MONTREAL, Aug. 18, 2005 (PRIMEZONE) -- Bio-Tracking Security Inc./ Nord Oil International Inc. (Pink Sheets:BTSI) released a corporate update today, further to the numerous telephone and e-mail inquiries received by stockholders and investors.
Status of the Acquisition of Nord Oil
The acquisition of Nord Oil was concluded and announced on June 23, 2005. The transaction consists of the acquisition of 100% of Nord Oil and all subsidiaries, including but not limited to the oil option rights on the samara properties licenses of Yemelyanov and Khelbnov, which have a total of 15 million barrels in proven reserves and 33 million in probable reserves, and where such acquisition will be done on a share exchange basis. BTSI will issue a total of 180 million shares post a reverse stock split of 1 for 12.
BTSI currently has 342 million shares outstanding, which will result in approximately 28.5 million shares post reverse stock split and once the shares issued for the acquisition as well as the finders fee, Nord Oil International will have a total of approximately 216 million shares outstanding.
The transaction and the shares are deemed to have been concluded and issued, where the company will now proceed to file the required 14c form with the Securities and Exchange Commission to perform the reverse stock split of 1 for 12, change the name from Bio-Tracking Security Inc. to Nord Oil International Inc. and change the ticker symbol.
Bio-Tracking/ Nord Oil International Inc. is currently concluding the consolidated financial statements with RSM Top-Audit of Moscow, Russia, and will be filing any and all required financials and or information required by the Securities and Exchange Commission and the NASD in order to be current and reinstated to the OTCBB, or if requirement can be met, the company will request to trade on the AMEX or NASDAQ SCM.
The company announced on June 24, 2005 that it was planning to have its corporate website available with any and all information on the company and its properties by middle of August. However, even though the corporate website's URL is available www.nordoil.com, management have not been able to launch the website as planned due to the amount of technical translation required from Russian to English. The company's new objective is to complete all required filings and launch its corporate website by or before October 1, 2005.
Important Information About Forward-Looking Statements
All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.