Exhibit
99.1
|
PLATINUM RESEARCH ORGANIZATION,
INC.
Suite 421 - 1917 West 4th Avenue, Vancouver BC, V6J 1M7
|
|
|
Symbol:
PLRO
|
Platinum Enters Into a Contribution Agreement
and Loan Agreements
|
October 31, 2006
|
|
|
|
VANCOUVER - October 27, 2006 -
Platinum Research Organization, Inc. (formerly NorthTech
Corporation)(the " Company ") (OTCBB: PLRO) announced today
that it has entered into a Contribution Agreement and two Loan
Agreements.
Contribution
Agreement
The Company entered into a
Contribution Agreement dated October 26, 2006 with Platinum
Research Organization L.P., a limited partnership organized and
existing under the laws of Texas (" Platinum LP "),
Lubrication Partners, a joint venture (" GP Transferor ")
and sole shareholder of Platinum IP Management, Inc., a company
organized and existing under the laws of Texas and the general
partner of Platinum LP (" PRO GP "), each person holding a
limited partnership interest in Platinum LP (each, a "Limited
Partner" ) (each Limited Partner and GP Transferor, a "PRO
Transferor" and collectively, the " PRO Transferors "), and
John T. (Cork) Jaeger as the representative of all PRO Transferors
(the " PRO Transferor Representative "), and Steve Drayton
as the representative (the "Investor Representative" ) of
all certain individuals who are expected to invest in the Company
(other than the PRO Transferors) (the " Investors ") in a
private placement to be completed in conjunction with the agreement
(the " Contribution Agreement ").
Under the terms of the
Contribution Agreement: (a) GP Transferor will contribute to the
Company all of the capital stock of PRO GP (the " PRO GP Capital
Stock "); (b) the Limited Partners will contribute to the
Company all of the outstanding limited partner partnership
interests of Platinum LP (collectively, the " Partnership
Interests "); and (c) the Investors will contribute to the
Company an aggregate amount of US$ 4,
