Parallel Resources Ltd.
TSX VENTURE : PAL

Parallel Resources Ltd.

December 16, 2009 16:30 ET

Parallel Name Change Approved

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 16, 2009) - Parallel Resources Ltd. (TSX VENTURE:PAL) is pleased to announce that pursuant to a special resolution passed by the shareholders on November 24, 2009, the Company has changed its name from Parallel Capital Corp. to Parallel Resources Ltd. There is no consolidation of its share capital and the stock symbol remains the same.

Effective the opening of business on December 17, 2009, the common shares of Parallel Resources Ltd. will commence trading on the TSX Venture Exchange, and the common shares of Parallel Capital Corp. will be delisted.

PARALLEL RESOURCES LTD.

David Thornley-Hall, President

WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Contact Information

  • Parallel Resources Ltd.
    David Thornley-Hall
    President
    (604) 921-1810
    (604) 921-1898 (FAX)