Etrion Corporation

Etrion Corporation

February 24, 2010 08:45 ET

Etrion Announces Intention to Change TSX Listing Category

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2010) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX) confirmed today that the Toronto Stock Exchange ("TSX") is reviewing the Company's listing as a result of its recent change of business focus from oil and gas activities to renewable energy. The TSX review arose in connection with the Company's proposed application for a second listing on the NASDAQ OMX exchange in Sweden.

As a result of the previously announced acquisition of its solar power generation business in Europe, the Company is no longer considered by the TSX to be an oil and gas company and will have 90 days to demonstrate compliance with the TSX original listing requirements for an industrial issuer.

As announced on August 11, 2009, Etrion's predecessor company, PetroFalcon Corporation ("PetroFalcon"), acquired 90% of the outstanding shares of Solar Resources Holding, Sarl ("SRH"), a private company developing a pipeline of renewable energy power projects.

Pursuant to approvals given by the shareholders of the Company at its annual and special meeting of shareholders held on September 10, 2009, the Company changed its name from PetroFalcon to Etrion. The Company subsequently appointed Marco Northland as CEO and moved its operational base to Europe to seek additional opportunities in the renewable energy sector, while maintaining its existing oil and gas assets in Venezuela.

Marco Northland said, "The acquisition of SRH and the focus on the renewable energy sector diversifies the Company's business away from oil and gas activities in Venezuela. We are working with the TSX to confirm Etrion's listing category as soon as possible and to proceed with dual listing the Company in Stockholm this year."

About the Company

Etrion Corporation is a Canadian energy company based in Geneva, Switzerland and listed on the Toronto Stock Exchange (ticker symbol "ETX"). The Company is focused on building, owning and operating global electrical power plants based on renewable sources of energy, including solar photovoltaic, solar thermal and wind. Etrion continues to own oil and gas investments in Venezuela acquired by its predecessor, PetroFalcon Corporation.

The Company is owned 45% by Lundin Petroleum, a Swedish independent oil and gas
company traded on the NASDAQ OMX exchange (ticker symbol "LUPE"), and approximately 13% by the Lundin family through various trusts.

Forward-Looking Information:

This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company's listing on the TSX and possible listing on the NASDAQ OMX exchange) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, including, without limitation, that the Company may not satisfy the requirements of the TSX to maintain its listing and may decide not to proceed with a listing application to the NASDAQ OMX exchange. Even if the Company does apply, such application may not be successful.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Contact Information

  • Etrion Corporation
    +41 (22) 715 20 90
    +41 (22) 715 20 99 (FAX)