BOGOTA, Colombia, June 2, 2011 (GLOBE NEWSWIRE) -- VSUS Technologies Inc. (OTCQB:VSUT) today announced it has entered into a letter of intent to acquire all of the outstanding shares of a privately owned 4000 HA (9880 acres) coal concession in San Vicente de Chucuri, Colombia, in the Department of Santander, Municipality of Lebrija. Once executed, VSUS Technologies will file a definitive agreement with the SEC reporting the acquisition of Concession Contract No. FLG-101 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.
"This acquisition will add to our portfolio of concessions almost 10,000 acres in the Middle Magdalena Valley where neighboring coal seams are being exploited," stated Mr. John Campo, President of VSUS Technologies Inc. "Phase I field exploration is complete, we are gearing up for Phase II in order to complete our Environmental Impact Assessment and Work Program as well as prove our reserves to begin mining operations. The location of the concession is ideal for large scale mining due to its proximity to the Atlantic Ocean by land or river," further commented Mr. Campo.
Transportation, Logistics and Other Information
VSUS Technologies is consulting to build or acquire wholly owned river loading facilities on the Magdalena River close to our mines. The coal will be trucked to these river ports, and then barged via the Magdalena River to the Ports of Barranquilla, Santa Marta, or Cartagena 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 producers' ability to export. 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, 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. VSUS Technologies Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.