Oraco Acquires iAlarm and Prepares for Digital Services Expansion into West Africa
ROCHESTER, N.Y.--(BUSINESS WIRE)-- Oraco Resources, Inc. (OTC-QB:ORAC) today announced the purchase of iAlarm, Inc., a domestic home security provider whose innovative Smart Home product is one of the first to integrate home automation and remote management with traditional threat monitoring functionality.
iAlarm's home security platform will serve as the foundation of the forthcoming Oraco digital services offering that will also include digital voice and wireless broadband Internet access. Oraco expects to debut these digital services by early 2014 in West Africa under the name One Communications, and will aggressively expand service to surrounding markets once strategic penetration levels are achieved.
Brad Rosen, Oraco's President and CEO, stated that "With our relationships in Sierra Leone, Liberia, Guinea, Ghana, The Ivory Coast and Equatorial Guinea, to name a few, this opportunity puts us in a virtually untapped market offering Mobile Communications, Digital Telephone, High-Speed Broadband Service and Smart Home Technology. We are also excited that this endeavor will not only benefit Oraco, but will also create a significant number of employment opportunities for people in West Africa, and that these jobs will be in the areas that require knowledge and education in new and ever changing technologies."
"We've been operating sustainable enterprises in West Africa since the early 1990's," says Chris Butchko, Oraco's EVP and COO, "and our commitment to the cultivation of community-enriching industry in West Africa has given us a unique insight into the needs, trends, and opportunities among the people here. We understand how to successfully execute a digital services plan in West Africa."
Since the early 1990's Oraco's team has worked with local and national West African leaders to supply rough diamonds and gold to the world market. Through its relationships and operational philosophy, Oraco has emerged as a pioneer in, and leading proponent of, responsible mineral sourcing and sustainable West African enterprise.
Oraco will execute the purchase through a Share Exchange Agreement and Plan of Reorganization between its wholly owned subsidiary, Oracom, Inc., and iAlarm. Upon Closing of the transaction, iAlarm will become a wholly-owned subsidiary of Oraco.
Oraco Resources, Inc. (OTC-QB:ORAC) is a mineral exploration and development company engaged principally in the exploration for and development of diamond deposits. Oraco as a result of the acquisition of ORI and Jyork is looking to rapidly develop producing and exploration diamond properties into a portfolio of high value assets located within Africa. To date, Oraco has secured a series of alluvial and eluvial assets which its exploration and development teams are working on to progress with operations in Sierra Leone. Charles Huggins' return from his recent month long trip in August to Sierra Leone acknowledges that this is most exciting and this exploration should not only be rich in Diamonds, but also Gold. For more information, visit Oraco's website at www.oracoresourcesinc.com.
iAlarm, Inc. is a digital services provider that is meeting customer demand for affordability, variety, and service by leveraging a network of independent Certifiable Geniuses to sell and service the residential and small business data, voice, video, mobile and security markets.
Through its carrier-level agreements with many of the nation's major infrastructure providers, iAlarm, Inc., is able to offer technologically agnostic product 'Stacks' - product configurations that aren't limited to a single delivery infrastructure. iAlarm, Inc.'s Certifiable Geniuses can choose component products from among all locally available carriers or infrastructure technologies to create cost-effective, custom product packages that meet the unique needs of each of their customers, bringing made-to-order digital services to their local communities, one living room at a time.
Forward Looking Statements:
Portions of this press release contain forward-looking statements and involve risks and uncertainties that could materially affect expected results of operations, liquidity, cash flows and business prospects. Statements such as "rich in natural resources of diamonds and gold" or "tremendous potential for recovery of product that could be very close to the surface" are forward looking statements. Factors that could cause results to differ materially include, but are not limited to: global commodity pricing fluctuations; supply and demand considerations for Oraco's products; not successfully completing, or any material delay of, any development of mining operations, acquisitions or dispositions; potential failure to achieve expected production from exploration projects; exploration risks such as unsuccessful mines; any general economic recession or slowdown domestically or internationally; higher-than-expected costs; potential liability for remedial actions under existing or future environmental regulations and litigation; potential liability resulting from pending or future litigation; general domestic and international political conditions; potential disruption or interruption of Oraco's production or manufacturing or damage to facilities due to accidents, chemical releases, labor unrest, weather, natural disasters, political events or insurgent activity; failure of risk management; changes in laws or regulations; or changes in tax rates. Words such as "estimate", "project", "predict", "will", "would", "should", "could", "may", "might", "anticipate", "plan", "intend", "believe", "expect" or similar expressions that convey the uncertainty of future events or outcomes generally indicate forward-looking statements. The United States Securities and Exchange Commission (SEC) permits mining companies, in their SEC filings, to disclose only reserves anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Oraco does not undertake any obligation to update any forward-looking statements as a result of new information, future events, or otherwise. U.S. investors are urged to consider carefully the disclosure in Oraco's Form 10-K and other filings, available on the Internet at http://www.sec.gov. You also can obtain a copy from the SEC by calling 1-800-SEC-0330.
Oraco Resources, Inc.
Brad Rosen, President
KEYWORDS: United States North America New York Africa
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