PHOENIX, Dec. 21, 2011 /PRNewswire via COMTEX/ — Zentric, Inc. ZNTR +70.00% (otcqb:ZNTR) William Tien, President of Zentric, Inc. is pleased to announce Zentric (HK) Limited, a wholly owned subsidiary of Zentric, Inc. has signed a Letter of Intent to acquire a 90% of CV. SEMBILAN BANGUN LAKSANA, a mine management company in Indonesia.
CV. SEMBILAN BANGUN LAKSANA controls a lead ore mine in Indonesia as well as a very valuable Export License for Lead Ore. Assay results has determined that the mine contains in excess of 1 million tons made up of 27% lead ore, 45% zinc and 1%-7% gold. Lead Ore currently sells for a minimum of $2000 per ton. Currently 1000 tons or $2 million are being mined annually.
Mr. Tien remarked, “Our overall strategy is to become vertically integrated Zentric (HK) Limited has secured the lead ore that is required for our battery production for at least the next 10 years. Lead Ore represents 60% of the cost of each lead acid battery so this acquisition provides Zentric with a competitive advantage over the competition.”
Mr. Jeff Mak, CEO of Zentric, Inc. adds, “Zentric production facilities require only 10% of the lead ore production so we will be in a position to sell the excess to other lead acid battery manufactures in China at more than 50% gross margins. We can also increase the volume mined if demand for the lead ore exceeds our current production.”
Zentric is in the process of completing the due diligence on this acquisition and has commissioned a third party valuation of the mine. In the interim Zentric has been granted an exclusive license to acquire the entire production of iron ore until such time as Zentric elects to exercise its purchase option.
For further information on Zentric, please go to: www.zntr.com .
Forward-Looking Statements: Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue,” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
William TienPresidentZentric, Inc.Phone: +1 6024900620Email: email@example.com
SOURCE Zentric, Inc.
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