(TheNewswire)
Vancouver, BC – TheNewswire -December 6, 2021 - G2 Technologies Corp. (CSE:GTOO ) ( OTCQB:GTGEF ) ( FWB:1NZ.F)(the “ Company ” or “ G2 ”) announces todayit signed a binding letter of intent (“ LOI ”) datedDecember 3 rd with a group of private arm’s length sellers from Texas(the “ Sellers ”), to acquire 100% interest of thirty(30) operatedproducing oil wells located in Cochran County, Texas (the“ Property ”).
The basic terms of the LOI contemplate that G2 will paya cash consideration of US$4,000,000 and issue US$200,000 worth ofG2’s common shares, 90 days after closing, subject to regulatoryapproval.
G2 and the Sellers are negotiating the final terms ofthe definitive agreement (the “ Definitive Agreement ”) with respect to theacquisition and G2 anticipates the Definitive Agreement to be signedin the coming days.
The Chief ExecutiveOfficer of G2, Slawek Smulewicz, explained,“ We are very pleased tosettle on a group of mature oil assets with existing infrastructurethat can provide stable cash flow and provide accretive value for ourshareholders and stakeholders. This acquisition will well position G2to take advantage of a recovering oil and gas sector . ”
On Behalf of the Board,
“ SlawekSmulewicz ”
Slawek Smulewicz
Chief Executive Officer and Director
O: +1 778 7754985
W : WWW.G2.ENERGY
About G2Technologies Corp.
G2 Technologies Corp. isfocused on developing opportunities in the energy sector. G2’s headoffice is located in Vancouver, Canada.
The Canadian Securities Exchange hasneither approved nor disapproved the information contained herein.
Forward-LookingStatements Caution . Statements in this press releaseregarding the Company which are not historical facts are“forward-looking statements” that involve risks and uncertainties,such as the completion of the proposed acquisition. Such informationcan generally be identified by the use of forwarding-looking wordingsuch as “may”, “expect”, “estimate”, “anticipate”,“intend”, “believe” and “continue” or the negative thereofor similar variations. Since forward-looking statements address futureevents and conditions, by their very nature, they involve inherentrisks and uncertainties such as the risk that the closing of theacquisition may not occur for any reason. The Company provides forward-lookingstatements for the purpose of conveying information about currentexpectations and plans relating to the future and readers arecautioned that such statements may not be appropriate for otherpurposes. By its nature, this information is subject to inherent risksand uncertainties that may be general or specific and which give riseto the possibility that expectations, forecasts, predictions,projections or conclusions may not prove to be accurate, thatassumptions may not be correct and that objectives, strategic goalsand priorities may not be achieved. These risks and uncertaintiesinclude but are not limited those identified and reported in theCompany’s public filings under the Company’s SEDAR profile atwww.sedar.com. Forward-looking statements in this news release include thestatements that list out the terms of the proposed acquisition. Actual results could differmaterially from those currently anticipated due to factors such as:(i) the decision to not close the acquisition for any reason,including adverse due diligence results or CSE refusal of theacquisition; or (ii) adverse market conditions. Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate as actualresults and future events could differ materially from thoseanticipated in such statements. The Company disclaims any intention orobligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwiseunless required by law.
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