Candax Energy Inc.

Candax Energy Inc.

November 03, 2005 13:15 ET

Candax Retains Pro-Edge Consultants to Provide Investor Relations

TORONTO, ONTARIO--(CCNMatthews - Nov. 3, 2005) -

Not for distribution to United States newswire services or for dissemination in the United States.

Attention: Business Assignment and General Reporters and Editors

Candax Energy Inc. (TSX:CAX) is pleased to announce that it has chosen Pro-Edge Consultants Inc. (Pro-Edge) as its Investor Relations firm effective November 1, 2005. Pro-Edge, a Toronto-based IR firm that has been representing public companies in the oil & gas and energy sectors since 2001, will receive a fee from Candax of $5,000 per month during the initial 12 month term of the engagement. Pursuant to the commencement of the engagement of Pro-Edge by Candax, Candax has issued 50,000 options to Pro-Edge in accordance with Candax's share incentive plan. The options, each of which is exercisable to acquire one common share of Candax, expire on October 27, 2007. Assuming the ongoing engagement of Pro-Edge by Candax, an additional 30,000 options will be issued to Pro-Edge at the end of every full four month period for which Pro-Edge has been engaged. Such options are subject to approval by the Toronto Stock Exchange, will have an expiry date of two years and will vest over a 12 month period, with one-quarter of the options vesting at the end of each 4 month period. Fred Cowans and Tracy Weslosky, Managing Partners of Pro-Edge, have advised that at this time neither owns any securities of Candax.

John Clarke, Executive Vice President, Corporate and Director of Candax commented, "With a highly experienced management team in place, Candax is successfully using its relationships in the Middle East and North Africa to build an exciting portfolio of assets. With several deals under our belt, we are now at the stage where Candax requires professional investor relations services and we look forward to working closely with Pro-Edge."

Pro-Edge Managing Partner Tracy Weslosky also commented, "We are very impressed with Candax's depth of international experience and our team is looking forward to representing the Candax story to the investment community."

In other news, Candax is pleased to announce that Christopher Hopkins, Candax's Chief Financial Officer has recently been appointed to the Company's board of directors.

Candax Energy Inc. is an international energy company with its head office in Toronto, Ontario, Canada and management offices in London, Dubai and Tunis. The Company holds a number of concessions in Tunisia through its subsidiary companies and is involved in the exploration and production of oil, gas and power generation in the country. Candax was formed through the combination of a highly experienced executive management team with successful Canadian founders and financiers, to develop an international upstream oil and gas project portfolio. Candax is initially focusing its growth activities on production and development projects in the Middle East and North Africa, where the group has strong relationships as well as extensive management experience.

Certain statements in this News Release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.

Contact Information

  • Candax Energy Inc.
    John Clarke
    Executive Vice President, Corporate
    (416) 361-2824
    (416) 364-5400 (FAX)
    Pro-Edge Consultants Inc.
    Fred Cowans or Tracy Weslosky
    Managing Partners
    866-544-9622 or (416) 581-0177