the first 15-week phase of the feasibility study on November 30, 2007.
The agreement also provides a framework for a subsequent consulting engagement for the second phase of the feasibility study, which will be mutually agreed to by the Parties. The scope of the services under the agreement have been defined in consultation with appropriate authorities in the U.S. government in compliance with all applicable U.S. export controls. Thorium Power intends to communicate additional details about the client relationship once certain governmental steps are completed in both countries relating to potential additional work.
Thorium Power was selected after a detailed technical review of the company's fuel designs by independent nuclear experts, as well as an extensive evaluation of the company's experience within the global nuclear industry and its expertise in non-proliferation issues.
Erik Hallstrom, COO of Thorium Power, stated, "While we have had our non-proliferative fuel designs undergoing tests in a research reactor for the past several years, this agreement marks a milestone for Thorium Power's commercialization efforts. The agreement provides validation for our business model, where consulting and government services are early revenue drivers as well as important elements in the sales process for our broader offering."
Seth Grae, CEO of Thorium Power, added, "Our client clearly recognizes the broad nuclear expertise and extensive resources offered by Thorium Power. We believe that our consulting and strategic advisory services are similarly attractive to many other countries in our target market. We bring a unique and innovative perspective to the planning process, one that clearly differentiates Thorium Power from other service providers. We firmly believe the future of the nuclear renaissance will depend on viable solutions to significant concerns such as proliferation, waste, and operating economics. This relationship gives Thorium Power the opportunity to demonstrate our core competencies to address nuclear issues at the highest levels. We are excited about the prospect of showcasing our blueprint for safe, clean, and smart non-proliferative nuclear power."
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International Building Technologies Group, Inc. (OTCBB: INBG) (Dec 3, 2007, 9:30am ET) International Building Technologies Group, Inc. announced today that the Company has filed its 3rd quarter financials for 2007.
In the 10QSB for the nine months ended September 30, 2007, the expense labeled "due to the change in fair value of Derivative Liability" was removed from the financials due to the adoption of FAS 150. This accounting change resulted in the removal of approximately $351,817 of expenses that was reflected in the second quarter financials ended June 30, 2007. These expenses were related to new debts the company acquired during the year. We believe that the treatment under FAS 150, among the diversity in accounting treatments that exist, is more appropriate and more accurately reflects the Company's position.
The Company also provided the following updates: IBT Management visited Suijiang, China in November 2007 to meet with Chinese government officials on the planned factory for the production of IBT building panel. A primary purpose of the visit was to negotiate a land deal in Suijiang, China for the factory so that production can begin as soon as possible. IBT signed a Memorandum with Suijiang County Government to build a factory in this area which would supply building materials for the construction of a new town for 50,000 residents of Suijiang. IBT will be to exclusively supply panels to the project which is expected to take five years to complete. Many residents in the Suijiang area are being displaced by the flooding created by the construction of the Xiangjiabar Hydroelectric Power Station, the fourth largest hydroelectric dam in the world.
The Rose Best residential complex project in Suining, Sichuan Province of China has neared completion on the foundations of the 50,000 square meter residential complex. IBT acquired a 51% stake in the Rose Best Project on July 8, 2007. Once the foundation is complete, the project is expected to bring revenue to the company as early as the 1st quarter of 2008. For further information on the Rose-Best Project, please visit http://www.suiningyinfa-ce.com at Rose Best Project II.
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