Titan Employment Services Ltd.
CNQ : ESX

November 14, 2008 12:40 ET

Titan Employment Services Ltd. Announced Today the Approval by the Titan Shareholders of the Amalgamation of Titan with Adelaide Global Corp.

TORONTO, ONTARIO--(Marketwire - Nov. 14, 2008) - Titan Employment Services Ltd. ("Titan")(CNSX:ESX) announces shareholder approval of the amalgamation of Titan with Adelaide Global Corp. ("AGC"), a private Ontario corporation with more than 20,000 acres of oil and gas leases in southwestern Ontario. At the duly called Annual and Special Meeting of Shareholders held on November 11, 2008, in Toronto, Ontario, the Titan shareholders (with over 76% present in person or by proxy) unanimously approved the amalgamation of Titan with AGC to form "Essex Oil Ltd." The Management Proxy and Information Circular dated October 15, 2008 describing the Corporation, AGC and the terms of their amalgamation is available under the Titan's profile at www.sedar.com. It is the intention of the management of Titan to complete the amalgamation as described in the information circular.

Upon completion of the amalgamation of Titan and AGC, the resulting amalgamated corporation, "Essex Oil Ltd.", will have a share capital of 13,537,934 common shares issued and outstanding with Titan shareholders retaining 600,000 common shares and AGC shareholders receiving the balance of 12,937,934 common shares.

The board of Essex Oil Ltd. will consist of William Miertschin, Robert Wyllie, Miles Nagamatsu and Michael Opara and Howard Siegel after the resignations of James V. Rhyne and Robert Isles.

The Titan shareholders also approved Smith, Nixon LLP, chartered accountants, as auditors of the Company and authorized the adoption of a stock option plan.

The Essex oil and gas leases extend over 20,000 acres in southwestern Ontario, Canada within the Appalachian Basin and are subject to an exploration program.

This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.

The CNSX does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Titan Employment Services Ltd.
    Karen Evans
    President
    (620) 662-9093