SOURCE: Genesis Advantage Inc.

October 26, 2006 19:11 ET

ICIG Genesis Energy Solutions Inc. Announces Termination of Reorganization Agreement With Genesis Advantage Inc.

PICKERING, ON -- (MARKET WIRE) -- October 26, 2006 -- ICIG Genesis Energy Solutions Inc. today announced that due to a failure on the part of Genesis Advantage Inc. to consummate the acquisition of ICIG Genesis Energy Solutions Inc., as previously announced on April 19, 2006, the transaction cannot be completed. The acquisition transaction could not be completed as a result of various breaches and irregularities under the reorganization agreement entered into by the parties on April 19, 2006. In connection with termination of the acquisition transaction, Daniel Lang has resigned as sole officer and director of Genesis Advantage Inc. effective as of October 24, 2006.

ICIG Genesis Energy Solutions Inc. will continue its business of providing leading corporate energy solutions under the leadership of Daniel Lang. "We are pleased to be able to turn our attention back to our business and expect to build the leading Canadian business for energy solutions, on the basis of our service, expertise and industry relationships," said Mr. Lang. Mr. Lang further stated, "We wish the best to management of Genesis Advantage Inc. and are disappointed that the contemplated transaction could not be completed."

Forward-Looking Statements: The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements to the future financial performance of Genesis Advantage Inc. Although ICIG Genesis Energy Solutions Inc. believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties.

Contact Information

  • For further information, please contact:

    R. Kligerman
    (416) 366-6217