New Global Ventures International Ltd.
TSX VENTURE : NNG

New Global Ventures International Ltd.

September 29, 2009 17:43 ET

New Global Ventures Annnounces Termination of Proposed Business Combination With Comanche Clean Energy Corporation

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2009) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Comanche Clean Energy Corporation ("Comanche") advised New Global Ventures International Ltd. ("New Global") (TSX VENTURE:NNG) today that it had elected not to proceed with the proposed business combination previously described in New Global's press release dated August 12, 2009.

New Global believes that, based on the letter of intent dated August 2, 2009 between New Global and Comanche, Comanche has no reasonable grounds to terminate the proposed business combination and is currently considering all available recourses against Comanche in connection with such termination. In addition, New Global is seeking reimbursement from Comanche for all costs and expenses incurred by New Global in connection with the proposed business combination.

New Global will immediately begin to seek out other opportunities to create value for its shareholders.

New Global has also requested from the TSX Venture Exchange that trading in its common shares resume as soon as possible.

ON BEHALF OF THE BOARD

Mark Lawson, President & CEO

Forward-Looking Statements

Certain information set forth in this press release, including management's assessment of future plans and operations, contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve or resource estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits will derive from them. New Global disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise

The securities described in this news release have not been registered under the United States Securities Act of 1933, as amended, (the "1933 Act") or state securities laws. Any holder of these securities, by purchasing such securities, agrees for the benefit of New Global that such securities may not be offered, sold, or otherwise transferred only (A) to the Corporation or its affiliates; (B) outside the United States in accordance with applicable state laws and either (1) Rule 144(as) under the 1933 Act or (2) Rule 144 under the 1933 Act, if applicable.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • New Global Ventures International Ltd.
    Mark Lawson
    President & CEO
    416-623-0565
    or
    New Global Ventures International Ltd.
    Jeremy Ross
    Corporate Development
    604-893-8838
    or
    New Global Ventures International Ltd.
    Tyler Ross
    Corporate Development
    604-893-8838
    604-662-3904 (FAX)