Jomar Capital Corp.

January 19, 2011 22:10 ET

Jomar Capital Corp. and Online Energy Inc. Announce Conditional Approval of Qualifying Transaction

CALGARY, ALBERTA--(Marketwire - Jan. 19, 2011) -


Jomar Capital Corp. ("Jomar") (TSX VENTURE:JOE.P) and Online Energy Inc. ("Online") are pleased to announce that the TSX Venture Exchange (the "Exchange") has conditionally approved its previously announced business combination ("Business Combination") with Online as Jomar's qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the Exchange, as described in Jomar's press release of November 19, 2010. Final approval of the Qualifying Transaction by the Exchange is subject to Jomar fulfilling all of the requirements of the Exchange. In connection with the Qualifying Transaction, Jomar has now filed on SEDAR its filing statement (the "Filing Statement") dated January 18, 2011, which Filing Statement contains full disclosure regarding the Qualifying Transaction and the business and properties of Online. The Filing Statement is available under Jomar's profile on SEDAR at Trading in the common shares of Jomar on the Exchange is expected to resume on or about January 20, 2011. Jomar expects to close the proposed Qualifying Transaction on or about January 25, 2011. In addition, Online expects to close the previously announced acquisition of certain producing oil and gas assets in the greater Paddle River area of central Alberta and approximately 15,200 net acres of associated undeveloped land immediately prior to the completion of the Qualifying Transaction. On or before the closing of the Qualifying Transaction, Jomar intends to issue options to acquire up to 1,500,000 Common Shares to employees and consultants. Each grant of options will have a five year term, vest over three years (1/3 on each of the first, second and third anniversary of the grant date)and will be exercisable at a price of $0.08 per Common Share.

Completion of the proposed transaction is subject to a number of conditions, including but not limited to, final acceptance by the Exchange. There can be no assurance that the proposed transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon trading in the securities of Jomar should be considered highly speculative.

ADVISORY: Certain information in this press release constitutes forward-looking statements under applicable securities law. 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. Forward-looking statements in this press release include, but are not limited to, statements with respect to the closing or completion of the Qualifying Transaction. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas production, marketing and transportation; loss of markets; volatility of commodity prices; currency and interest rate fluctuations; imprecision of reserve estimates; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; inability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to income tax, environmental laws and regulatory matters. Readers are cautioned that the foregoing list of factors is not exhaustive.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. 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 Jomar 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.

The Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • Jomar Capital Corp.
    Theodore Rousseau
    (780) 489-8334
    Online Energy Inc.
    Steve Dabner
    (403) 510-0155