TORONTO, March 2 /CNW/ - Sparrowtech Multimedia Corporation
("Sparrowtech") (Pink Sheets: SPMC) announced today that it has terminated its
negotiations for the proposed acquisition of 1542744 Ontario Inc. and its
wholly owned subsidiary, Tazza Espresso Bar & Cafe. The due diligence was not
satisfactory to Sparrowtech and, therefore it did not enter into a Definitive
Sparrowtech also announced that it will no longer pursue its interest in
developing a multi-service multi-media network vehicle for the hospitality and
The Company has decided to enter into the natural resource mining sector.
Currently, Sparrowtech is evaluating several mining opportunities involving
gold, uranium and other metals.
"This shift in focus is the direct result of a movement towards increased
commodity prices and demand in metals," stated Company President Cornelia
Volino. She further stated that "We are excited about the future of
Sparrowtech and its endeavors as we look to maximize shareholder value."
The Company is changing its name to Sparrowtech Resources, Inc.
Sparrowtech expects to be trading under a new symbol on or about March 12,
Helen Chester resigned as Corporate Secretary and Director effective
February 17, 2007 to pursue other business interests.
A number of statements contained in this press release may be considered
to be forward-looking statements that are made pursuant to the Safe Harbor
provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve a number of risks and uncertainties
including but not limited to: competitive market conditions, successful
integration of acquisitions, and the ability to secure additional sources of
financing. The actual results that Sparrowtech may achieve could differ
materially from any forward-looking statements due to such risks and
For further information:
For further information: Sparrowtech Multimedia Corporation Cornelia
Volino, President, 905-773-4277 firstname.lastname@example.org