CTGX Mining, Inc. Announces Signing of Aphtech Fluids, Inc. Acquisition Agreement

San Francisco, CA / ACCESSWIRE / November 12, 2014 / CTGX Mining, Inc. (OTC:CHCX) is pleased to announce that its Board of Directors recently met and approved the signing of the Acquisition Agreement for CTGX's acquisition of Aphtech Fluids, Inc. in order to continue moving forward with the acquisition of the company.

Aphtech Fluids Inc. is a specialty fluids company providing high-quality, leading-edge drilling fluids to the oil & gas industry. 

The Company has developed a fully integrated line of chemicals, muds and other fluid products centered around its proprietary Aphron technology, and provides fully customized fluid solutions. 

Its Aphron technology has a successful 21 year history, having been deployed in over 1000 wells across six continents, and has a very strong patent position with 100+ worldwide patents.

Its two subsidiaries, HiTech Fluid Systems and MASI Technologies, have an extensive list of worldwide customers including Shell, Total, Encana, Devon, TAQA and numerous National Oil Companies; across fields in the Americas, North Africa, the North Sea, Europe, the Middle East and Australia.

CTGX's next steps regarding the acquisition of Aphtech, in order to complete this acquisition, are to have the appropriate exchange of Aphtech and CTGX shares placed into escrow to be held for exchange upon completion of CTGX's obligation to raise $1 Million for providing to Aphtech to assist it in being able to move forward with the streamlining of its business plan in order to improve its current profit/loss scenario and future revenue projections. To further assist Aphtech in this regard, CTGX is moving forward concurrently with a Performance Audit of Aphtech's operations for potential streamlining and revenue enhancement opportunities.

Additionally, with CTGX's help, Aphtech is intending to utilize some of the funds raised by CTGX to boost its product line and facilitate the further expansion of its products into new countries like Russia, China, and India.

Over the next three years, CTGX anticipates providing Aphtech with $10 million in capital to expand its business and retire its debt. Use of those funds by Aphtech are intended to be as follows:

- Proceeds of $10 million will be allocated: $7 million to growth capital, and $3 million to retiring existing debt

- Growth Capital will be used to accelerate sales through national and international market expansion.

- Expansion will include more inventory locations globally; new manufacturing relationships; further technology development and increased sales and marketing

- Through joint ventures and possible acquisitions, the goal is to build a $85-100 million revenue company within 5 years

Aphtech currently estimates 2015 revenues of $7 million, and increasing in 2016 based on current projects and growth in international revenue. 2015 EBITA is projected to be $1.8-2.0 million, and grow steadily in 2016 and beyond. Revenue projections over the next five years are currently projected at $126 MM with profits of $44 MM.

Other noteworthy actions by the CTGX Board of Directors at its meeting were the acceptance of the resignation from CFO James Pinto; the appointment of 5 new directors to be added to the Board of Directors (Daniel Worthington as the new Chairman of Board, Jim Pollak as the new Treasurer, Wayne Crosbie and Tom Brookey of Aphtech as Directors, and VP of Operations Michael Peregrine as a Director), and the appointment of Anna Deeter as Secretary & Assistant Treasurer.

Following is some brief bio information about the five new directors who were added to the CTGX Board of Directors:

Daniel Worthington - Dr. Daniel Worthington is presently CEO and Chief Development Officer for Worthington Everidge Group, LLC (WEG), a privately held group of fundraising and best practices consulting companies, and Managing Attorney, Worthington Wealth & Legacy Law, LLC. He is a licensed professional fundraiser, educator, lawyer, and nationally recognized author in charitable trust and estate planning. He has published numerous articles and two books. Daniel is also a licensed professional fundraising consultant who has raised over $ 1.8 Billion during his career.

James Pollak - After competing in the 1992 Summer Olympic Games in Cycling where he finished in 9th place, Jim went into the financial industry. Jim has over 20 years of experience in the investment industry. He started as a financial advisor with major firms such as Prudential Securities and Paine Webber. He has traded automated trading systems which he personally developed. He has vast experience in marketing and is continuing to explore Natural Resources in the U.S. Jim has a BS in Law and Public Policy (with a minor in Policy Administration) from Indiana University @ Bloomington, Indiana.

Wayne Crosbie - Wayne Crosbie is the co-founder and current Vice President of HiTech Fluid Systems. He is an experienced operations manager specializing in drilling fluid applications, who has worked in the oil and gas industry since 1975. He has supervised geothermal wells in Japan and British Columbia; supervised and sat on well blowouts for Mobil and Shell East Coast Canada; sat on and supervised deep Rocky Mountain Foothills wells in Alberta and British Columbia; and, has drilled 90+ horizontal wells in Saskatchewan, Canada. Wayne also has significant offshore experience in working in Greece on hot saturated H2S wells; and, also in working in high pressure, high temperature, offshore East Coast of Canada wells.

Tom Brookey - Tom Brookey has extensive experience in drilling fluids engineering, development and management. Tom is currently President of MASI Technologies and has been a member of numerous other boards including for example Past Chairman of IADC Drilling Fluids Subcommittee, and Past President of the Association of Independent Mud Companies.  Excluding 1963-1965 when Tom served in the US Army, he has been working in the oil and gas industry since 1957 starting as a Roughneck while in college.  Tom has worked much of the deep basin throughout the US and Canada as well as offshore in the Gulf of Mexico, Yemen, Venezuela, and other locations globally.  He is also the author of numerous technical papers and articles; and, holds US and International patents.

Michael Peregrine - Michael is a sales management professional with over 36 years of experience in business, finance, and various management & sales management roles. He was formerly President of Coin Seed & Chemical, Inc. where he was able to leverage lead generation tools to increase the company's profitability and product presence in the market place. Michael is currently VP of Operations with CTGX Mining. 

For More Information about CTGX Mining, Inc., Aphtech Fluids, Inc. and/or its subsidiaries HiTech Fluid Systems and MASI Technologies, please visit:

CTGX Mining, Inc. www.ctgxmining.com/
HiTech Fluids http://hitechfluid.com/
MASI Technologies http://www.masitech.com/

Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products. Such forward-looking statements are based on present circumstances and on CHCX's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations and other factors over which CHCX has little or no control. Such forward-looking statements are made only as of the date of this release, and CHCX assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by CHCX with the Securities and Exchange Commission. This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Securities Act and applicable state securities laws.