September 21, 2007 15:29 ET

Triple 8 Energy Ltd.: Change of Control

CALGARY, ALBERTA--(Marketwire - Sept. 21, 2007) - Triple 8 Energy Ltd. (the "Company"), which trades on the TSX Venture Exchange (TSX VENTURE:TEE), wishes to announce that effective September 20, 2007 five shareholders of the Company entered into a share purchase agreement with 1348041 Alberta Ltd. (the "Purchaser") which will acquire a total of 1,939,771 common shares (the "Sold Shares") of the Company at a purchase price of $0.35 per share. This transaction represents a change of control of the Company as the Sold Shares represent 58.96% of the Company's 3,289,751 issued and outstanding common shares. The Company has no outstanding warrants or options to purchase additional shares at this time. The five selling shareholders are Dickson P. Chow, the President of the Company, Michael Kamis, a director of the Company, Kayton Chow, a director of the Company, Sam Kamis and Chamonix Canada Ltd., a private company wholly owned by Michael Kamis. The transaction is conditional upon and subject to the approval of the TSX Venture Exchange.

Mr. Kayton Chow will resign as a director of the Company and Mr. Dmytro Lagur of Toronto, Ontario, the sole shareholder, director and officer of the Purchaser, will join the Company's Board of Directors. Dickson P. Chow will remain as the President, Chief Executive Officer and a director. Wendel C. Muhlbach will remain as the Secretary-Treasurer, Chief Financial Officer and a director of the Company and Michael Kamis will remain as a director. The Company will continue to be a junior oil and gas the company with holdings in Alberta and Saskatchewan.

No new shares of the Company will be issued pursuant to the proposed transaction. The proposed transaction constitutes an exempt takeover bid pursuant to section 161(1)(c) of the Securities Act (Alberta).

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

Contact Information

  • Triple 8 Energy Ltd.
    Dickson Chow
    (403) 269-3091
    (403) 261-0601 (FAX)
    Triple 8 Energy Ltd.
    306, 602 - 11 Avenue S. W.
    Calgary, Alberta T2R 1J8