Novori Jewelry Will No Longer Be Online Diamond Jeweler
2/23/2009 11:17:35 AM Richard Parker
Aeon Holdings, after entering into a purchase agreement with Green Star Energies to acquire an interest in several mineral leases in Pennsylvania, will no longer continue as an online diamond jewelry retailer. Per the agreement, Aeon Holdings will get Green Star's joint venture interest in mineral leases located in the Crow's Run Field in Beaver COunty, Pennsylvania. The joint venture consists of 13 mineral leases that include over 60 oil and gas wells, which are wither currently operational or will require only minor repair. The agreement also includes an option to acquire two additional mineral leases that contain 16 more oil and gas wells.
Aeon will receive 70% of all net profits earned by Green Star and its joint venture partner and operator of the leases, Bialy Gas Production. For this, Aeon will act as the sole financier, while managing all development on the leases. Green Star will receive one million shares of Aeon's preferred stock in return for its services over the three-year term of the agreement.
Aeon has also made an agreement with Harold Schaffrick and Mark Nield to sell its subsidiary, Novori Jewelry, to them. For this, Schaffrick and Nield will resign from their positions in Aeon. Novori Jewelry agreed to take on all outstanding debts of Aeon in exchange for transfer of certain company assets.
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