BOGOTA, Colombia, April 11, 2011 (GLOBE NEWSWIRE) -- VSUS Technologies Inc. (OTCQB:VSUT) today announced that it has entered into a definitive agreement to acquire all of the outstanding shares of a privately owned coal concession in Guaduas, Colombia. On February 28, 2011, VSUS Technologies filed an 8K with the SEC, reporting the acquisition of LA TABAQUERA COAL MINE with Concession Contract No. ILE-09551, granted for the Exploration and Exploitation of a Carbon Mineral and other Grantable Mineral Deposits by the Colombian Institute of Geology and Mining. The Concession Contract will become wholly owned by VSUS Technologies, Inc.
Pursuant to the Agreement, the Company purchased 100% of LA TABAQUERA for an aggregate of 5,606,410 shares of common stock of the company.
"This acquisition represents a compelling opportunity for VSUS to acquire other untapped coal reserves in Colombia," stated Kyle Gotshalk, CEO. During a recent visit to the mine by company officials, drillers, geologists, and engineers, several layers of high BTU, lower ash and sulfur, cleaner burning coking coal were found in the area. This metallurgical coke has the highest Kcal/kg and contains the fewest impurities of all coals producing lower emissions when burned. Due to its higher quality, coke sells for 2-3 times more than other coals.
"We will use modern coal assay techniques to make the right blend of coke for our customer's clean coal needs. We are in the process of hiring drillers, engineers, and geologists to complete the necessary studies to apply for our mining permits as soon as possible, more updates will follow," further stated John Campo, Advisor to the Company.
Transportation, Logistics and Other Information
VSUS Technologies is consulting to build or acquire a wholly owned river loading facility on the Magdalena River close to our mine. The coal will be trucked to this facility from LA TABAQUERA then barged via the Magdalena River to the Port of Barranquilla for export. The Company plans to build or acquire a river barge transportation company and an export coal terminal in Barranquilla, Colombia. Initially we will use existing facilities while our transportation projects are being developed. The Colombian and Chinese Governments are jointly improving railroads that will facilitate local coal producer's ability to export to China. After the rail projects and the "Road to the Sun" project are completed, VSUS Technologies will have one of the only coal mines in the World with river, rail, and road access to coal export terminals on both the Atlantic and Pacific Oceans.
About VSUS Technologies Inc.
VSUS Technologies is a growing company specializing in acquisitions of revenue generating businesses. The company has daily interactions with possible acquisition targets looking to expand our operations and the company revenue stream. We have recently signed an Agreement to acquire a mining concession by the name of La Tabaquera in Colombia. Over the past year the Company has continued to search for the right business plan and business model to add to the company's overall value. With core values of environmental and capital stewardship, we will strive to become good environmental neighbors and provide all shareholders operating and financial transparency. Our Company will have three revenue producing business units in Colombia: coking and coal mining in Guaduas, Colombia, docks and river transportation along the Magdalena River, and a coal export terminal on the northern coast of Colombia. The Company is also exploring allegiances with U.S. universities to study capturing Coal Bed Methane (CBM) in Colombia. For more information on our company visit www.vsustechnologies.com.
Forward-Looking Statements
Forward-Looking Statements: This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," "intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations regarding the use and development of cannabis-based drugs. VSUS Technologies, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.