Wedge Energy International Inc.

Wedge Energy International Inc.

February 01, 2007 17:35 ET

Announces Completion of Wedge/Alyattes Business Combination

ORLEANS, ONTARIO--(CCNMatthews - Feb. 1, 2007) - WEDGE ENERGY INTERNATIONAL INC. (formerly Alyattes Enterprises Inc.) (hereinafter "WEII" or the "Corporation") is pleased to announce the completion of its previously announced business combination with Wedge Energy Inc.

Effective January 31, 2007, the Corporation completed the consolidation of its outstanding shares on the basis of three new common shares in exchange for every four issued and outstanding shares and changed its name to "Wedge Energy International Inc.". The Corporation entered into an amalgamation agreement (the "Amalgamation Agreement") with 1272639 Alberta Ltd. ("Alyattes Sub") (a wholly-owned subsidiary of the Corporation) and Wedge Energy Inc. ("Wedge"). Pursuant to the Amalgamation Agreement, a "three-cornered" amalgamation (the "Amalgamation") was completed pursuant to the Business Corporations Act (Alberta) (the "ABCA") pursuant to which Alyattes Sub and Wedge were amalgamated to form a new corporation ("Amalco") and the Corporation issued an aggregate of 12,373,700 common shares to the former shareholders of Wedge, 2,200,500 common share purchase warrants to the former holders of Wedge warrants and 130,450 broker warrants of the Corporation to the former holders of Wedge broker warrants. There are now a total of 13,048,700 common shares in the capital of the Corporation issued and outstanding, together with a total of 2,200,500 common share purchase warrants and 130,450 broker warrants. The aforementioned warrants are exercisable at a price of $1.00, with 700,000 of such warrants being exercisable on or before August 31, 2008 and the remaining 1,000,000 being exercisable on or before October 1, 2008. The aforementioned broker warrants have exercise prices ranging from $0.50 to $1.00 and expiry dates ranging from April 1, 2007 to November 1, 2007.

Upon completion of the Amalgamation, each of the directors of Alyattes (Messrs. Ferry, Sheridan and Lewis) resigned. The board of directors of WEII is now comprised of Dr. Judith Lentin, Robin Dow, Dr. Peter Jones, William Work, Paul MacDonell, John Moreland, David N. Clark and Mohamed Messaoudi. The officers are: Dr. Judith Lentin, President and Chief Executive Officer; Robin Dow, Chairman; Peter Jones, Vice ".Titles"President, Exploration; William Work, Vice ".Titles"President, Land & Acquisitions; Susan McClinton, Chief Financial Officer; Randy Nelson, Vice ".Titles"President, Operations; and Scott Reeves, Corporate Secretary.

Contact Information

  • Wedge Energy International Inc.
    Dr. Judith K. Lentin
    President and Chief Executive Officer
    (403) 264-0173
    Wedge Energy International Inc.
    Robin B. Dow
    (613) 293-9601
    (613) 834-8166 (FAX)