Yaterra Ventures Corp (OTC: YTRV) announces today that it has tentatively agreed to acquire a revenue producing software solutions company operating in the $500 billion IT industry. Executives have identified an attractive acquisition target and have entered discussions toward an LOI pending full due diligence on the M&A candidate.
“As Mark Benioff, cloud computing guru and founder of salesforce.com, states, ‘Cloud computing is built upon a multi-tenant technology model that allows users to benefit from a shared architecture. That makes computing democratic; it serves companies of all sizes. It is not just for the rich, but for governments and organizations in the developing world.’ We at Yaterra plan to capitalize on this ever-evolving trend in technology for the benefit of immediate revenues on our books and overall shareholder value,” states Yaterra CEO, Cedric Atkinson.
He continues, “We are aggressively seeking low-cost revenue-producing opportunities with growth potential, which will have an immediate benefit on Yaterra’s balance sheet. We’ve definitely found our niche in the State of Texas regarding oil production and well lease acquisitions, however it’s always been a plan of Yaterra’s to harvest additional business models in a focused range of industries to ensure company growth for the long-term, with multiple streams of revenue. Our venture into tech is something I’ve always been passionate about and it is my opinion that discussions with our current candidate will result in something dynamic with sustainable growth for Yaterra and its shareholders.”
The company expects to complete due diligence and proceed with the pending acquisition in the next two weeks. As well, the company’s negotiations to purchase a lot of wells in the State of Texas as announced last week is going “very well,” according Yaterra execs, and is expected to materialize as a finalized acquisition in the coming days. The purchase negotiation now also includes 2 additional wells for a total of 6 wells with recoverable reserves from a family-owned operator. These wells are estimated to bring in an average of 2.5 – 8 BOPD per well once re enter work is completed.
Company execs are confident that these initiatives will generate over $1m within the first 12 months of implementation, and will continue seeking opportunities to diversify its operations and to build shareholder value.