Smart Ventures, Inc.'s (OTC.BB: SMVR) wholly owned subsidiary, Metal Assets, S.A., has signed a Memorandum of Understanding with OOO Surovikino Rolled Steel Works, a company formed under the laws of The Russian Federation. Pursuant to the agreement, Metal Assets will pay $3 million to Av-Stal for a 50% equity position in the operating company and a 100% interest in the patents, technical procedures and other intellectual property.
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Smart Ventures, Inc. is a start-up, exploration-stage company. The Company focuses on exploration, acquisition, development and production of mineral reserves. The Company seeks to establish and exploit commercially viable deposits of both base and precious metals. The Company had not generated or realized any revenues from its business operations as of December 31, 2008.
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