CALGARY, ALBERTA--(Marketwired - Feb. 20, 2014) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Petroforte International Ltd., ("Petroforte" or "the Company") (TSX VENTURE:PFI) is pleased to announce that it intends to complete the previously announced share consolidation and name change on Friday, February 21, 2014 (the "Effective Date").
The Company's issued and outstanding common shares will be consolidated on the basis of one (1) new common share of the Company for every six (6) existing common shares on the Effective Date (the "Consolidation"). The Consolidation received shareholder approval at the annual and special meeting of shareholders held December 17, 2013 (the "Shareholders' Meeting") and approval from the TSX Venture Exchange (the "TSXV") on February 19, 2014.
Both management and the board of directors believes that the Consolidation is in the best interests of the Corporation's shareholders and is necessary in order to provide the Corporation with a share capital structure that will better attract capital financing and enhance future growth opportunities. The implementation of the Consolidation will not affect the total shareholders' equity of Petroforte or any components of shareholders' equity as reflected on Petroforte's financial statements except: (i) to change the number of issued and outstanding common shares; and (ii) to change the stated capital of the common shares to reflect the Consolidation.
Name Change and New Ticker Symbol:
The Company's name will change from "Petroforte International Ltd." to "Canamax Energy Ltd." on the Effective Date (the "Name Change") and the Company will simultaneously begin using "CAC" as its new ticker symbol. The board of directors feels that the new name more accurately depicts the Corporation's focus on the Canadian energy sector. The Name Change received shareholder approval at the Shareholders' Meeting and approval from the TSXV on February 19, 2014.
Petroforte is a junior oil and gas company headquartered in Calgary, Alberta engaged in the exploration, development and production of hydrocarbons within Alberta and Saskatchewan.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. The use of the words "may", "believe", "could", "would", "might", or "will be taken", "occur" or "be achieved" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The forward-looking statements set forth in this news release are subject to various risks and other factors which could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company disclaims any intention or obligation to update or revise any of the forward-looking statements in this news release, whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.