Sierra Coastal Partners Inc.

Sierra Coastal Partners Inc.

March 14, 2013 16:31 ET

Sierra Coastal Partners Inc. Signs Letter of Intent to Complete Share Exchange with Noor Energy Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2013) -


Sierra Coastal Partners Inc. ("Sierra Coastal"), a private company supporting the development of private consumer and merchant payment solutions and funding innovative technology in the payment processing industry, is pleased to announce that it has entered into a letter of intent (the "LOI") with Noor Energy Corporation ("Noor Energy"), a Vancouver, British Columbia based reporting issuer, to complete a share exchange on a 1:1 basis, with the result that Sierra Coastal will become a wholly owned subsidiary of Noor Energy at the closing of the transaction.

Pursuant to the LOI, Noor Energy will consolidate its common shares at the ratio of one post-consolidation share for every 10 issued and outstanding shares and enter into binding debt settlement agreements or other arrangements with each of its creditors in form acceptable to Sierra Coastal. The LOI also contemplates that upon the completion of the share exchange, the management of Sierra Coastal will become the management of Noor Energy, Noor Energy will change its name to "Data Cred International Inc." and Noor Energy will apply to list its common shares on the CNSX.

"We are very excited about the proposed transaction, which will immediately enhance our access to the Canadian and international capital markets in connection with our Latin American expansion. We expect the share exchange with Noor Energy to facilitate funding of our planned business expansion in credit card processing, merchant card services and rechargeable pre-paid debit card markets in Latin America and create significant shareholder value," said Jamie Hyland, the founding Chairman of Sierra Coastal.

The transaction is subject to certain requirements including standard due diligence; the execution of a definitive agreement; approval by the boards of both companies and various other customary conditions, including the approval of Sierra Coastal's shareholders. Accordingly, while the target completion date for the transaction is April 1, 2013, no assurances can be made that the transaction will be consummated or completed by such time.

About Sierra Coastal

Sierra Coastal is a private company leading the industry in supporting the development of payment solutions including credit card processing, merchant card services and reloadable prepaid debit card over a fully integrated system that includes mobile payments and general card issuance throughout Latin America.

To find out more about Sierra Coastal, visit the company's website at

On behalf of the board of directors of Sierra Coastal Partners Inc.

Patrick Dickey, Director

This press release may include forward-looking information within the meaning of Canadian securities legislation. The forward-looking information is based on certain key expectations and assumptions made by the management of Sierra Coastal. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the company cannot provide any assurance that it will prove to be correct. These forward-looking statements are made as of the date of this press release and the company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

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