First Titan Corp. (OTCQB: FTTN) has signed an important letter of intent
(LOI) that promises to send the company in an exciting new direction in
search of additional markets and increased shareholder value. FTTN’s
agreement with Southern Asset Development, LLC calls for the two firms
to cooperate in exploring mutually beneficial midstream oil field
equipment sales and leasing business opportunities.
Forecasts predict the oilfield equipment market will top
$127 billion by 2020. The ongoing overall oil and gas economic slump
has created industry-wide
asset auctions where valuable,
often pristine equipment can
be purchased for a fraction of its true cost and later refurbished
and sold for a handsome profit.
FTTN and Southern Asset Development will concentrate on the midstream
sector, which gathers, stores and transports oil, natural gas and
other petroleum-based liquids. Because it’s often less impacted by
cyclical crude oil prices than the upstream (or exploration and
production) market, midstream companies have not slashed budgets as
severely as upstream and equipment demand remains strong for needed
ongoing maintenance and upgrades.
“This is yet another positive step forward for FTTN,” said CEO Sydney
Jim. “We’re making solid progress towards achieving our aggressive
business plan. Over the past several months, we’ve not only moved to
production rights, we’ve also identified interesting
new markets we can pursue to widen
and diversify our revenue base. Now with this LOI, we’ve taken the
key first steps to enter these new markets. This has definitely been a
year of accomplishment, but 2016 should hold even greater promise.”
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan
Energy, LLC, is committed to the exploration and development of oil and
natural gas resources around the globe. The Company continually seeks to
partner with energy developers that are pursuing innovative new methods
of oil and gas extraction, including the development of new
technologies, cleaner methods and unconventional resources.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: This news release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including statements that include the words “believes,” “expects,”
“anticipate” or similar expressions. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performance or achievements of the company
to differ materially from those expressed or implied by such
forward-looking statements. In addition, description of anyone’s past
success, either financial or strategic, is no guarantee of future
success. This news release speaks as of the date first set forth above
and the company assumes no responsibility to update the information
included herein for events occurring after the date hereof.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151117006069/en/
Copyright Business Wire 2015
Source: Business Wire
(November 17, 2015 - 8:37 AM EST)
News by QuoteMedia