Blue Power Energy Corporation

November 02, 2005 10:18 ET

Blue Power Energy Corporation Announces Debt Settlement Through Issuance of Shares and Appointment of New Officers and Directors

TORONTO, ONTARIO--(CCNMatthews - Nov. 2, 2005) - Blue Power Energy Corporation ("Blue Power") announces that on November 1, 2005 it settled substantially all of its outstanding liabilities as of September 1, 2005 (amounting to Cdn$171,119.13) through the issuance of an aggregate of 28,519,855 common shares. Such shares were issued to the following arm's length creditors of Blue Power: Elen Enterprises Inc. (which is beneficially owned by Viva Laurine Brewster), 347 Bay Street, Suite 700, Toronto, Ontario M5J 2T3 , Nominex Ltd. (which is beneficially owned by Neil Novak and Fabiola Novak), 347 Bay Street, Suite 700, Toronto, Ontario M5J 2T3 , Kalwea Financial Corp. (which is beneficially owned by Christopher Quint, Jonathon Quint, Timothy Quint and Eric Quint), Speerstrasse 25, CH-8942 Oberrieden, Switzerland, Allan Ringler Services Inc. (beneficially owned by Allan Ringler), 360 Bay Street, Suite 500, Toronto, Ontario M5H 2V6, George Duguay Services Inc. (beneficially owned by George Duguay), 360 Bay Street, Suite 500, Toronto, Ontario M5H 2V6, Jim Voisin, 347 Bay Street, Suite 700, Toronto, Ontario M5J 2T3 and Peter Miller, Barnstable House, Devenish Road, Sunningdale, England SL5 9PE. Each of the foregoing persons acquired 4,074,265 common shares of Blue Power in settlement of Cdn$24,445.59 owed by Blue Power to each such person. representing approximately 12.60% of the issued and outstanding common shares of Blue Power after completion of the debt settlement. None of such persons owned any common shares of Blue Power prior to the transaction or are acting jointly or in concert with each other or any third parties. Each of such persons acquired the common shares for investment purposes and may, from time to time, acquire additional securities of Blue Power, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.

Following this transaction, the Board of Directors of Blue Power was reconstituted through the resignation of Lawrence Harding and the appointment of Jim Voisin, Neil Novak and Maurice Stekel. Gordon Wilton and Gerald Iscove are continuing as directors. As well, Messrs. Voisin and Gordon Wilton were appointed President and Secretary of Blue Power, respectively. The new management of Blue Power will be actively seeking opportunities in the mineral resource business and will be seeking to obtain equity financing to fund Blue Power's reactivation and new business strategy.

For further information or for a copy of the reports filed by each of the above-noted persons with the various securities commissions respecting the above acquisitions of common shares of Blue Power, please contact:

Jim Voisin, President

Contact Information

  • Blue Power Energy Corporation
    Jim Voisin
    President
    (519) 699-5352