CompuPrint, Inc. (OTCBB:CPPT), an energy technology company that combines satellite-based technology with traditional exploration services, which does business through its wholly owned operating subsidiary, Terra Insight Corporation, announced today that its Namibia subsidiary, Namterra Mineral Resources (Pty) Ltd., has been awarded by the Republic of Namibia five exclusive licenses for the prospecting of precious stones. The licenses expire in May 2009 and cover approximately 1,000 square kilometers of off-shore territory.
"This is an exciting opportunity for us, as we expand our thrust to natural resources in Africa, in addition to our current oil and gas projects in the United States and Turkey, and it is consistent with our business model of obtaining ownership interests in our exploration projects," said Roman Rozenberg, Chief Executive Officer. "To develop the properties underlying these licenses, we plan to deploy our STeP(TM) technology for the exploration of natural resources other than oil and gas activities. The technology has previously been used successfully in prospecting for diamonds. Using STeP(TM) technology, we plan to reconstruct a modeling of the historic shoreline, the paleoriver flows, and thereby identify the eroded kimberlite pipes to predict the potential off-shore traps for alluvial diamonds. We expect to expand our diamond and other minerals prospecting projects this year."
About CompuPrint, Inc.
CompuPrint, Inc., through its wholly owned subsidiary, Terra Insight Corporation, provides mapping, surveying, and analytical services to exploration, drilling, and mining companies. Terra Insight Corporation's wholly-owned subsidiary, Terra Resources, Inc., is the 95% equity owner of Namterra Mineral Resources (Pty) Ltd. The Company primarily uses the STeP technology, which facilitates the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources. It manages and interprets geologic and satellite data to develop the assessment of natural resources. Through the Company's other wholly owned subsidiary entities, the Company owns leases for oil and gas parcels totaling more than 16,000 acres of land in the Rail Road Valley and White River Valley areas of Nevada for purposes of utilizing its STeP technology in oil and gas exploration and development activities. Terra Insight Corporation was formed in 2005 and is based in New York City. For more information visit http://www.terrainsight.com.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its planned and proposed exploration activities to fail to materialize, including, but not limited to: competition for new acquisitions; availability of capital; unfavorable geologic conditions; prevailing prices for exploration equipment and services, and general regional economic conditions.