Ceres Capital Corp.

November 13, 2008 17:56 ET

Ceres Receives Six Month Extension to Complete Qualifying Transaction

CALGARY, ALBERTA--(Marketwire - Nov. 13, 2008) - Ceres Capital Corp. (the "Corporation" or "Ceres") (TSX VENTURE:SRS.P), a capital pool company, is pleased to announce that it has received a three month extension from the TSX Venture Exchange ("TSXV") to complete its Qualifying Transaction. As such, the deadline for Ceres to complete a Qualifying Transaction has been extended from November 27, 2008 to February 27, 2009.

As previously announced on September 29, 2008, Ceres has entered into a letter of intent (the "LOI") with Reliable Energy Ltd., a private Alberta corporation, whereunder the parties have agreed to negotiate a definitive agreement relating to a proposed reverse takeover transaction (the "Transaction") pursuant to which Ceres will acquire all of the issued and outstanding securities of Reliable (the combined entity hereinafter referred to as the "Resulting Issuer"). The arm's length Transaction will constitute Ceres's "Qualifying Transaction" under the applicable policies of the TSXV. Ceres and Reliable remain committed to completing the Transaction and continue to work on finalizing the necessary documents to complete the Transaction.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Ceres Capital Corp.
    Bohdan Romaniuk
    President, Chief Executive Officer and Director
    (403) 813-8949