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Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Terra Energy & Resource Technologies, Inc. (TEGR) Announces Termination of the LOI with Purestone US INC

September 14, 2021 GMT

NEW YORK--(BUSINESS WIRE)--Sep 14, 2021--

On April 7, 2021, Terra Energy and Resource Technologies Inc. announced that it had entered into a binding letter of Intent for a prospective merger with Purestone US Inc. On July 9, 2021, the Letter of Intent was amended by agreement of both parties to be non-binding.

Effective September 11, 2021, Terra and Purestone mutually terminated the Letter of Intent. Terra’s decision to terminate resulted from inability of Purestone to satisfy the closing conditions set forth in the amended Letter of Intent.

Terra will continue to look for other merger or acquisition opportunities.

Safe Harbor for Forward-looking Statements

This press release contains 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 operations, services, plans, projects, and contracts, and its plans or proposals to acquire interests in, or participate in, exploration activities or properties, to fail to materialize, including, but not limited to, availability of capital, negotiation and execution of definitive agreements, satisfaction of contractual requirements, unfavorable geologic conditions, the amount of reserves projected or ultimately discovered, and general regional economic conditions.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20210914005952/en/

CONTACT: Terra Energy & Resource Technologies, Inc.

212-286-9197

info@terrainsight.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: OIL/GAS NATURAL RESOURCES ENERGY OTHER NATURAL RESOURCES MINING/MINERALS

SOURCE: Terra Energy & Resource Technologies, Inc.

Copyright Business Wire 2021.

PUB: 09/14/2021 12:48 PM/DISC: 09/14/2021 12:48 PM

http://www.businesswire.com/news/home/20210914005952/en