Paradigm Oil and Gas, Inc. (PDGO.OB) Board Creates New Subsidiary

 @ibtimes on May 20 2010 9:37 AM

Today it was announced that Paradigm Oil and Gas, Inc.’s Board of Directors has decided to create a 100% owned technology and service subsidiary, Paradigm Technology Solutions Inc. The new company, whose creation received a unanimous vote, will manage and run the company’s technology and service assets.

“We are committed to acquiring new and proprietary technologies in the oil industry to advance our position as a leader in the energy sector.” stated Mr. Marc Juliar, Chief Executive Officer of Paradigm Oil and Gas, Inc. “Over the last several weeks, our management team has evaluated a portfolio of leading-edge, technologies and we are pleased to announce we are in the final stages of negotiations with several parties that will set the core foundation of Paradigm Technology Solutions product and service offering.”

Paradigm Technology Solutions will be designed to exist as a stand-alone technology and service division that will provide multiple new revenue streams and a strong entry point into the international marketplace. By leveraging the proprietary technology platform and services of Paradigm Technology Solutions, the PDGO believes that it will generate additional profit from previously producing wells.

“We see a separation of our high-growth technology and service business from our core property acquisition business.” Chief Financial Officer Brian Kennedy said in the statement. “We believe this is a logical step in a long-term strategy that will serve all Paradigm stakeholders well. The technology and service company will be a 100% owned subsidiary of Paradigm Oil and Gas thereby building additional shareholder value. We believe the subsidiary will create two top-tier companies in their respective market segments.”

“This is a very strategic move and growth opportunity for the company and its valued shareholders.” Mr. Kennedy continued. “We expect to report on the financial opportunities of these new revenue streams in the near future. We are extremely pleased with our findings and the breadth of the technology and service opportunity in the global marketplace and overall revenue potential.” According to the statement, Mr. Kennedy will oversee both companies.

PDGO will continue to identify and acquire energy properties with previously discovered and known oil and gas reserves that have not been fully produced or fully developed and defined. The company is currently evaluating new property acquisitions, expected to be released later this year. For more information, please visit the company website at www.ParadigmOilInc.com.

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