SOURCE: Nova Energy, Inc.

May 18, 2010 09:00 ET

(NVAE) Nova Energy Announces Savanna East Africa LTD LOI and Escrow Agreement on Purchase of Palm Healthcare International LTD

DALLAS, TX--(Marketwire - May 18, 2010) -  Nova Energy, Inc. (PINKSHEETS: NVAE) (OTCQB: NVAE) is pleased to announce the finalization of a letter of intent (LOI) and corresponding escrow agreement in the planned acquisition of Palm Healthcare International LTD by Savanna East Africa LTD. Earlier this year, Nova announced a business plan expansion into diversified industries in East Africa. Savanna East Africa LTD was formed to facilitate acquisition and business development in East Africa. Nova also has a robust pipeline of acquisition opportunities to support both its expanded business plan in East Africa as well as its oil reclamation strategy. 

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About Nova Energy, Inc. (www.novaei.com)
Nova Energy, Inc. has launched an updated corporate strategy to pursue several business lines in the growing economy of East Africa, initially in Kenya. Nova has already begun several initiatives in the region to include initiatives in the Technology, Utility, Housing and Health products industries.

"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements that involve risks and uncertainties. The statements in this release are forward-looking statements that are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results, events and performance could vary materially from those contemplated by these forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, product demand and market competition. You should independently investigate and fully understand all risks before making investment decisions.

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