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Company : Business Wire 
Friday, June 14, 2002 12:40PM IST (7:10AM GMT)
 
(BW)(NV-VISTA-CONTINENTAL)(CYLI)
Vista Continental Corporation Announces Their Acquisition by Century Laboratories Inc.
Las Vegas, United States

Vista Continental Corporation announced the completion of its acquisition by Century Laboratories Inc. (OTCBB:CYLI) on 6 June 2002. In the acquisition, 39,837,355 shares of Century Laboratories Inc. were issued to shareholders of Vista Continental Corporation. Following the acquisition, Century Laboratories Inc. had 43,946,337 shares outstanding. Century Laboratories Inc. intends to apply for a name and symbol change.

COMPANY MINING OPERATIONS

"The closest geologic comparisons," to the claims containing rare earths, zircon and strategic metal deposits controlled by Vista Continental Corporation are "the veins and placer deposits of the Mother lode belt of California and the Eastern Australia gold belt." -- in the words of International Consulting Geologist A. David V. Heyl from a geology report commissioned and paid for by Vista Continental Corporation.

Rare earths, zirconium and zirconium oxides are viewed as essential elements in advanced technology -- such as superconductive magnets for high-velocity trains, genome research, advanced optics and solid oxide fuel cell research -- and project a value far greater than the strategic metals alone. Regarded as cornerstones to the development of modern technology, the demand for rare earths grew by 21% annually between 1997 and 2000 and is projected to have steady growth exceeding $3.5 billion by 2009. The demand for zirconium and zirconium oxides is also on the rise and according to the U.S. Geologic Survey on Mineral Commodities Summaries January 2002, "in the long-term ... supply shortages may occur unless new production sources of zirconium concentrates are developed."

Mr. Heyl's 7 March 2002 report on the placer deposits containing rare earths, zirconium and strategic metals in only two of Vista's nine claims concludes, "The total potential value for the property's geologic resource is $10.73 billion U.S." The total potential resource value stated in the report for the two claims comprises: rare-earth oxides -- $4.86 billion U.S.; zircon -- $3.50 billion U.S.; ilmenite -- $1.25 billion U.S.; and gold -- $1.12 billion U.S. These are stated as gross revenue figures before any operational costs or other expenses associated with the mining, transport, refining, storing and delivering of materials.

"The value of these claims is simply staggering. Vista owns nine claims outright and is in negotiation for 27 more. Also, the $10.73 billion estimated valuation is based only on the results of assays on two of these claims to depths of ten meters when some deposits are believed to run as deep as 200 meters," said Dr. Lawrence W. Nash, CEO and President of Vista Continental Corporation.

A March 1, 2002 Certificate of Assay on the holdings' Rare Earths by a leading and independent analysis and testing firm, Rare Metals Corporation of 29 Palms, CA (Lab ID# L-02-60-01), show the existence of Zirconium (234,855.74 ppm), and the following rare earths: Scandium (49.99 ppm); Yttrium (568.74 ppm); Lanthanum (1,119.88 ppm); Cerium (2,521.34 ppm); Praseodymi (635.93 ppm); Samarium (279.97 ppm); Europium (30.72 ppm); Gadolinium (182.86 ppm); Terbium (167.10 ppm); Holmium (60.47 ppm); Erbium (254.37 ppm); Thulium (86.31 ppm); Ytterbium (268.77 ppm); Neodymium (964.70 ppm); Dysprosium (196.54 ppm); Lutetium (24.08 ppm).

The corporate ventures of Mr. Alberto DoCouto, through his companies, hold a controlling interest in Vista Continental Corporation. The combined mineral deposits of Mr. DoCouto's companies and Vista Continental Corporation comprise approximately 225 kilometers totaling 36 claims in a certain region of South America. Vista owns nine claims outright and is in negotiations for 27 more with Mr. DoCouto's companies. However, there are no guarantees that Vista will be successful in additional acquisitions. Nevertheless, Vista's nine claims --consisting of approximately 48 kilometers -- are an asset containing approximately 655,000,000 cubic meters of auriferous gravel. Harvesting the rare earths, zirconium and gold at 12,000 cubic meters per day represents an estimated mine life of more than 150 years.

Vista Continental Corporation has already invested approximately $3,300,000 and Mr. DoCouto's companies have already invested approximately $3,700,000, a total of roughly $7,000,000 spent toward operational preparations of a secured camp on 25 acres complete with heavy equipment, loaders, wash plant and dredge. According to Acres International in a 6 February 2002 independent Scoping Study Report contracted and paid for by Vista Continental Corporation, "A considerable amount of effort and capital expenditures has been spent to prepare the project for production ... It is Acres' opinion the plant as built is satisfactory and will perform to acceptable standards ... Acres considers it to be above industry standards for remote locations." Comprehensive international operations are expected to commence within six months, including a refinery on the island of Santa Maria in the Azores, which is part of the European community -- the details of which will be released under a separate announcement.

"We believe Vista is going to be a major player in the growing world market, capable of uninterrupted long-range delivery of rare earths, zirconium and zirconium oxides at competitive prices. We have no capitalized debt and can expect the capability to fund our operations for many years to come from the gold revenue alone. The depth of our resources, strategic advantages of our planned refining and delivery systems and our strong environmental impact policy will, we believe, build shareholder value over the long term as the demand for rare earths grows even stronger," said Vista Continental Corporation CEO and President Dr. Lawrence W. Nash.

STOCK TRANSACTION

In an earlier transaction, on 12 February 2001, Vista Continental Corporation conducted a private placement stock offering wherein 287,355 common shares were sold at $10.00 per share. Upon completion of the private placement offering on 11 February 2002, Vista Continental Corporation had 36,837,355 common shares issued and outstanding, of which 287,355 (representing .78% of the common stock) were sold through the private placement.

Shares of Century Labs Inc. closed today 13 June 2002 at $3.25 on the OTCBB.

Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, statements are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted projections. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the company's domestic and international operations, imprecision in estimating product reserves and the company's ability to replace and expand its holdings.

(c) 2002 by Vista Continental Corporation. All rights reserved.

 
 
 
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