Datinvest International Ltd.

August 31, 2007 13:01 ET

Datinvest International Ltd. RTO Update With 0770728 BC Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2007) -


DATINVEST INTERNATIONAL LTD. (NEX:DAI.H) ("DAI" or the "Company") and 0770728 BC Ltd. ("770") announce that 770 has received a notice from the vendor of the La Rosa project that it is terminating the La Rosa Memorandum of Understanding ("MOU") with 770. While 770 will not acquire this project, the Company and 770 will work together in completing the reverse take-over ("RTO") originally announced on May 10, 2007 on revised terms.

The Company entered into a Letter of Intent ("LOI") dated May 9, 2007 with 770 for the acquisition of all issued and outstanding shares of 770, an arm's length private British Columbia oil and gas company. 770 has a 33.333% interest in the Wanner prospect in North Dakota and had entered into the MOU to acquire the La Rosa project. This arm's length transaction together with other transactions contemplated within the LOI would have constituted a RTO for the Company.

With the termination of the acquisition of the La Rosa project, the proposed RTO is being renegotiated by the parties and an announcement with the revised terms will be made once the terms are finalized. 770 owns a 33.333% interest in the Wanner prospect and is looking at accelerating the exploration on this project. 770 is also evaluating other projects.

Due to the termination of the La Rosa MOU, the Company will not be proceeding with the previously announced $6.5 Million Private Placement as a large portion of those funds were to be used to purchase the La Rosa project, however the Company may proceed with a private placement on amended terms.

Jason Birmingham, President stated, "The Company is pleased to continue to work with 770 in closing the RTO, and facilitate the acquisition and funding of additional projects."

"We look forward to working closely with Datinvest and we can now focus on implementing an expanded exploration program on the Wanner prospect," added Morgan Tincher, President of 770.

On Behalf of the Board of Directors

Datinvest International Ltd.

Jason Birmingham, President & Secretary

Completion of the transaction is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the disclosure document to be prepared in accordance with the transaction, any information released or received with respect to the Transactions may not be accurate or complete and should not be relied upon. Trading in the securities of Datinvest International Ltd. should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Datinvest International Ltd.
    Jason Birmingham
    (604) 647-4176
    (604) 683-5317 (FAX)