SOURCE: Savanna East Africa, Inc.

Savanna East Africa, Inc.

December 09, 2010 09:10 ET

(NVAE) Savanna East Africa, Inc. Plans Spinoff in First Quarter 2011

DALLAS, TX--(Marketwire - December 9, 2010) - Savanna East Africa, Inc. (PINKSHEETS: NVAE) (OTCQB: NVAE) today announced plans to spin off the Company's oil and gas operations in the first calendar quarter of 2011. Earlier this year, the Company announced executing an acquisition agreement to acquire a $1.4 million oil drilling asset to support the Company's plan to redevelop known oil reserves. More information on the planned spinoff is expected to be included in a previously announced corporate Webcast scheduled for tomorrow. The Webcast will also include more information on Savanna's first completed acquisition, the first of three acquisitions anticipated before year-end. The three acquisitions are expected to substantially contribute to the Company's $10 million in revenue anticipated in 2011. A link to the Webcast will be posted to the corporate website at and emailed to the corporate opt-in email database upon release.

The spinoff will contribute to increased focus on Savanna's business plan for Africa. Savanna is concentrated on developing a portfolio of potentially high growth companies concentrated on the East African market. Savanna has been organically developing technology and construction operations. Savanna has engaged technology projects in East Africa in partnership with other NewMarket Technology, Inc. (PINKSHEETS: NWMT) (OTCQB: NWMT) Greenfield Partners. Savanna and Greenfield Partner China Crescent Enterprises, Inc. (OTCBB: CCTR) recently announced a GPS-enabled radio communication sale in Kenya.

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About Savanna East Africa, Inc. (
Savanna East Africa, Inc. (PINKSHEETS: NVAE) (OTCQB: NVAE) launched an updated corporate strategy early this year to pursue several business lines in the growing economy of East Africa, initially in Kenya. Savanna has already begun several initiatives in the region to include initiatives in the Technology, Utility, Housing and Health products industries. The Company is also continuing to grow its existing oil and gas reclamation business with new management and business strategies. Savanna East Africa is a fully-reporting company with audited financial statements quoted on the new 'OTCQB.'

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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