MUENSTER, GERMANY -- 04/07/08 --
Exploration Drilling International Inc. (the "Company") (OTCBB: EXDL) has announced the establishment of a strategic joint venture company in Turkey. The Company's wholly owned German subsidiary, EDI Exploration Drilling International GmbH ("EDI GmbH"), will hold a 25% share in the newly established company, EDI SONDAJ INSAAT MAKINE SANAYI TICARET ANONIM SIRKETI ("EDI Turkey"), based in Istanbul. The remaining shares will be held by influential members of Turkey's drilling and water supply industries.
EDI Turkey's board of directors consists of four members, with Mehmet Kurtbey, 38, acting as CEO. Mr Kurtbey studied construction engineering in the USA and has already built up a successful corporation in Istanbul for the rehabilitation of drinking water networks. EDI GmbH CEO Christian Runge will represent EDI GmbH on EDI Turkey's board of directors.
EDI Foresees Excellent Business Opportunities In Istanbul
"The infrastructure of the water supply in the Istanbul conurbation is in a critical condition and is seriously lagging behind the growth in the population of this 15 million person city on the Bosporus," states Christian Runge. "With the founding of this joint venture, EDI will be in a very good position in Turkey. In Mehmet Kurtbey we have been able to acquire a highly experienced partner with excellent local contacts for our shared operations. All this makes it possible for us to participate in tenders issued by Istanbul's water authorities with immediate effect."
The contractual negotiations with the Turkish partners were held in an atmosphere of trust and were brought to a successful conclusion within only six months. The aim of EDI Turkey is the planning, preparation and implementation of drilling operations throughout Turkey, initially focussing on water supplies and using the EDI group's patented technology. In addition to providing technology and equipment, EDI will also train and consult with local operators. In Turkey - as in its neighbouring countries - there is a particularly high need for technology for the regeneration and exploration of water sources.
About EDI:
Exploration Drilling International Inc. has its head office in Muenster, Germany. Its shares are traded in the United States on the OTC Bulletin Board under the symbol EXDL. Exploration Drilling International Inc.'s shares are also traded over the counter in Frankfurt (WKN: A0LCJB, ISIN: US30216C1009). EDI Exploration Drilling International GmbH, is a wholly-owned subsidiary of, and acts worldwide as the operational arm of, Exploration Drilling International Inc.
In addition to historical data, this press release may also contain forward-looking statements. Known and unknown risks and imponderables may lead to considerable deviation of actual results from the results contained herein. To date, neither of Exploration Drilling International Inc. or EDI Exploration Drilling International GmbH has earned revenue from their respective operations and there are no assurances that they will be able to do so in the future. Readers are cautioned not to place undue reliance on the forward-looking statements made in this Press Release.
EXPLORATION DRILLING INTERNATIONAL INC.
Rainer Rotthaeuser, Chief Executive Officer and President
Contacts:
EDI Exploration Drilling International GmbH
Christian Runge, Managing Director CMO
Mendelstrasse 11, D-48149 Munster
+49(0)251-980 2030
+49(0)251-980 2031 (FAX)
Email: c.runge@edipower.com
Website: www.edipower.com
