TORONTO, Aug. 17, 2004 (PRIMEZONE) -- Future Quest, Inc. (Pink Sheets: FQIFF) announces the commitment of a $1,000,000 USD financing by Atlantis Business Development Inc. (OTCBB:ABDV). Atlantis is leading edge business development company subject to the 1940 Investment Company Act. The terms and conditions of the financing are subject to a formal agreement, which the parties intend to finalize prior to the end of the week.
Future Quest previously announced that they have acquired all rights and interests in two property leases held by a private British Columbia Corporation.
The two property leases are located in Southern Texas, described as the Matagorda Prospect, a 150.00 acre tract of land, being 39.67 acres in the Joseph Clements Survey, Abstract 135; and 110.33 acres in the Thos. Fowler Survey, Abstract 156, Matagorda County, Texas; and the Pandura Prospect, Abstract A-66, P. Mindiola Survey; Webb County, Texas. The company has analyzed the two prospects and has determined that it will cease further lease payments toward the Pandura Prospect property. Due to a lack of sufficient information provided by the lessor and clarity of title Future Quest has chosen not to pursue this property.
This financing commitment by Atlantis (www.atlantisbdc.com) to fund the ongoing growth of Future Quest demonstrates the diversity of business opportunities that Atlantis can position itself as a Business Development Company. This allows Atlantis to take advantage of the current growth sectors within today's investment community.
Future Quest Inc is a development company in the Oil and Gas Exploration Industry. "We are committed to the acquisition and development of properties that have proven reserves and the potential for a higher than normal success through the application of advanced technology by a team of experienced industry professionals. As such, we hope to minimize downside risk," stated Future Quest's President Tim De Herrera. "We look forward to advancing these prospects to the point of drilling in the near future." Upon completion of this financing, Future Quest should be able to complete the companies drilling objectives planned for the September-October drilling season.
This news release contains information that is "forward-looking" in that it describes events and conditions, which Future Quest, Inc. ("FQIFF") reasonably expects to occur in the future. Expectations for the future performance of the business of FQIFF are dependent upon a number of factors, and there can be no assurance that FQIFF will achieve the results as contemplated herein and there can be no assurance that FQIFF will be able to conduct its operations or production from its properties will result from or continue as contemplated herein. Certain statements contained in this report using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond the Company's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. FQIFF disclaims any obligation to update any forward-looking statement made herein.