Shannon International Inc.
OTC Bulletin Board : SHIR

Shannon International Inc.

October 24, 2006 14:06 ET

Shannon International Inc., Subsidiary, Logical Sequence Incorporated, Reduces Debt by Cdn$641,000 in Debt and Accrued Interest From Balance Sheet for Nil Consideration

HALIFAX, NOVA SCOTIA--(CCNMatthews - Oct. 24, 2006) - On October 23, 2006 GE Commercial Distribution Finance Canada has confirmed the release of Shannon International Inc. (OTCBB:SHIR) and Logical Sequence Incorporated from a recorded debt obligation being carried on the financial statements. The debt totaling CDN$641,000.00 and consisting of CDN$550,000.00 plus accrued interest was released by GE Commercial Distribution Finance Canada for nil consideration. Prior to this release, the debt obligation was continued to be recorded as a result of activities of a predecessor company.

The cancellation, which will subsequently be reflected on the Shannon International Inc. and Logical Sequence Incorporated consolidated financial statements, completes another successful step in the Shannon International Inc. cleanup efforts under new management.

ABOUT SHANNON

Shannon International Inc. strategically grows its business by finding, evaluating, and creating value. The company has established a significant interest in oil and gas permits in the central Maritime Basin on the East Coast of Canada, primarily onshore in the Province of Prince Edward Island. In addition to its resource assets, Shannon owns controlling interest in Logical Sequence Incorporated, Nova Scotia based developer of the LynXphere® line of management software for the retail automotive dealership market.

FORWARD LOOKING STATEMENTS

Except for the Historical Information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risk and uncertainties that may cause actual results to differ materially. These forward- looking statements speak only as of the date hereof and SHIR disclaims any intent or obligation to update the forward-looking statements.


Contact Information

  • Shannon International Inc.
    Bill Clements
    President
    (902) 481-7225 ext: 1002
    (902) 481-7224 (FAX)
    Email: bclements@shannon-intl.com
    or
    Shannon International Inc.
    Dennis Brovarone
    Secretary
    (303) 466-4092
    (303) 466-4826 (FAX)
    Email: dbrovarone@aol.com