First Tellurium to Acquire Additional Interest in Subsidiary PyroDelta Energy
Vancouver - First Tellurium Corp. (CSE: FTEL, OTC: FSTTF) reports that the Company is acquiring an additional 8% interest in its subsidiary PyroDelta Energy Inc. from Michael Abdelmaseh, bringing First Tellurium's total ownership of PyroDelta to 83%. Under the terms of the purchase agreement, First Tellurium will pay Abdelmaseh US$240,000 for the additional shares. "This purchase is part of a 'gentlemen's agreement' we had with Michael when we made our original investment in PyroDelta," said First Tellurium President and CEO Tyrone Docherty. "Michael, who is PyroDelta's only other shareholder, had agreed to sell an additional interest under these favorable terms. The increased ownership gives First Tellurium greater control and a stronger negotiating position as we engage with customers and investors. We are grateful for his support."
Docherty noted that various parties and tech companies continue to express interest in acquiring part of PyroDelta. "The stronger control position will provide better opportunities to monetize the thermoelectric technology and our investment in PyroDelta," said Docherty. "Ultimately, we believe it will help us provide better value for our shareholders."
About First Tellurium Corp.
First Tellurium's unique business model is to generate revenue and value through development of tellurium-based technologies as well as mineral discovery, project development and project generation.
First Tellurium is listed on the Canadian Securities Exchange under the symbol "FTEL" and on the OTC under the symbol "FSTTF". Further information about FTEL and its projects can be found at www.firsttellurium.com.
| On behalf of the board of directors of First Tellurium Corp. "Tyrone Docherty" Tyrone Docherty President and CEO | For further information please contact: Tyrone Docherty 604.789.5653 tyrone@firsttellurium.com |
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Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated event.
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