PBS Coals Corporation

Penfold Capital Acquisition Corporation
TSX VENTURE : PNA.P

September 17, 2008 17:40 ET

PBS Coals Corporation and Penfold Capital Acquisition Corporation Announce Filing of Filing Statement

TORONTO, ONTARIO--(Marketwire - Sept. 17, 2008) - PBS Coals Corporation and Penfold Capital Acquisition Corporation (TSX VENTURE:PNA.P) ("Penfold") announced today that the previously announced business combination (the "Business Combination") of PBS Coals Corporation and a wholly-owned subsidiary of Penfold by way of plan of arrangement is expected to be effective on September 24, 2008. Effectiveness of the plan of arrangement is subject to approval by the Supreme Court of British Columbia. A copy of the filing statement in respect of the Business Combination is available on www.sedar.com (under the profile of "Penfold Capital Acquisition Corporation").

The Toronto Stock Exchange has conditionally approved the listing of the common shares of PBS Coals Limited, subject to completion of the Business Combination and satisfaction of all conditions prescribed by the Toronto Stock Exchange. The listing conditions must be satisfied prior to the effectiveness of the Business Combination, but in any event prior to December 3, 2008.

Forward Looking Statements

Certain statements contained in this release constitute "forward-looking statements" and express views as to future events and circumstances relating to PBS and Penfold. Words such as "plans", "intends", "expects", "believes", "should" and similar expressions may identify forward-looking statements. Forward-looking statements are based on management's current expectations and assumptions and entail various risks and uncertainties. There is no assurance that any forward-looking statement will materialize. Actual results may differ materially from these expectations and forward-looking statements, if known and unknown risks or uncertainties affect PBS' business or Penfold's business, or if management's expectations or assumptions prove to be inaccurate. Factors that could cause actual results to differ materially from the forward-looking statements contained herein include, but are not limited to: the ability of PBS and Penfold to satisfy or complete the conditions of the Business Combination as required by the amended and restated business combination agreement dated August 22, 2008. Each of PBS and Penfold disclaims any obligation or intention to update or revise any forward-looking statement, whether the result of new information, future events or otherwise, except as otherwise required by applicable law. Additional information concerning risks and uncertainties affecting Penfold and PBS is contained in the company's filings with the Canadian securities regulatory authorities available on SEDAR at www.sedar.com.

Neither the Toronto Stock Exchange nor the TSX Venture Exchange Inc. has passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • PBS Coals Corporation
    Robert Scott
    President and Chief Executive Officer
    (814) 443-4668
    or
    PBS Coals Corporation
    Colin K. Benner
    Chairman of the Board
    (778) 990-1190
    or
    Penfold Capital Acquisition Corporation
    Gary M. Clifford
    President and Chief Executive Officer
    (416) 418-9802
    Email: gary@penfoldcapital.com