CARY, N.C., Jan. 7, 2011 (GLOBE NEWSWIRE) -- Triangle Castings, Inc (OTCBB:TCSX) ("Triangle") announced today that it has entered into an agreement in principal to acquire 100% of the capital stock of Prospect Global Resources, Inc. ("Prospect") in a stock transaction, which if consummated would result in a change of control of Triangle and the existing board and management of Prospect would be appointed to Triangle in similar roles.
Prospect Global Resources Inc. is lead by its CEO, Pat Avery, formerly the President of a New York Stock Exchange listed natural resources company. Prospect has entered into agreements to acquire 50% of certain mineral leasehold rights consisting of approximately 32,000 gross acres in Arizona.
Prospect and Triangle are currently negotiating definitive agreements to effect the transaction. There can be no assurance that the parties will reach agreement or that the transaction will be consummated.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of the management of Triangle and Prospect, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: (i) potential material reductions in the value of a substantial portion of Triangle's or Prospect's assets; (ii) success in retaining or recruiting, or changes required in officers, key employees or directors; (iii) the potential liquidity and trading of Triangle's public securities; (iv) Triangle's and Prospect's revenues and operating performance; (v) changes in overall economic conditions; (vi) anticipated business development activities following consummation of the transactions described above; (vii) risks and costs associated with regulation of corporate governance and disclosure standards (including pursuant to Section 404 of the Sarbanes-Oxley Act of 2002); and (viii) other relevant risks detailed in Triangle's filings with the SEC. The information set forth herein should be read in light of such risks.
CONTACT: Tryon Capital Ventures, LLC Peter Reichard (919) 602-3700
