03:32 PM EST - Cheq-IT Ltd. : signed a letter agreement with Tuscany International Drilling Inc., which provides for, subject to the entering into of a definitive agreement, the acquisition by Tuscany of all of the issued and outstanding common shares of CHEQ-IT on the basis of 0.025 of a share of Tuscany for each 1.0 CHEQ-IT Share. In connection with the Acquisition, Tuscany will apply to have its common shares listed and posted for trading on the facilities of a recognized Canadian stock exchange. Tuscany, a privately held corporation based in Calgary, Alberta, is engaged in the business of providing contract drilling and work-over services along with drilling tool rentals to the oil and gas industry, initially in South America. The current fleet consists of 6 of the latest technology new built rigs and related equipment along with 2 new design Heli portable small footprint rigs under construction for deployment to South America. Cheq-IT Ltd.
shares V.CQT are trading up $0.025 at $0.07.
