Everest Ventures Corp.
TSX VENTURE : EVE.P

November 11, 2008 17:31 ET

Everest Ventures Corp.: Update on Proposed Qualifying Transaction and Financial Information

CALGARY, ALBERTA--(Marketwire - Nov. 11, 2008) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES.

Everest Ventures Corp. ("Everest") (TSX VENTURE:EVE.P) is pleased to provide an update on its proposed Qualifying Transaction (as such term is defined in Policy 2.4 of the TSX Venture Exchange) with hyperWALLET Systems Inc. ("hyperWALLET"). Management of Everest and hyperWALLET are continuing to work diligently towards completing the initial submission to the TSX Venture Exchange in respect of the proposed Qualifying Transaction.

Trading in Everest Common Shares will remain halted until such time as the sponsorship exemption has been granted by the TSX Venture Exchange or such other time as may be determined by the TSX Venture Exchange.

Selected Financial Information of hyperWALLET

The following is a summary of the audited financial statements of hyperWALLET for the year ended March 31, 2008 and the unaudited financial statements for the three month period ended June 30, 2008. Readers are cautioned that this financial information has been provided to Everest by management of hyperWALLET and management of Everest has not verified the accuracy of this information.



Selection Information From Statements of Operations and Comprehensive
Income (Loss) and Deficit

------------------------------------------------------------------------
June 30, 2008 June 30, 2007 March 31, 2008
Unaudited interim Unaudited interim Audited
period ($) period ($) year end ($)
------------------------------------------------------------------------
Revenue 1,027,648 262,930 2,079,443
------------------------------------------------------------------------
Operating Expenses 887,850 439,153 2,306,592
------------------------------------------------------------------------
Net Income (loss) 41,536 (198,549) (429,758)
------------------------------------------------------------------------

Selected Information From Balance Sheets

------------------------------------------------------------------------
June 30, 2008 March 31, 2008
Unaudited interim period ($) Audited year end ($)
------------------------------------------------------------------------
Assets 5,111,256 3,970,355
------------------------------------------------------------------------
Liabilities 5,101,051 4,116,538
------------------------------------------------------------------------
Shareholders' Equity
(deficiency) 10,205 (146,183)
------------------------------------------------------------------------


READER ADVISORY

Investors are cautioned that, except as disclosed in the information circular or filing statement to be prepared in connection with the proposed Qualifying Transaction, any information released or received with respect to the proposed Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Statements in this press release may contain forward-looking information including, operating costs, administrative costs, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Everest. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date of this press release, and Everest does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

All information contained in this news release with respect to Everest and hyperWALLET was supplied by Everest and hyperWALLET, respectively, for inclusion herein, and Everest and its directors and officers have relied on hyperWALLET for any information concerning hyperWALLET.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.

Completion of the proposed Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance, and if applicable pursuant to Exchange Requirements and majority of the minority shareholder approval. Where applicable, the proposed Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the proposed Qualifying Transaction will be completed as proposed or at all.

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

Contact Information

  • Everest Ventures Corp.
    Darcy Krogh, President,
    Chief Executive Officer and Chief Financial Officer
    (604) 669-4180
    (604) 331-1508 (FAX)
    Website: www.sedar.com
    or
    hyperWALLET Systems Inc.
    Lisa Shields
    Chief Executive Officer
    (604) 482-0090
    (604) 482-0091 (FAX)