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TriLucent Technologies Corp. Announces the Appointment of Senior Oil and Gas Executive to its Board of Directors
SAN ANTONIO--June 15, 2001--TriLucent Technologies Corp. today announced that it has appointed Donald G. Russell, chairman of its board of directors.
Russell will assist the company in developing long-term operational strategies for its continued growth as well as providing the company with the benefit of his long experience in the oil and gas industry. Russell is also the chairman of The Russell Companies Inc., a privately held investment firm. He is the former chairman and CEO of Sonat Exploration (NYSE:SNT), which was acquired by El Paso Energy Corp. (NYSE:EPG). Russell was with Sonat Exploration from 1988 to 1998. He is also the former president of Shell Development Co., during which he had responsibility for its R&D effort in the United States. Russell had a 30-year tenure with Shell that included several senior management positions. He currently sits on the boards of Tidewater Inc., Grant Geophysical and Prime Natural Resources. Russell will replace George Hennessey on TriLucent's board of directors effective June 29, 2001. "The addition of Don Russell to our board brings immeasurable oil and gas management experience to TriLucent. His past successes in developing large oil and gas concerns will benefit TriLucent as we grow. It is our goal to make the technologies developed by TriLucent a significant factor in the oil and gas industry," indicated Jerry Witte, TriLucent's CEO. About TriLucent Technologies Corp. TriLucent has developed a hydrocarbon exploration package that incorporates microwave detection technology. TriLucent's field tests have indicated an increase in the chance of commercial success of exploratory drilling for oil and gas from the industry standard of 20% to more than a 50% success rate. These technologies can significantly reduce the risks and exploratory costs associated with oil and gas drilling. TriLucent's ability to achieve high success rates in identifying the presence of hydrocarbons and their by-products improves what has been the largest variable in oil and gas exploration hereto. TriLucent's Risk Reduction Technologies were developed on a proprietary basis and patent-pending status with the United States Patent office. For more information about TriLucent Technologies Inc., visit www.trilucent-technologies.net. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Any statements with respect to the success rates of exploratory drilling for oil and gas utilizing TriLucent's technologies are based solely on the historical experience of TriLucent, and there are no assurances that these success rates can be obtained in every instance of exploratory drilling. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of TriLucent Technologies Corp. (the company) to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the company's filings with the Securities and Exchange Commission.) In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. The company will remain dependent upon future financing for its growth and development, and for it to successfully implement its business plan. No statement contained herein should be construed as indicating that such financing is or will be available, and if available, will be on terms favorable to the company. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
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