Sudbury Capital Corporation
TSX VENTURE : SUD.P

August 24, 2007 16:00 ET

Sudbury Capital Corporation and Sea Dragon Energy Inc. Terminate Proposed Business Combination

TORONTO, ONTARIO--(Marketwire - Aug. 24, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Sudbury Capital Corporation ("Sudbury")(TSX VENTURE:SUD.P) and Sea Dragon Energy Inc. ("Sea Dragon") announced today that the companies have terminated the letter agreement dated October 16, 2006 which contemplated a proposed business combination between them which was to constitute Sudbury's qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSX Venture Exchange (the "Exchange").

Sudbury terminated the proposed transaction as a result of delays in completing the Qualifying Transaction caused by the resulting issuer not meeting the Exchange listing requirements, and as a result of which Sea Dragon decided to enter into an alternative business combination with a third party with existing oil and gas interests.

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Sudbury. These risks and uncertainties could cause actual results and Sudbury's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Sudbury assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

The Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this release.

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

Contact Information

  • Sudbury Capital Corporation
    Charles J. Lilly
    Director
    (705) 522-2400
    or
    Sea Dragon Energy Inc.
    David Thompson
    President
    (604) 608-8704