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EDI Grants Exclusive License To Turkish Business Partners
(Market Wire Via Thomson Dialog NewsEdge) MUENSTER, GERMANY, April 22 / MARKET WIRE/ --
Exploration Drilling International Inc. (the "Company") (OTCBB: EXDL) announced today that its German subsidiary, EDI Exploration Drilling International GmbH ("EDI GmbH"), has entered into an exclusive license agreement with EDI Sondaj Makine Sanayi Ticaret Anonim Sirketi ("EDI Turkey"), the joint venture formed by EDI GmbH together with influential members of the Turkish drilling and water supply industries.
The exclusive license granted by EDI GmbH provides EDI Turkey with the exclusive right to use EDI GmbH's proprietary technologies, known as the EDI Fluid Finder, EDI Medium Changer, EDI Water Save and EDI Suspension, in Turkey for a period of two years. In consideration for this license grant, EDI Turkey has agreed to pay EDI GmbH $50,000 within two years. EDI Turkey will pay EDI GmbH 10% of any net profits from any drilling projects undertaken by EDI Turkey until the full $50,000 is paid. If EDI Turkey has not secured any drilling projects within one year from the date the license was granted, EDI Turkey's license rights will become non-exclusive. EDI GmbH owns a 25% stake in EDI Turkey, with the remaining interests held by influential members of the Turkish drilling and water supply industries.
Christian Runge, CEO of EDI GmbH, stated that the license granted to EDI Turkey is part of EDI GmbH's global business strategy. Mr. Runge stated, "We will continue to invest in new markets and look for licensees and joint venture partners who can market our technologies and products in their home countries."
About EDI:
EDI has developed an innovative drilling system which makes it possible to discover and exploit drinking water resources and other underground fluid resources in a manner that is more sustainable and economical that traditional drilling systems by allowing samples to be taken at multiple depths using the same drill hole.
Exploration Drilling International Inc. has its head office in Muenster, Germany. Its shares are traded in the United States on the OTC Bulletin Board under the symbol EXDL. Exploration Drilling International Inc.'s shares are also traded over the counter in Frankfurt (WKN: A0LCJB, ISIN: US30216C1009). EDI Exploration Drilling International GmbH, is a wholly-owned subsidiary of, and acts worldwide as the operational arm of, Exploration Drilling International Inc.
In addition to historical data, this press release may also contain forward-looking statements. Known and unknown risks and imponderables may lead to considerable deviation of actual results from the results contained herein. To date, neither of Exploration Drilling International Inc. or EDI Exploration Drilling International GmbH has earned revenue from their respective operations and there are no assurances that they will be able to do so in the future. There is no assurance that EDI Sondaj Makine Sanayi Ticaret Anonim Sirketi will be successful in its efforts to secure drilling contracts in Turkey. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
EXPLORATION DRILLING INTERNATIONAL INC.
Guenter Thiemann, Chief Financial Officer
Contacts:
EDI Exploration Drilling International GmbH
Christian Runge
Managing Director CMO
+49(0)251-980 2030
+49(0)251-980 2031 (FAX)
Email: c.runge@edipower.com
Website: www.edipower.com
Copyright ? 2008 Market Wire, Incorporated
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