March 02, 2009 11:34 ET
TORONTO, ONTARIO--(Marketwire - March 2, 2009) - Homeland Energy Group Ltd. (TSX:HEG) ('Homeland' or 'the Company') acknowledges a notice from Ravi Sood, President and COO of Lawrence Asset Management Inc. ("LAMI") on Wednesday February 25, 2009 indicating that he has the intention to replace the existing Homeland board of directors by requesting a shareholder meeting and launching a proxy solicitation. As of the date of notice, LAMI held 10.51% of Homeland's outstanding common shares.
To this point LAMI has offered no guidance on their expectations from Homeland or on their rationale for initiating this action. However, Homeland welcomes all positive suggestions and input from any shareholder that would improve the success of the Company and create value for all shareholders.
Homeland has until March 18, 2009 to respond to LAMI and will inform the market of its plans at or before that date.
Homeland Energy Group Ltd. (TSX:HEG) is a coal producer with operations in the Witbank area of South Africa. The company also has a large-scale development property in South Africa and exploration interests in Southern Africa. Homeland continues to seek out interests in additional coal projects in South Africa and neighbouring countries as well as in the United States. Homeland is a significant shareholder in Homeland Uranium Inc., a Canadian uranium exploration and development company focused on projects in Niger and the United States. Homeland also has an aggressive global acquisition strategy with a focus on energy resources. Homeland Energy Group Ltd. is currently traded on the Toronto Stock Exchange under the symbol "HEG" with 274,650,688 common shares issued and outstanding. www.homelandenergygroup.com.
Homeland Energy Group Ltd.Naomi NemethVice President, Investor Relations(416) 506-1979Email: firstname.lastname@example.orgHomeland Energy Group Ltd.Stephen CoatesPresident and Chief Executive Officer+44 207 399 4390Email: email@example.comWebsite: www.homelandenergygroup.com
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