CaiTerra International Energy Corp.

TSX VENTURE : CTI


CaiTerra International Energy Corp.

October 22, 2012 09:00 ET

CaiTerra International Energy Corp.: Press Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2012) - CaiTerra International Energy Corp. (TSX VENTURE:CTI) ("CTI" or the "Company") announces today that Mr. David McMillan has resigned as a director of the Company. Company management would like to thank Mr. McMillan for his insight and contributions and wish him good luck in his future endeavors. To fill the vacancy left by Mr. McMillan, the board of directors announces that subject to regulatory approval, they have appointed Dr. PU, Xiang as an independent director of the Company to fill the vacancy created by Mr. McMillan. Dr. PU graduated from the Kun Ming College of Medicine in 1983 and from 1983 to 1992 served as the Chief of Surgery at the Yunnan People's Hospital. Mr. PU immigrated to Canada in 1999 and from 2001 to 2005, Dr. Pu served as the President of the Canada - Yunnan United Service Association and from 2005 to present, Dr. Pu served as the President of the Chinese Canadian United Community Services Association. From 2007 to present, he has also been a senior investment consultant to the Yunnan North American Investment Company.

Furthermore, the Company has appointed an existing independent director, Mr. Baoqiang Lu, as a member of the audit committee.

Management is also pleased to announce that it has entered into an agreement with Gale Capital Corporation to provide contracted investor and public relations functions. The contract, which is subject to TSX Venture approval, is for an initial trial period of 3 month and renewable with 30 day-notice. The terms of the contract require a payment of $10,000 per month and an option to acquire up 1,200,000 shares of capital stock of the Company at $0.20 per share.

ON BEHALF OF THE BOARD

Craig Robson, Chief Executive Officer

The TSX Venture Exchange nor its Regulation Services Provider has neither approved nor disapproved the contents of this press release.

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