LAS VEGAS, NV -- (Marketwire) -- 06/11/12 -- Sweetwater Resources, Inc. (SWTR) (OTCQB: SWTR) is pleased to announce that it has closed the definitive agreement to acquire 100% of the issued and outstanding shares of Innovative Sales. The Company is also pleased to announce that in conjunction with the closing, Mr. Alvin A. Snaper has been appointed CEO, President and Director of the Company.
Mr. Snaper is the developer of Innovative Sales' technologies for the production of "cultured" diamonds. Mr. Snaper has founded numerous companies and has held management and engineering positions at a number of companies including: Neo-Dyne Research Inc. where he served as Vice President, Director of Research and Corporate Director; at an Independent Consulting Firm where he served as founder and became the first multi-technology Registered Engineer licensed in California. At McGraw Colorgraph where he was responsible for overseeing all foreign and domestic testing of photographic systems; and at Bakelite Division of Union Carbide where he assisted in the development of a pilot plan for plastics manufacture. He has also served as Senior Consultant to other major corporations and organizations including IBM, General Foods, NASA, Boeing, Gillette, Singer, US Air Force, Rocketdyne, General Motors, Lockheed Aircraft, Sanyo, Philips, Gulf Western, Union Carbide, etc.
He has been awarded more than 600 patents, many for significant industrial products and processes. Some of his inventions and commercial products include the IBM Selectric Type Ball, Tang drink crystals, the NASA Apollo Photo-Pack, coating process for Gillette Razor Blades, and the electrostatic painting process and system for auto components assemblies for General Motors, to name a few. Mr. Snaper holds the single honor and individual distinction of being recognized with 'Best Patent of the Year' award by Design News Magazine, and is the author of numerous technical and scientific papers.
Mr. Snaper is or has been a member of the following professional societies and organizations including Who's Who of American Inventors 1990-1991, VIP Electronic Improvement Program, and the American Ordnance Association. He is a former consultant in ultrasonics to the Library of Congress, Armed Forces Communications and Electronics Association, International Scientific Society and the Society of Photographic Instrumental Engineers.
Mr. Snaper is a Professional Engineer (P.E.) and B.S. graduate in Geo-Science at McGill University in Montreal, Canada. He is also a member of several professional societies, author of numerous articles and technical papers, and the only multiple award recipient of Design News Magazine "Best Patent" award (four in total).
Mr. Snaper has more than 600 patents and innovations to his name. He is the developer of everyday products we know and love such as Gillette Razor Blades and Tang Drink Crystals, and he is the only person to ever receive the 'Best Patent' award more than once.
About Sweetwater Resources Ltd.
Sweetwater has acquired 100% of Innovative Sales. Innovative Sales has been established to provide an affordable alternative to expensive natural diamonds. The Company's patented technology enables the production of "cultured" diamonds that are chemically, atomically and structurally identical to natural diamonds.
This press release may contain forward-looking statements with respect to business conducted by Sweetwater Resources Inc. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Such forward-looking statements include those that express plan, anticipation, intent, contingency, goals, targets, or future developments and/or otherwise are not statements of historical fact. The words "potentially," "anticipate," "could," "calls for," and similar expressions also identify forward-looking statements. The Company does not undertake to update any forward-looking statements. Factors that could affect actual results include, without limitation, risks associated with: the Company's ability to successfully obtain patents for its technology and the adequacy of such patents; the introduction of competitive technology; the Company's ability to develop, manufacture, license, or sell its products or product candidates; the Company's ability to enter into and successfully execute any license and collaborative agreements; the adequacy of the Company's capital resources and cash flow projections, the Company's ability to obtain sufficient financing to maintain the Company's planned operations, or the risk of bankruptcy; other risks that may be described under Certain Risks and Uncertainties Related to the Company's Business, as contained in the forthcoming Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Sweetwater Resources, Inc.
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