Canfe Ventures Ltd.

November 11, 2008 16:00 ET

Canfe Ventures Reports Termination of Agreement in Principle to Acquire Dinan Engineering

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 11, 2008) - Canfe Ventures Ltd. (TSX VENTURE:FEY.P) reports that as a result of market conditions, the parties have been unable to complete a definitive agreement and will therefore not be proceeding with the acquisition by Canfe of Dinan Engineering, Inc. on the terms described in the letter agreement announced in Canfe's news release of August 29, 2008. Trading in Canfe's shares is expected to resume following the dissemination of this news release. Canfe plans to continue discussions with Dinan and its shareholders to see if the parties can establish new terms for Canfe's acquisition of Dinan. If the parties are able to negotiate a new agreement, an announcement will be made detailing the terms of the transaction. However, no assurance can be given that a new agreement will be reached.

Canfe also reports that it has been named in a lawsuit claiming a fee allegedly owed by Dinan Engineering, Inc. Canfe has not yet been served but intends to defend itself if it is served.

On behalf of Canfe Ventures Ltd.

Robert Bick, President & CEO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canfe Ventures Ltd.
    Robert Bick
    President & CEO
    (604) 688-9588