December 04, 2008 09:02 ET

Transoft Technologies Closes Major Acquisition

MARKHAM, ON--(Marketwire - December 4, 2008) - Jaime S. Gomez, President of Produelec S.A., announces the sale of its Wellington mining operation and the transfer of the 3 mining concessions comprising the Wellington Project to Transoft Technologies, Inc. (PINKSHEETS: TSTG).

TSTG has entered into a transaction whereby it will acquire 100% interest in Produelec's flagship mining project, "The Wellington Project," located in Ecuador, South America. This transaction completes the transformation of TSTG status to that of an asset-rich mineral holdings company.

The WELLINGTON Mining Project is comprised of a mining plant and 3 contiguous mining concessions located in southwest Ecuador, 400 km southwest of Quito, and approximately 40 km to the east of Machala.

The WELLINGTON Mining Project covers a total surface area of 1,800 hectares (roughly 4,400 acres), having an irregular polygonal configuration. The three contiguous concessions are named Wellington, (code 300501), Cristo de Consuelo I, (code 300879) and Cristo de Consuelo II, (code 300913).

All of the acquired property is still in the exploration phase but holds claims consisting of both load and placer deposits. Additional information regarding the concessions will be released from TSTG's Board of Directors upon further examination and approval. It is the intention of management to commence drilling operations during the first quarter of 2009.

Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.