Panta Holdings B.V. - News Release

    VANCOUVER, July 15 /CNW/ - Panta Holdings B.V. ("Panta") announced today
that it has entered into an investment agreement (the "Investment Agreement")
with Avcorp Industries Inc. (the "Company") pursuant to which Panta has agreed
to purchase 16,157,465 common shares of the Company ("Common Shares") at a
price of Cdn$0.15 per share (the "Private Placement"). The closing of the
Private Placement, which is subject to customary conditions, is expected to
occur on or about Tuesday, July 21, 2009. Panta does not currently hold any
Common Shares or other securities of the Company. Following the completion of
the Private Placement, Panta will own approximately 33.3% of the issued and
outstanding Common Shares.
    The Common Shares to be purchased by Panta under the Private Placement
are being acquired for cash in a private transaction pursuant to the
"accredited investor" exemption from applicable prospectus and registration
requirements under Canadian securities laws. Panta is acquiring the Common
Shares for investment purposes and may acquire additional securities of the
Company in the future, including in connection with the Company's proposed
rights offering described below.
    Under the terms of the Investment Agreement, the Company has also agreed
to undertake a prospectus rights offering pursuant to which its shareholders
(including Panta) will, with respect to each Common Share held, receive the
right to subscribe for 2.5 additional Common Shares at a price of Cdn$0.06 per
share (the "Rights Offering"). In connection with the Rights Offering, Panta
has committed to purchase any Common Shares not otherwise subscribed for under
the Rights Offering (the "Standby Commitment"). In consideration for the
Standby Commitment, Panta will receive the right to purchase, at a price of
Cdn$0.06 per share, additional Common Shares equal to 10% of the total number
of Common Shares issuable under the Rights Offering to shareholders other than
Panta (the "Standby Fee").
    Assuming that Panta exercises in full both its basic subscription right
under the Rights Offering and its right to purchase additional Common Shares
under the Standby Fee, but that the Rights Offering is otherwise fully
subscribed so that Panta is not required to purchase any additional Common
Shares under the Standby Commitment, Panta would own approximately 36.4% of
the issued and outstanding Common Shares following the completion of the
Rights Offering. Alternatively, assuming that Panta purchases the maximum
number of Common Shares that it is obligated to purchase under the Standby
Commitment and exercises in full its right to purchase additional Common
Shares under the Standby Fee, Panta would own approximately 81.8% of the
issued and outstanding Common Shares following the completion of the Rights
Offering.

    This news release is being issued pursuant to the requirements of Part 3
of National Instrument 62-103 The Early Warning System and Related Take-Over
Bid and Insider Reporting Issues of the Canadian Securities Administrators. A
copy of the report to be filed by Panta in connection with the transactions
described herein will be available on the Company's SEDAR profile at
www.sedar.com, and can also be obtained by contacting Bilkis Sachedina-Jutha
of McCarthy Tétrault LLP at (604) 643-5902.

For further information: Panta Holdings B.V., Rendementsweg 2, 3641 SK
Mijdrecht, P.O. Box 87, 3640, AB Mijdrecht, The Netherlands, Tel. +31 297
256283