SOURCE: Pallisades Petroleum

December 20, 2011 13:00 ET

Palisades Petroleum Corporation (PAPT: Pinksheets) Chairman Makusha Gozo Signs a Letter of Intent With Several Large Emerging Market Auto Parts Distributors and Networks

BALTIMORE, MD--(Marketwire - Dec 20, 2011) - Makusha Gozo, Chairman of Palisades Petroleum (PINKSHEETS: PAPT), is glad to announce that it has signed a Letter of Intent with a network of auto body repair shops and distributors in West Africa, Central America and China. These networks were developed through a proprietary strategy; by use of our staff; as well as outside consultants that are industry veterans. The intermediary entities that were used included both Durst Fund LLC, and individuals that had worked for the merged entities of Barclay Development and Shumba Inc. The economic significance of this development is that it will enable this division of Palisades Petroleum to more than double its income in these new markets within the next two fiscal quarters.

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