Venga Aerospace Systems Inc.

Venga Aerospace Systems Inc.

September 17, 2008 15:52 ET

Venga Sets Date for Its Annual General Shareholders Meeting

TORONTO, ONTARIO--(Marketwire - Sept. 17, 2008) - Venga Aerospace Systems Inc. (TSX VENTURE:VAV)(PINK SHEETS:VNGAF)(the "Company") announced today that its annual meeting of shareholders will be held on Monday, November 24, 2008, commencing 11:00 a.m., local Toronto time, at the Mississauga Convention Centre. Venga shareholders of record as of the close of business on October 15, 2008, will be entitled to vote at the meeting.

Venga also announced that as a result of the agreement of the unsecured creditors to cancel debts totaling $160,000.00 owed by the Company to these creditors, the agreements to issue capital stock of Venga to retire these debts, first announced in the Company's press release dated March 12, 2008, have now been cancelled.

The Company further announced that it has now discontinued discussions with Anchor Securities Limited of Toronto, Canada to extend the term sheet originally announced in the Company's press release of March 12, 2008. "We are now actively pursuing other opportunities to raise the necessary financing for Global Mineral Investments, LLC's proposed Liberian gold mining operations," stated Venga's President, Hirsh Kwinter. Venga currently holds a 4% equity interest in Global Mineral Investments, LLC ("GMI") and has an option, until September of 2009, of acquiring up to an additional 15% equity interest in GMI.

The Company also announced that the Ministry of Lands Mines and Energy of the Republic of Liberia (the "Ministry") had renewed the four Class B Gold Mining Licences that the Ministry had issued GMI in August of 2007 for an additional one year period.

Venga also announced that a team of technicians from the manufacturer of the specialized 3D printer / processor that was delivered earlier this year to the Company's new 3D joint venture (the "New JV") has now completed a one week visit to the New JV's Houston, Texas production facility as part of the manufacturer's obligation to install and make this advanced equipment operational. The New JV will continue to work with the manufacturer of the 3D printer / processor in a coordinated effort to make the equipment fully operational. Pending the New JV's 3D printer/processor becoming fully operational, the equipment's manufacturer has agreed to process and print all of the New JV's imaging orders.

This press release contains 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 certain risks and uncertainties that may cause the Company's results to differ materially from expectations and speak only as of the date hereof.

SHARES ISSUED: 228,271,893

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

Contact Information

  • Venga Aerospace Systems Inc.
    Hirsh Kwinter
    (514) 489-7175