FRANKFURT: AORLB8; OTCBB: ADENF
TORONTO, Aug. 23 /CNW/ - CNW ADIRA ENERGY LTD. (OTCBB: ADENF;
FRANKFURT: AORLB8). Adira Energy Ltd. ("Adira" or the "Company")
is pleased to announce that, in anticipation of listing on the TSX
Venture Exchange ("TSX-V"), the Company has made
various changes to its officers and the Company's board of directors
(the "Board") and has selected MSCM LLP ("MSCM")
as its independent auditor for the remaining 2010 fiscal year.
Daniel Bloch, previously the Company's Secretary, has been appointed to
the Board and Gadi Levin, newly appointed CFO of Israeli operations, has
been appointed Secretary. This brings the Company's Board to six
members, including the recently appointed Glen Perry. Colin Kinley,
previously Senior Vice President Operations, has been appointed
President and Chief Operating Officer of the Company and Glen Perry, has
been appointed Vice President.
The Company has strengthened its audit committee with the addition of
Daniel Bloch and Ilan Diamond, who joins current member, Dennis Bennie
and in addition has formed a Compensation Committee, which will be
comprised of Dennis Bennie, Daniel Bloch and Colin Kinley.
The Company feels these changes will strengthen its operations as well
as internal controls and decision-making process, as it prepares to list
on the TSX Venture Exchange, and has set out details task lists and
internal structure programs to implement these new procedures. Ilan
Diamond, CEO, stated: "As the Company evolves from its early
asset accumulation stage to managing and developing its oil and gas
blocks both in, and offshore Israel, the emphasis will be placed on
reinforcing its business infrastructure and technical foundation to
enable the Company to execute on all of its technical and financial
commitments. This aspect of the business will be co-managed by Colin
Kinley in his new role with Adira Energy as President and Chief
Operating Officer. We are confident that Colin, with a career in
managing exploration companies supported by Glen Perry, who brings many
years of specialised oil and gas experience to the team, a substantial
part of which has been in Israel, will position Adira Energy as one of
the leading oil and gas companies operating in the region. "
As the Company evolves, it has become necessary to appoint an audit firm
with international business experience, local presence in Israel,
combined with expertise in servicing TSX and TSX-V issuers, hence the
appointment of MSCM.
"The Company's audit committee believes that the selection of MSCM is
in the best interests of the Company and its shareholders at the present
time and we look forward to working with them," commented Alan
Rootenberg, Adira Energy's Chief Financial Officer. "Smythe
Ratcliffe LLP ("Smythe"), our audit firm since inception,
has made a significant contribution to the Company over the years and we
thank them for their services. We look forward to working with them
through the transition." The Company noted that the change in
auditors was not the result of any disagreement with Smythe. A copy of
the Company's notice of change of auditor is available at www.sedar.com.
MSCM LLP has been providing audit, accounting, tax planning and
management solutions to businesses in a broad range of industries
spanning from small privately held businesses to large public companies
for over 35 years. They service approximately 100 publicly listed
companies and are in the process of assisting others from around the
world become listed in Canada and/or the United States. Many of these
companies are in the resource sector. As a member of Moore Stephens
International Limited, one of the top 12 accounting firms worldwide (and
the 6th largest in Canada), MSCM has access to a large number
of industry specialists and an ability to service clients at an
international level including Israel where MSCM has an affiliate office
in Tel Aviv.
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, collectively covering an aggregate total of
approximately 350,000 acres. These licenses are located respectively
on-shore in the Hula Valley of Northern Israel, 10 km offshore between
Netanya and Ashdod, 17 km offshore between Hadera and Netanya and
adjacent to the coast between Ashkelon and Bat-Yam. In addition the
company has an agreement to farm in to 70% the Notera license adjacent
to the company's Eitan license.
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 href="http://www.sedar.com/">www.sedar.com
and href="http://www.sec.gov/">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.
SOURCE Adira Energy Ltd.
For further information: For further information:
Executive Vice President, Corporate Development
Adira Energy Ltd.
+1 416 250 1955
Chief Executive Officer
Adira Energy Ltd.
+ 972 50 991 8555