AXEA Energy Inc.
TSX VENTURE : AXT.P

AXEA Energy Inc.

January 03, 2008 16:12 ET

AXEA Energy Inc. Announces Agreement in Principal with Agrimarine Industries Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 3, 2008) - AXEA Energy Inc. ("AXEA") (TSX VENTURE:AXT.P), a capital pool company as defined under Policy 2.4 of the TSX Venture Exchange (the "TSX-V"), is pleased to announce that it has entered into an agreement dated December 31, 2007, (the "Letter Agreement"), for the arm's length acquisition of 100% of the common shares of Agrimarine Industries Inc. ("Agrimarine"), a company incorporated under the laws of British Columbia. Pursuant to the terms of the Letter Agreement and subject to completion of satisfactory due diligence and receipt of all necessary regulatory and TSX-V approvals, the proposed acquisition of Agrimarine will qualify as AXEA's "Qualifying Transaction" as defined in TSX-V Policy 2.4. In connection with this proposed transaction, AXEA has provided Agrimarine with a cash advance of $25,000.

Agrimarine is a private company located in Campbell River, British Columbia which has developed the world's first marine based commercially scalable, environmentally sustainable, closed-containment fish farming technology. This technology, which can be readily implemented worldwide through joint venture partnerships and license agreements within the aquaculture industry, will support the emerging demand by retailers and food service outlets for ecologically and economically sustainable fresh fish.

Completion of the proposed transaction is subject to a number of conditions, including but not limited to, the execution by the parties of a definitive agreement pertaining to the transaction, TSX-V acceptance and, if applicable pursuant to TSX-V policies or applicable corporate and securities laws, shareholder approval. There can be no assurance that the proposed transaction will be completed as proposed or at all. In addition, sponsorship of the proposed transaction may be required in accordance with TSX-V policies, but has not yet been obtained.

Investors are cautioned that, except as disclosed in the publicly disseminated press releases of AXEA and the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon. Trading in the securities of AXEA, a capital pool company, should be considered highly speculative at this time based on the information contained herein.

Trading of the common shares of AXEA has been halted in connection with the dissemination of this press release, and will recommence at such time as the TSX-V may determine, having regard to the completion of certain requirements pursuant to TSX-V Policy 2.4. Further details of the proposed transaction, including the consideration to be paid, will follow in future press releases.

The TSX Venture Exchange has not passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release.

Contact Information

  • AXEA Energy Inc.
    Gil Schneider
    President, CEO, CFO and Secretary
    (604) 484-5761
    (604) 484-5760 (FAX)
    Email: axeaenergy@gmail.com