NEW YORK, Aug. 14, 2012 /PRNewswire/ -- TurkPower Corporation (OTCBB: TRKP) (the "Company"), announced today that it has signed a binding agreement ("Binding Agreement") with Ouro do Brasil Holdings ("OBH") and IMS Engenharia Mineral Ltda. ("IMS") to acquire OBH and IMS' fully-owned subsidiary Zinco do Brasil Mineracao Ltda. ("ZBM").
TurkPower is acquiring 99.9% of ZBM's outstanding shares (the "Transaction"). As the surviving entity TurkPower will change its name to Zinco do Brasil, Inc. The Binding Agreement sets forth that TurkPower will appoint the following directors to its board of directors in the coming weeks: Ahmet Calik; James D. Davidson; Edward Dowling; Adriano Espeschit; Juvenil Felix; Ryan E. Hart; and Jose Mendo de Souza.
The Company will inform in more detail in the coming days.
About Ouro do Brasil Holdings
OBH is a privately owned company with vast business interests in the mining space, particularly in Brazil. OBH is fully owned by management, its board of directors and other mining professionals, including Ahmet Calik, Ed Dowling, Adam Fleming and Jose Mendo do Souza.
About TurkPower Corporation
TurkPower Corporation (OTCBB: TRKP) is an American junior mining company with mining interest in Russia as well as a minority interest in the Kuluncak mine, an iron ore mine in Turkey formerly owned by Exxaro. TurkPower is currently in the process of evaluating its options and defining its strategy regarding its asset in Russia and Turkey, which will include protecting its shareholders interest in said assets.
Certain statements in this news release are forward-looking statements. Words such as "expects", "intends", "plans", "proposes", "may", "could", "should", "anticipates", "estimates", "likely", "possible", "potential", "believes" and words of similar import may identify forward-looking statements. Such statements are based on management's and the Company's independent mining consultant's current expectations, estimates and projections about the companies' businesses, are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors beyond the control of either of the companies, including, but not limited to, the successful completion of the merger; the combined company's ability to raise the required additional capital to develop its mining assets and to identify other acquisition and/or joint venture opportunities in the mining sector, and to establish the technical and managerial infrastructure necessary to take advantage of, and successfully participate in, such opportunities; future economic conditions; demand for manganese and other minerals the company may seek to extract; political stability; and changes in governmental regulations, and financial capabilities of the Company. Additional information on risks and other factors that may affect the business and financial results of TurkPower and the combined company can be found in filings of TurkPower with the U.S. Securities and Exchange Commission. The Company encourages any current or potential shareholder to read all the public filings before making a decision to invest in the shares of any public company.
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SOURCE TurkPower Corporation