PITTSBURGH, PA -- (Marketwired) -- 04/02/15 -- Cardinal Resources, Inc. (OTCQB: CDNL) CEO Kevin Jones announced the re-start of activities related to their Bayelsa Nigeria Red Bird Systems contract. Execution of this contract had been slowed down during the second half of 2014 as the Company awaited draws (payments) from the Bank Guarantee on the project. Coinciding with the recent election, Cardinal Resources is seeing progress on the financial side and is moving ahead once again with a target completion in 2015. This contract with $6.3 million remaining value is the first Phase of an on-going planned deployment of our systems throughout the state over the next three years.
"With the recent movement we are planning on completing the installation of systems that were shipped but not commissioned in the early part of the second quarter of 2015. These systems will begin providing clean drinking water for communities in Bayelsa and graphically demonstrate the technology to other interested states in Nigeria," stated Mr. Jones. "Combined with the recent elections, which demonstrate the Nigerian people's commitment to the future and progress, we see a bright future for our work in the largest economy of Africa. Congratulations to Nigeria, and we look forward to working together to bring economically and environmentally sustainable clean water to communities throughout the country."
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Certain statements in this presentation constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as business and political conditions in the geographic areas in which we sell our products, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged.
The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this presentation and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company' s expectations.
Cardinal Resources brings a unique blend of experience, technology, and focus to projects worldwide and across the United States from their office in the Pittsburgh, Pennsylvania area. Their commitment to Clean Water, Clean Environment, Worldwide includes the patented Red Bird System, a solar-powered community-sized drinking water system, and the Grey Bird Approach to wastewater treatment and green infrastructure as well as a depth of traditional environmental and engineering services. Visit our website at www.cardinalres.com.
Source: Cardinal Resources Inc.