SOURCE: Parafin Corporation

September 12, 2007 09:00 ET

Laws of the District of Colombia, South America, Now Allow Private Sector Ownership of Oil Refineries; ParaFin Corporation Is Seeking Locations Which Would Be Suitable to Build a New Oil Refinery

PALM SPRINGS, CA--(Marketwire - September 12, 2007) - ParaFin Corporation (OTCBB: PFNO): the Board of Directors of ParaFin Corporation (ParaFin) announces that ParaFin Corporation is seeking locations to construct the first oil refinery built in the District of Colombia under the new ownership laws.

ParaFin is seeking to build a 50,000 to 100,000 barrel per day Refinery at an estimated cost of approximately US$600 to US$900 million.

During the past week, Sidney B. Fowlds, President of ParaFin Corporation, Francisco A. Saez, Asset Manager and Zuzanne Kanaty, Consultant, visited Bogota, Colombia to view prospective refinery sites and to review the laws associated with such a project.

The second purpose of the trip to Bogota by Fowlds, Saez and Kanaty was to participate in negotiations relative to the META Petroleum transaction currently under dispute resolution and settlement discussions. ParaFin remains firm that statements made by Meta against ParaFin will be withdrawn and that claims for restitution by ParaFin will be settled in favour of ParaFin.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Contact Information