SOURCE: Parafin Corporation

March 05, 2008 11:35 ET

ParaFin Corporation Corporate Update Announces the Final Stages of Negotiations to Hire President of "Smokeless Inc."

PALM SPRINGS, CA--(Marketwire - March 5, 2008) - The Board of Directors of ParaFin Corporation (PINKSHEETS: PFNO) today released a corporate update for all shareholders. ParaFin Corporation recently announced our exclusive Agreement with Rauchless Inc. for the North American distribution rights to the world's first "smokeless cigarette." We feel this acquisition is a "ground floor" opportunity and believe it will bring significant short and long term value to Parafin Corporation.

ParaFin is in the final stage of negotiations to hire a well known industry builder as President of "Smokeless Inc.," the wholly owned subsidiary that will be handling the distribution and sales of the highly innovative "smokeless" cigarette product. He has the experience necessary to spearhead ParaFin's smokeless cigarette venture. Parafin hired an investor and public relations firm late last month in order for us to better communicate with both the media and shareholders. The PR firm, JD Merlin & Associates, has conducted an informative interview with Rauchless Inc.'s Thomas Schropfer to explain the potential of their new innovative product. The interview can be heard at www.jdmerlinandassociates.com.

Recently Shareholders representing 76.5 percent of the issued common stock of the Corporation approved a resolution granting the Board the discretion to implement a reverse stock split. The Board of Directors have concluded that it would not be in the best interest of the Corporation to do a reverse stock split in view of the recent "smokeless" cigarette license Agreement. It is the opinion of Management that the Corporation will require a very large capitalization to assure investors that there will be liquidity in the trading of the shares of ParaFin.

Updating shareholders information on previous ventures; the Corporation could not obtain pipeline capacity to export oil from Russia and until a pipeline export permit is received, this transaction will be on hold. Negotiations are still ongoing in settlement talks regarding the Farmout Agreement in Colombia. The Exploration and Development Farmout Agreement for the approximately 6 million acre hydrocarbon concession in Paraguay is close to being financed. The design of the PCE ergonomic computer work station required more design changes that were made necessary after testing a proto-type manufactured in China. These design changes will be completed shortly.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

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