Caddo International Negotiates $5 Million Infusion
Caddo International, Inc. announced their negotiations with a private investment group to receive a 5 million dollar infusion of cash into the company for an asset loan, and additionally the investors intend to purchase 1 million shares of the current public float. Caddo International will use these funds for the two new acquisitions recently press released and to finalize the letter of intent with Tex-Jet.
The response from major and independent oil and gas companies has been positive, and the private investment group is excited about this new pump system and has already shown an interest to purchase. Tex-Jet is a company specializing in gas lift production systems in the oilfield. This pump system extends pump life and reduces operating costs significantly because it has no moving parts. In Louisiana, Tex-Jet is working with Caddo International to complete the installation of three Tex-Jet gas lift systems in three oil and gas wells producing from the Paluxy formation. The life of the Tex-Jet pump is estimated to be five years after installation. These pumps are very effective and they will soon be in high demand to all oil companies because they are not damaged by the formation sand. The traditional down-hole pump wears out in one year on average. If the Company can extend the pump life to five years, it could significantly increase the profitability of an oil well by cutting the cost of rig time.
President Mario Lanza stated, "I am very excited because this will allow Caddo International to move forward at a much faster pace since Caddo International already is a profitable company and all funds will be used for the new projects." Caddo International is looking to acquire all Tex-Jet stock and spin off a company. Every twenty shares of Caddo International owned by the current shareholders will receive one share of Real-Co.