GRIT International Inc.
GRIT INTERNATIONAL EXECUTES 100% TAKEOVER OF ARIVA RESOURCES LTD.
GRIT International Inc. / Key word(s): Mergers & Acquisitions GRIT INTERNATIONAL EXECUTES 100% TAKEOVER OF ARIVA RESOURCES LTD. GRANDE PRAIRIE, AB, Tuesday November 16th, 2010: GRIT International Inc., 'GRIT' (FRANKFURT: 3GR1) is pleased to announce that it has executed and completed the acquisition of all of the issued (25,000,000 Common Shares) and outstanding shares of the West African Resources Company Ariva Resources Ltd. ('Ariva'; www.ariva-resources.com) Ariva is a privately held natural resources company exploring various projects and properties in West Africa, including but not limited to significant reserves of gold, uranium, iron ore, and diamonds (organized in its Minerals Division); Oil & Gas and alternative energies such as palm oil and bioenergy (organized in its Energy Division). Hence Ariva has a number of highly valuable natural resources options and project plans mainly in Guinea, Liberia and Sierra Leone which will now be finalized and launched as part of GRIT. GRIT is particularly pleased about the closing of this takeover transaction as this Ariva acquisition is the first one contemplated within the framework of GRIT's recently announced and launched M&A strategy with more such transactions to follow soon. 'Currently GRIT is definitely in acquisition mode, and Ariva is only the first in a series of many more similar transactions to follow.Ariva adds very valuable strategic options by contributing to top-level access to a variety of large key mineral resources and other assets that will be extremely valuable and important to GRIT and its future', commented Lawrence Zeiben, GRIT's CEO, on both the Ariva acquisition and GRIT's successful M&A strategy. Currently Ariva's Minerals Division is exploring various mining projects and minerals properties in West Africa, mainly focussing on gold, uranium, iron ore and diamond. Besides evaluating new projects and properties, Ariva is actively negotiating with other mining, mineral companies, and government officials to obtain and acquire significant mineral assets in West Africa. Ariva's Energy Division focuses on both, the exploration of significant Oil & Gas projects (onshore and offshore) and the evaluation of alternative energy sources such as palm oil and bioenergy which will become increasingly important in West Africa. By actively pursuing projects and ventures in both fields of the energy sector, Ariva has positioned itself with strategically valuable business partners with access now to key projects in West Africa. Willem Tijssen, Ariva's Managing Director, has a broad knowledge of the West African Mano River Union market and has access to a network of high level local and national authorities. Throughout the last 12 years Mr. Tijssen and his business consultancy company Mano Properties & Investment Inc., have been active in scrap metal operations, mining, trade, sustainable rice cultivation and palm oil projects in the Sierra Leone, Guinea and Liberia regions. GRIT INTERNATIONAL INC. GRIT International is a Canadian based company, registered in the State of Nevada; its goal is to become the leader of paint and coatings products in North America. GRIT is already a specialized service provider of composite abrasives, blasting, paintings and coatings. It is developing additional interests and assets in minerals, oil and gas, utilities and engineering. Republic of Liberia, Sierra Leone, and Guinea – Countries in West Africa Africa ranks first (1st) in the world, according to most current and professional assessments, in having the world's largest concentration of accumulated gold, antimony, bauxite, chromite, cobalt, diamonds, fluorspar, hafnium, manganese, phosphate rock, platinum metals, titanium, vanadium, vermiculite and zirconium. Africa supplies up to 6% of the world's demand for aluminum, cement, coal, copper, graphite, iron ore, lead, steel and zinc. Thirty-one percent (31%) of the world's demands for bauxite, cobalt, manganese, phosphate and uranium is also supplied by this region. However the largest of supplies exported from Africa a staggering 57% of the worlds need for chromium, diamonds and gold. Guinea, Liberia and Sierra Leone in West Africa are resource-rich countries with substantial untapped deposits of gold, diamonds, iron ore, bauxite (25 Billion Tonnes), chromium, uranium, rutile, tantalite and titanium.As there are significant emphases on pure natural resources, these countries also have imposed the importance on Good Governance Practices, gaining significant strides over the past five years, now encouraging developmental public-private partnerships in utilizing innovations to bring projects to scale. Safe Harbour Statement; under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Contact: GRIT International Inc., Investors Relations. Website: www.gritintl.com; E-mail: grit-admin@gritintl.com ### Contact: GRIT International Inc., Investor Relations Website: www.gritintl.com; E-mail: grit-admin@gritintl.com P : 780.513.1125 F : 780.814.5584 A : Suite 201, 9914 – 109th Avenue, Grande Prairie, AB, T8V 1R7 Investor Relations – German Mr. James Stewart P: +49 (0) 2161 49694870 End of Corporate News 16.11.2010 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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