SOURCE: Parafin Corporation

March 18, 2010 09:00 ET

Private Equity Firm Executes Term Sheet to Commit for $6M Financing

RENO, NV--(Marketwire - March 18, 2010) -  ParaFin Corporation (PINKSHEETS: PFNO) -- The Directors of Parafin Corporation hereby announce that Parafin Corporation and a Private Equity Firm have both signed a Term Sheet whereby the Private Equity Firm, based out of Wilmington, DE, will commit to purchase up to $6M USD of shares of common stock of Parafin. The investor is a private equity firm that invests capital into companies in the emerging markets. They have invested in over 100 public and private companies in various sectors including oil and gas, communication, arts and entertainment, services and medical sectors.

Sid Fowlds, the CEO of Parafin, stated, "Once the final Agreements have been executed, Parafin plans to immediately begin the 3-D re-processing of all existing seismic data. Having this capital moves Parafin closer to our goal of drilling our first well by the end of summer this year. The remainder of proceeds will be used to meet working capital needs as the company prepares to drill."


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 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.

To be included in our company mail list for real-time news and updates, please e-Mail:

Contact Information