BRIGHTON, Mich., June 20, 2013 (GLOBE NEWSWIRE) -- JPX Global, Inc. (OTC:JPEX) (the "Company"), entered into a Joint Venture agreement with CGrowth Capital, Inc. (OTC Pink:CGRA) ("CGrowth") to extract and sell sand and gravel from the 15-acre Chewelah Community Pit located near Colville, Washington. The initial contract is for the removal of 49,900 cubic yards of material with a potential gross value exceeding $640,000. The Company is working with CGrowth and the Bureau of Land Management ("BLM") to increase the quantity of material to be extracted and sold to 2,000,000 cubic yards over a 5-year period.
The contract calls for total payments of $350,000 in working capital to the project within the next 30 days. The Company has paid $50,000 towards the initial startup expenses. CGrowth is obligated to oversee and provide operational, on-site, and sales support in respect to the Chewelah Community Pit operation. Pursuant to the Joint Venture Agreement, the Company will receive 51% and CGrowth will receive 49% of the net proceeds from the sand and gravel pit.
Chief Executive Officer Jim Foran stated, "We are excited about this division of the Company and the opportunity to sell sand and gravel to the regional construction industry, and will be able to announce further developments with this project as the materials are extracted from the Chewelah Community Pit and sold to regional customers."
Bill Wright, CEO of CGrowth Capital, Inc., stated, "The JPX Global team has set themselves apart from others by committing to a project and following through with those commitments. Their management team recognized a good opportunity and an equally committed partner in CGrowth Capital. We are excited about putting the site into production, and in fact, have already delivered heavy equipment to the site. The diversification for CGrowth Capital and our new JV partner should make for an exciting summer."
About JPX Global, Inc.
JPX Global's purpose to develop mineral extraction and also to provide municipalities with management and disposal of solid municipal waste, including energy co-generation. The Company's commitment to the municipality is to provide a cost effective, green solution to managing waste supply.
For more information, visit www.jpxglobalinc.com
About CGrowth Capital, Inc.:
CGrowth Capital, Inc. serves as a holding company for businesses and assets focused on all aspects of mining. The processing of metal ore mining is a multi-billion dollar market opportunity which is capitalized through processing, sales, contracting and licensing of assets. CGrowth Capital's services and solutions are designed to assist land owners with monetizing undervalued assets by bringing commodities such as gold and silver to market. CGrowth Capital will focus on acquiring or "claiming" land assets, while also providing partners and affiliates with management services, capital, contract management and logistical services necessary for the successful execution of mining operations.
For more information about CGrowth Capital, visit their website: http://www.CGrowthCapital.com
This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.
CONTACT: Investor Inquiries: CGrowth Capital, Inc. 888-218-2472 Express IR (512) 267-2430Source:JPX Global, Inc.