JJR Capital Ventures Inc.

Pangloss International S.A.

July 05, 2005 20:23 ET

Pangloss International S.A. Announces Acquisition of JJR Capital Ventures Shares

NASSAU, BAHAMAS--(CCNMatthews - July 5, 2005) - Pangloss International S.A. ("Pangloss") announces that it has acquired 14,023,870 common shares of JJR Capital Ventures Inc. ("JJR") (TSX VENTURE:JJR.P) in connection with the amalgamation (the "Amalgamation") of 2074257 Ontario Inc. ("2074257 Ontario"), a wholly-owned subsidiary of JJR, and Tonbridge Power Corporation ("Tonbridge").

As a result of the Amalgamation, Pangloss holds 14,023,870 common shares of JJR or approximately 11.43% of the issued and outstanding JJR common shares.

Pangloss acquired the common shares of JJR on the basis of one JJR common share for each one Tonbridge common share held by Pangloss. The purpose of the transaction was to effect the amalgamation between 2074257 Ontario, a wholly-owned subsidiary of JJR, and Tonbridge, a company of which Pangloss was a shareholder. Subject to applicable securities law, Pangloss may depending on market and other conditions increase or decrease its beneficial ownership, control or direction over the JJR Shares through market transactions, private agreements or otherwise.

In addition, Pangloss, together with other shareholders of JJR, entered into an escrow agreement whereby the JJR Shares issued to Pangloss are subject to a three-year, time released escrow in accordance with the rules of the TSX Venture Exchange.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pangloss International S.A.
    Rosamund Roberts, Secretary
    New Moon, Bahamas
    (242) 324-1401