18:56 EST Monday, November 22, 2004
SAN ANTONIO, Nov. 22 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announced today that is has secured financing from Mercator Advisory Group, LLC, through its designated funds, Mercator Momentum Fund, LP, Mercator Momentum Fund III, LP, and Monarch Pointe Fund, Ltd. To date, Tidelands has received the first tranche for $3.25 million of the total financing agreement. The agreement calls for an additional $1.75 million to be disbursed to Tidelands at a later date. The transaction provides Tidelands with the financial flexibility to expand and develop its ongoing projects. One such project is the recently announced proposed HiLoad LNG Regasification Terminal to be designed and built by Remora Technology and Tidelands in Mexico's Gulf waters.
President and CEO de Tidelands Oil & Gas Corporation, Michael Ward stated, "Tidelands has some large projects on the horizon that will require funding and financial assistance from outside firms. We have been diligently pursuing avenues from which to receive the necessary financing from credible firms with the vision and expertise to aid us in our efforts to bring these projects to fruition. With the help de KMR Capital, LLC, we were able to connect with Mercator and construct this financial arrangement. Mercator adheres to strict guidelines when selecting a company for financing and I believe this transaction is a testament to the auspicious prospects for Tidelands as we continue to advance our business plan and build shareholder value. We are appreciative de the confidence Mercator has placed in our efforts to expand and enhance our Company's fundamentals."
Harry Aharonian, Portfolio Manager de the Mercator Advisory Group, stated, "Tidelands Oil & Gas Corporation is in a promising position for growth and expansion. Their management team is committed to completing several projects and they continue to focus on exploring new opportunities that complement their business strategies. We are excited about the opportunity to help fund the Company as they develop their business plan and increase the Company's value in the marketplace. We welcome the investment into our portfolio."
About Mercator Advisory Group LLC
Mercator Advisory Group LLC, through its managed funds, specializes in direct equity investments in public companies. Its strategy is to invest in small to mid-cap companies that show strong potential for both near and long- term appreciation. The firm applies strict criteria in selecting its portfolio companies, including a company's liquidity, fundamental strength with its operating space and management's ability to map a path toward growth.
About Tidelands Oil & Gas Corporation
Tidelands Oil & Gas Corporation, San Antonio, Texas, focuses its business on international pipeline crossings, gas processing plants and gas storage facilities. Through its eight wholly owned subsidiaries, Tidelands offers a full suite of services and has the capability to satisfy a wide variety of customer needs, both domestically and internationally. For more information about the Company, please visit http://www.tidelandsoilandgas.com .
This press release may be deemed to contain certain Forward-Looking Statements with respect to the Company that are subject to risks and uncertainties that include, but are not limited to, those identified in the Company's press releases or discussed from time to time in the Company's Securities and Exchange Commission Filings. Actual results may vary.
Investor Contact:
Barry Gross
Gross Capital, Inc.
361-949-4999
barry@grosscapital.com
Company Contact:
Michael Ward
Tidelands Oil & Gas
210-764-8642
info@tidelandsoilandgas.com
SOURCE Tidelands Oil & Gas Corporation
CONTACT: investors, Barry Gross de Gross Capital, Inc., +1-361-949-4999, or barry@grosscapital.com , for Tidelands Oil & Gas Corporation; or Michael Ward of Tidelands Oil & Gas Corporation, +1-210-764-8642, or info@tidelandsoilandgas.com
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