Oil Optimization Inc.
TSX VENTURE : OOI.P

July 06, 2010 17:30 ET

Oil Optimization Inc. Announces Transfer to NEX

CALGARY, ALBERTA--(Marketwire - July 6, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Oil Optimization Inc. (the "Corporation") (TSX VENTURE:OOI.P), a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange ("TSXV"), announced today that the trading of the common shares of the Corporation will be transferred to NEX effective the opening on July 7, 2010, where the Corporation will remain suspended until such time it files a submission with the TSXV requesting that the shares be reinstated to trading on NEX or pending the completion of a Qualifying Transaction (as that term is defined in TSXV Policy 2.4).

The Corporation received the required shareholder approval for the transfer of the trading of its common shares to NEX at an annual and special meeting of its shareholders held on June 30, 2010. In connection with the transfer to NEX, a total of 500,000 common shares of the Corporation, which constitute "seed shares" under Policy 2.4 of the TSXV, have been cancelled.

NEX is a separate board of the TSXV for companies previously listed on the TSXV which do not meet, among others things, the ongoing financial listing standards of those markets or other requirements such as the completion of a Qualifying Transaction within a certain period for a capital pool company. The Corporation was required to complete its Qualifying Transaction on or before June 30, 2010. NEX has been designed to provide a forum for the trading of companies which are undertaking transactions in furtherance of a reactivation to carry on an active business.

About the Corporation

The principal business of the Corporation is the identification and evaluation of properties, corporations, assets or businesses (or a combination thereof) with a view to acquisition thereof or participation therein for the purposes of completing a Qualifying Transaction.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Oil Optimization Inc.
    Paul Jones
    Chief Financial Officer
    (403) 303-4478
    (403) 303-4491 (FAX)