SKANA Capital Corp.

SKANA Capital Corp.

December 07, 2007 09:00 ET

SKANA Capital Corp.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2007) - SKANA Capital Corp. (TSX VENTURE:SKN) ("SKANA"), is pleased to announce the appointment of two new directors.

Mr. Jamie Newall is a director of GPN Capital, his role being the provision of fund advice to EMSS Fund LP. Prior to setting up GPN Capital, Mr. Newall was a Director of BPL Global, an FSA authorised and regulated company. BPL Global specializes in trade credit and political risk with a particular focus on emerging markets; over 50% of its business is commodity/resource related. Mr. Newall was educated at Cambridge University and the Royal Military Academy at Sandhurst, and holds and Masters degree in Law.

Mr. Leo Berezan has established a successful career over the past thirty years in commercial real estate development and property management. He is an owner and manager of substantial real estate holdings, including industrial warehouses and office buildings in British Columbia and Texas. Mr. Berezan currently serves on the Board and Audit Committee of Rainy River Resources Ltd., a Canadian public company engaged in mineral exploration.

"We are extremely pleased to add such highly skilled and experienced executives to our Board, while at the same time further strengthening its independence," said Mr. Greg Clarkes, Chairman of the Board.

With these two new appointments Mr. Neil Halldorson and Mr. David Read will be stepping down from the Company's Board.

Mr. Neil Halldorson, president and chief executive officer, has also resigned from this position in order to concentrate on offering consulting services in the areas of corporate finance and corporate governance. As such, his services will continue to be available to SKANA. "Neil has contributed outstanding service to SKANA in steering the company through its growth and transformation from a dormant resource company into a recognized Investment Company carrying on business as a merchant bank. He has earned the great respect and profound thanks from Board for his work," said Mr. Clarkes. On the platform of sound governance and management created by Mr. Halldorson, SKANA is now positioned to utilize its capital resources to build its portfolio of investments under the guidance of the newly constituted Board.

"The Board also wishes to record its appreciation for the many services of retiring director David Read," said Mr. Clarkes.

Mr. Brian Tingle, who has been a member of SKANA's Board and its Audit Committee since July, 2006, will take the position of president and chief executive officer on an interim basis, effective immediately.

About SKANA Capital Corp.

SKANA is listed on the TSX Venture Exchange as an Investment Issuer and carries on business as a merchant bank. It makes strategic investments in oil and gas and other resource-based opportunities that it believes will offer excellent returns through its financial involvement and management expertise.

This news release contains certain statements that may be deemed "forward-looking statements". All statements, other than statements of historical fact, that address events or developments that SKANA expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although SKANA believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploration and production successes or failures, continued availability of capital and financing, inability to obtain required shareholder or regulatory approvals, and general economic market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of SKANA's management on the date the statements are made.

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

Contact Information

  • SKANA Capital Corp.
    Greg Clarkes
    Chairman of the Board
    (604) 669-4899