CALGARY, AB -- (Marketwire) -- 11/07/08 -- Royal Quantum Group, Inc. (OTCBB: RYQG) -- Thecompany has completed its review of the engineering evaluation on the OhioOil & Gas property acquisition. The 3rd party engineering evaluation hasidentified certain inaccuracies in the data provided to the company by theland owner. As a result of this, management has determined it is not inthe best interest of the company to continue with the project and hasnotified the landowner of its intent not to pursue the acquisition. Thecompany has also demanded the immediate return of the funds and stockissued to the landowner for the final extension. To date the landowner hasnot responded to our request. The company is reviewing its legal optionsfor the return of the consideration.Royal Quantum is continuing its evaluation of projects for acquisitionwhich meet its criteria of cash flow or near term cash flow producingproperties within the resource sector.
Royal Quantum is a North American based exploration and developmentCompany, focusing on the acquisition and development of Uranium, Gold andCopper projects which demonstrate high probability for near termproduction. Royal Quantum is a fully reporting public company trading onthe OTCBB market under the symbol RYQG.
Statements released by Royal Quantum Group, Inc. that are not purelyhistorical are forward-looking within the meaning of the "Safe Harbor"provisions of the Private Securities Litigation Reform Act of 1995,including statements regarding the company's expectations, hopes,intentions, and strategies for the future. Investors are cautioned thatforward-looking statements involve risk and uncertainties that may affectthe company's business prospects and performance. The company's actualresults could differ materially from those in such forward-lookingstatements. Risk factors include but are not limited to general economic,competitive, governmental, and technological factors as discussed in thecompany's filings with the SEC on Forms 10-K, 10-Q, and 8-K. The companydoes not undertake any responsibility to update the forward-lookingstatements contained in this release.
Visit the Royal Quantum Group, Inc. web site at www.royalquantum.com.Information included on the Company's website is not incorporated herein byreference or otherwise.
For additional information please contact:
Royal Quantum Group, Inc.
Suite # 145, 251 Midpark Blvd S.E.
Calgary, AB T2X 1S3
Tel: 403-288-4321
Fax: 403-201-5792
