XGEN Ventures Inc.

December 04, 2006 13:49 ET

XGEN Ventures Inc.: Acquiring Assets of Vision Hydrovacs

TORONTO, ONTARIO--(CCNMatthews - Dec. 4, 2006) - The Board of Directors of XGEN Ventures Inc. (the "Company") (NEX:XGN.H) is pleased to announce that, as part of its continuing efforts to identify appropriate business opportunities for which it may invest, the Company has now executed a Letter of Intent to acquire the assets of the company operating as Vision Hydrovacs (the "Vendor").

The Vendor has been successfully operating in Alberta for several years, in the field of oil patch and municipal services. With this acquisition, XGEN acquires extensive management and operating expertise in this field, coupled with a fleet of quality operating equipment and a loyal clientele.

The proposed transaction has been given conditional acceptance by the TSX Venture Exchange as of December 4, 2006. It is the intent of the Company to proceed with a definitive Purchase and Sale Agreement to acquire the Vendor's assets, and to effect a closing of the transaction on or before December 15, 2006.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including among other things, those which are discussed under the heads "Risk Factors" and elsewhere in documents that the Company files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend and does not assume any obligation, to update these forward-looking statements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

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

Contact Information

  • XGEN Ventures Inc.
    Rod J. MacKenzie
    Managing Director
    (403) 852-6767
    XGEN Ventures Inc.
    Dan Amadori
    (416) 644-4361