W 7 Acquisition Corp. Announces Termination of Proposed Qualifying Transaction

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TSX VENTURE EXCHANGE: WSV.P

TORONTO, June 11, 2012 /CNW/ - Further to the press release dated April 20, 2012, W 7 Acquisition Corp. ("W 7") announces that W 7 and Amber Petroleum plc ("Amber") have mutually agreed to terminate the previously announced letter of intent between W 7 and Amber dated April 18, 2012, and as a result W 7's proposed qualifying transaction with Amber has been terminated.

W 7 did not advance any funds to Amber in connection with the proposed qualifying transaction with Amber.

W 7 will continue to pursue and evaluate other businesses and assets with a view to completing a qualifying transaction and will make further announcements with respect to these efforts as soon as practically possible. W 7 cannot offer any assurances that a qualifying transaction will be completed.

The common shares of W 7 are expected to resume trading on the TSX Venture Exchange on June 12, 2012.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.

Investors are cautioned that trading in the securities of a CPC should be considered highly speculative.

Notice on forward-looking statements:

This release includes forward-looking statements regarding W 7, Amber, and their respective businesses, which may include, but are not limited to, statements with respect to the resumption of trading of the W 7 common shares on the TSX Venture Exchange and other factors. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity. The forward-looking events and circumstances discussed in this release, including the resumption of trading of W 7's common shares on the TSX Venture Exchange, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the companies, including economic factors and the equity markets generally. Although W 7 and Amber have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and W 7 and Amber undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. 

W 7 is a CPC governed by the policies of the TSX Venture Exchange. W 7's principal business is the identification and evaluation of assets or businesses with a view to completing a qualifying transaction.

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.

SOURCE W 7 ACQUISITION CORP.

For further information:

Ronald D. Schmeichel, CEO of W 7 Acquisition Corp. at 416-972-6294.

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W 7 ACQUISITION CORP.

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