TORONTO, April 15 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). Adira Energy Ltd. ("Adira" or the "Company") announced today that at its annual and special meeting of
shareholders held on April 14, 2011 (the "Meeting"), Mr. Sheldon Inwentash was elected to Adira's Board of Directors.
"We are pleased to welcome Mr. Inwentash, to Adira's board," stated
Dennis Bennie, Adira's Chairman. "This is a most significant addition
to our board. We believe Mr. Inwentash's wealth of experience and
expertise will be most beneficial to the future growth and development
About Mr. Sheldon Inwentash.
Sheldon Inwentash is Chairman and CEO of Pinetree Capital Ltd. and
responsible for creating the overall strategic vision and setting the
direction for Pinetree. Under his leadership, Pinetree has become a
diversified strategic investment, financial advisory and merchant
banking firm. Sheldon brings more than 25 years of experience in the
investment industry and a deep understanding of progressive investment
and financial management strategies. In addition to his role at
Pinetree, Sheldon is the Chairman and CEO of Mega Uranium and the
Chairman and CEO of Brownstone Energy, an energy-focused investment
company with direct interests in oil and gas properties in Israel and
around the world. Sheldon obtained his B. Comm. from the University of
Toronto and is a Chartered Accountant.
Mr. Inwentash joins the five returning directors: Dennis Bennie (Chair),
Alan Friedman (Executive Vice President), Yael Reznik-Cramer (Interim
CEO), Eli Barkat and Colin Kinley (President and Chief Operating
At the meeting Adira's shareholders also appointed Kost Forer Gabbay and
Kasierer, member firm of Ernst and Young Global, as the auditors of
Adira and approved an amended stock option plan for Adira, all as more
particularly disclosed in Adira's management information circular dated
March 15, 2011.
About Adira Energy Ltd.
Adira Energy Ltd. explores for oil and gas in and offshore Israel. It
has four petroleum exploration licenses; the Eitan, Gabriella, Yitzhak
and Samuel Licenses. These licenses are located respectively on-shore
in the Hula Valley of Northern Israel and, 10 km offshore between
Netanya and Ashdod, 17 km offshore between Hadera and Netanya and
adjacent to the coast between Ashkelon and Bat-Yam. The Company has an
agreement to farm in to 70% the Notera license adjacent to the Eitan
The Company has filed an independent technical report related to the
Eitan license on www.sedar.com. The report, prepared by Petrotech Engineering Ltd. is entitled
"Evaluation of the Interest of Adira Energy Corp. in License No.356
EITAN in the Hula Valley, Israel", dated June 1, 2009 and is
supplemented by a letter dated October 8, 2009.
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this press release,
other than statements of historical facts, including those that
announce proposed financings that the Company expects to complete, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance, and actual results or developments
may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from those
in forward-looking statements include the failure of investors who are
believed to have committed to the financings to complete them as a
result of general market conditions, adverse developments unique to
such investors, or otherwise. Accordingly, the actual amounts raised
may differ materially from those projected in the forward-looking
statements. For more information on the Company, investors should
review the Company's filings, available at www.sedar.com and www.sec.gov. This announcement does not constitute an offering of securities nor a
solicitation to purchase securities. An offer of securities will only
be made by subscription agreement and subject to applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Adira Energy Ltd.
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