CHATSWORTH, Calif. and VANCOUVER, British Columbia, July 31, 2006 (PRIMEZONE) -- Chatsworth Data Corporation ("Chatsworth"), a privately held manufacturer of optical scanners based in Chatsworth, California, has been acquired by Adera Mines, Ltd. (OTCBB:AAML) ("Adera"), an inactive company based in Vancouver, British Columbia whose common stock trades on the Over-the-Counter Bulletin Board under the symbol "AAML.OB" (the "Acquisition"). Adera will purchase all of the outstanding stock of Chatsworth for $6.0 million.
At the Closing:
-- Adera closed on a private placement of $4.375 million, proceeds
of which was used for the acquisition of Chatsworth. Terms of
the private placement were the purchase of 17,420,000 shares of
Common Stock of Adera at a price of $0.25 per share. In addition,
for every two shares of common stock purchased, the investors
received one warrant to purchase an additional share of Adera
common stock at a purchase price of $0.30 per share. Adera
committed to file a registration statement for the shares issued
as part of this private placement within 60 days.
-- Adera plans to change its name to Chatsworth Data Corp. and to
obtain a new trading symbol.
Sid L. Anderson, Tulsa, OK, was elected Chairman and Executive Director of Adera. The company also announced that J. Stewart Asbury, Atlanta, GA, will assume the position of President and Chief Executive Officer, and Clayton E. Woodrum, Tulsa, OK, will assume the position of Chief Financial Officer.
About Chatsworth:
Chatsworth was founded in 1972 to capitalize on the business of manufacturing optical scanners. Over the 34 years since its founding, it has been profitable every year since inception and has established a reputation for making very high quality optical scanners at competitive prices and has developed long term relationships with GTech Holdings Corp. (NYSE:GTK), Pearson, PLC (NYSE:PSO) among others.
Forward-Looking Statements
This release and other materials released by the Company from time to time contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company's management as well as estimates and assumptions made by the Company's management. When used in the materials the words "anticipate", "believe", "estimate", "expect", "future", "intend", "plan" or the negative of these terms and similar expressions as they relate to the Company or the Company's management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions and other factors (including the risks contained in the sections of the Company's reports filed or to be filed with the Securities and Exchange Commission entitled "Risk Factors") relating to the Company's industry, the Company's operations and results of operations and any businesses that may be acquired by the Company. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. The following discussion should be read in conjunction with the Company's reports filed with the Securities and Exchange Commission.