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The Company intends to appoint the first members to the USGT Strategic Advisory Board over the next several weeks at which time further press releases will be issued.
USGT specializes in identifying and capitalizing on developing markets.
The purchase by Aquila will allow USGT to expand its natural gas management and marketing operations in the western states," said Nanci Mackenzie, who founded the company in 1987.
In another transaction completed in February, a separate subsidiary of Aquila acquired real estate from USGT and additionally obtained the right to proceed with the construction of a salt cavern natural gas storage facility in the West Texas Permian Basin.
These risks and uncertainties include the risk that certain contingencies will not be fulfilled and the acquisition of assets of USGT will not be consummated as well as the risks and uncertainties inherent in the development and construction of natural gas storage facilities in general.
It is anticipated that an investment of $70 million in equity will be required during the initial build-out, of which $14 million will be invested by GRC and USGT divided approximately equally between them.
We are confident that in the hands of GRC and USGT, who will be operating Amaritel, the project will be a successful venture.
Robert McGuire, President of USGT, and Vice Chairman of Amaritel, said: "We are pleased that Amaritel has been selected by Mexico's Federal Government.