Shannon International Inc.
OTC Bulletin Board : SHIR

Shannon International Inc.

February 24, 2005 16:45 ET

Shannon International Resources, Inc. Announces Completion of Purchase of Significant Prince Edward Island Permit Holdings


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SHANNON INTERNATIONAL RESOURCES INC.

OTC Bulletin Board SYMBOL: SHIR

FEBRUARY 24, 2005 - 16:45 ET

Shannon International Resources, Inc. Announces
Completion of Purchase of Significant Prince Edward
Island Permit Holdings

CALGARY, ALBERTA--(CCNMatthews - Feb. 24, 2005) - Blair Coady, Chairman
and Chief Executive Officer of Shannon International Resources, Inc.
(OTCBB:SHIR) ("Shannon" or "the Company") is pleased to announce that
Shannon has completed the Purchase of Prince Edward Island assets from
Rally Energy Corp. ("Rally").

Under the terms of the Purchase and Sale Agreement, Shannon now owns all
of Rally's working interests in approximately 376,000 gross acres of
Petroleum and Natural Gas Permits, including a 92% working interest in a
65,000 acre Permit in which Shannon had not previously held a working
interest. In addition to the Permits, Shannon has acquired Rally's
interests in all its PEI seismic, geomagnetic surveys and well bore
information, including a 92% working interest in a suspended gas well
which showed considerable potential on logs.

With the consolidation of these PNG Permits, Shannon intends to pursue a
strategy to maximize the potential of these assets. With the increased
industry interest that has recently developed in the project area, it is
expected that Shannon will be in a position to announce further
developments in the near future, including details of a dividend to
Shannon shareholders.

About Shannon

Shannon strategically grows its business by finding, evaluating, and
creating value within the technology sector. The company trades on the
NASD OTC Bulletin Board under the Stock Symbol "SHIR". Upon the
disposition of its various resource assets, Shannon will concentrate all
efforts on finding and adding value within the technology sector.

Shannon currently owns a 15% interest in a seismic database compression
software platform developed by Helical Systems Inc., and a 51% interest
of Logical Sequence Incorporated (LSI), a Canadian developer of
web-based dealership management software (LynXphere) for automotive
retail dealerships.

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 the Company disclaims any intent or obligation to
update the forward-looking statements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Shannon International Resources, Inc.
    Blair Coady
    (403) 538-3706
    (403) 538-0003
    Email: bcoady@shannon-intl.com
    or
    Shannon International Resources, Inc.
    Bill Clements
    (902) 444-4700
    (902) 468-3704
    Email: bclements@logicalsequence.com