Savary Capital Corp.

September 11, 2008 15:10 ET

Savary Capital Corp. Announces Termination of Letter of Intent With Pan Asia Biofuels Corp.

EDMONTON, ALBERTA--(Marketwire - Sept. 11, 2008) - Savary Capital Corp. ("Savary") (TSX VENTURE:SCA.P) a capital pool company, announced on June 20, 2008 that it had entered into a letter of intent (the "LOI") with Pan Asia Biofuels Corp. ("Pan Asia"), a Vancouver-based private company involved in the biodiesel business focusing in Southeast Asia, to acquire all of the issued and outstanding shares of Pan Asia (the "Transaction").

Savary's board of directors have determined that certain conditions to closing were not satisfied and therefore it is not in the best interest of Savary to pursue the Transaction. On September 2, 2008, Savary gave written notice of termination of the LOI.

Savary's board of directors will continue to work to identify and complete a suitable transaction for Savary's qualifying transaction. Trading in the common shares of Savary is anticipated to recommence as at Monday, September 15, 2008.

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

Contact Information

  • Savary Capital Corp.
    Harvey Lalach
    President and Chief Executive Officer
    (250) 864-2740
    (250) 764-9701 (FAX)