Pan Terra Industries Inc.
TSX VENTURE : PNT

Pan Terra Industries Inc.

December 22, 2006 10:56 ET

Pan Terra Receives Shareholder Approval to Sell All of Its Assets and List On NEX

CALGARY, ALBERTA--(CCNMatthews - Dec. 22, 2006) - Don Sandford, President of Pan Terra Industries Inc., (TSX VENTURE:PNT) ("Pan Terra" or the "Company") announced today that on December 15, 2006 shareholders approved the sale of substantially all of the operating assets of the Company as more specifically referred to in its press release issued on November 20, 2006 and its information circular dated November 16, 2006. A formal agreement between the Company and Trotter & Morton Ltd. was executed on December 20, 2006 and the transaction has closed pending final TSXV approval of the transaction.

Subsequent to final TSXV approval the Company will have no core assets and will cease to be a construction site preparation/excavating company. It is anticipated the Company's common shares will be transferred to the NEX Exchange in January 2007. The Company will remain on the NEX Exchange until the Company acquires new assets or businesses, which would result in the Company once again meeting the TSX Venture Exchange minimum listing requirements.

The Board of Directors have also been authorized at their discretion over the next 12 months to approve a consolidation of share capital of the Company on a one for two basis, and to change the name of the Company. The Company continues to be cash constrained and is taking measures to reduce its operating costs while it seeks new opportunities for the Company.

THE TSX VENTURE EXCHANGE HAS IN NO WAY PASSED ON THE MERITS OF THE TRANSACTION AND HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE.

Contact Information

  • Pan Terra Industries Inc.
    Don Sandford
    Chief Executive Officer
    (403) 251-9233
    (403) 251-9244 (FAX)
    Website: www.panterraindustries.com