Southern Its International, Inc. Subsidiary, Pure Oil & Gas, Inc., Completes Funding for First Oil & Gas Venture

Rhea-AI Summary

Southern ITS International, Inc. (OTC PINK:SITS) announced that its subsidiary, Pure Oil & Gas, Inc., has completed the necessary funding for its first oil and gas project. This funding was secured through a newly formed limited partnership, with Pure as the General Partner. The President of Pure, Jeremy Larsen, expressed satisfaction with the swift fundraising process, stating that drilling operations by ICS Energy, Inc. are expected to begin in Eastland County, Texas, within 45 days. The company aims to expand its portfolio, focusing on various sectors including technology and manufacturing.

Positive

• Completion of funding for the first oil & gas project.
• Drilling operations expected to start within the next 45 days.
• Formation of a new limited partnership to support funding.
• Plans to expand into technology and other sectors.

Negative

• None.

PALM DESERT, CA / ACCESSWIRE / March 21, 2023 / Southern ITS International, Inc. (OTC PINK:SITS) announced today that its subsidiary, Pure Oil & Gas, Inc. (Pure), has now raised all of the funds required for the drilling and completion of its first oil & gas project. The funds were raised by a newly formed limited partnership of which Pure is the General Partner.

Jeremy Larsen, President of Pure Oil & Gas, Inc., stated, "We are pleased to have been able to complete this fund raise so quickly and we expect that our driller-operator, ICS Energy, Inc. will commence drilling operations on our first well located in Eastland County, Texas within the next 45 days."

About Southern ITS International, Inc.

Southern ITS International, Inc., through its subsidiary companies, currently has operations focused on a wide variety of fields, including oil and gas exploration and development, clothing, and e-commerce fulfillment. We intend to expand upon our current base of operational companies and to increase our ownership and/or control of a portfolio of highly successful businesses. As a holding company, Southern ITS International continues to be in the market to acquire a stake in various companies both public and private which will complement its current operations. It will also focus on building a direct sales network of various e-commerce internet applications, manufacturing, and internet sales of various products. We have put in place an experienced management team that is continuing to build a diverse portfolio, buying entire companies, or interests therein, involved in technology, oil and gas, manufacturing, real estate, and other sectors, which will then become operating subsidiaries of Southern ITS International.

Precautionary and Forward-Looking Statement

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude or risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of several factors, and other risks identified in the Company's disclosures or filings with the SEC or OTC Markets, Inc. You are further cautioned that penny stocks and stocks of smaller companies like Southern ITS International, Inc. are inherently volatile and risky, and that no investor should buy this stock unless they can afford the loss of their entire investment.

CONTACT:
Southern ITS International, Inc.
Investor Relations
442-300-6522
info@sitsintl.com

SOURCE: Southern ITS International, Inc.

View source version on accesswire.com:
https://www.accesswire.com/744783/Southern-Its-International-Inc-Subsidiary-Pure-Oil-Gas-Inc-Completes-Funding-for-First-Oil-Gas-Venture

FAQ

What did Southern ITS International announce on March 21, 2023?

Southern ITS International announced that its subsidiary, Pure Oil & Gas, has raised funds for its first oil and gas project.

Who is the President of Pure Oil & Gas, Inc.?

Jeremy Larsen is the President of Pure Oil & Gas, Inc.

When will drilling operations begin for the first well?

Drilling operations are expected to commence within 45 days from the announcement.

What is the ticker symbol for Southern ITS International?

The ticker symbol for Southern ITS International is SITS.

What is the focus of Southern ITS International's operations?

The company focuses on oil and gas exploration, development, technology, and e-commerce fulfillment.