Energentia Resources Inc. completes acquisition of Lerida Bay Ltd.



    VANCOUVER, March 1 /CNW/ - ENERGENTIA RE

SOURCES INC. (formerly KPS Ventures Ltd.) (TSXV: KPS.H). Energentia Resources Inc. has completed its previously announced acquisition of all of the issued and outstanding shares of Lerida Bay Ltd. Lerida Bay has an interest in 18 applications for uranium concessions encompassing in excess of 62,000 hectares located in Colombia. In conjunction with the closing of the Lerida Bay acquisition, Energentia has received conditional approval for trading from the TSX Venture Exchange and will commence trading on Tier 2 of the TSX Venture Exchange on the issuance of a final bulletin by the TSX Venture Exchange. Energentia has also changed its name from KPS Ventures Ltd. It is anticipated that Energentia will commence trading under its new symbol "ENR" on or about Monday, March 5, 2007. In connection with the completion of the Lerida Bay acquisition, the gross proceeds of $19 million from the private placement of KPS Ventures subscription receipts, which was completed on February 14, 2007, have been released from escrow. Sprott Securities Inc. and GMP Securities L.P. acted as co-lead agents in respect of the offering. The net proceeds of the offering will be used to fund the further exploration and development of the company's uranium exploration properties, to repay Lerida Bay's outstanding bridge loans and for general corporate purposes. Each of the 38 million outstanding subscription receipts have been automatically exercised, without payment of additional consideration, into one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable to acquire one additional common share of the company at a price of $0.75 per share until February 14, 2009. The common shares and warrants issued upon exercise of the subscription receipts are subject to a statutory hold period which expires on June 15, 2007. Following the completion of the Lerida Bay acquisition and the exercise of the subscription receipts, the company has approximately 71.3 million common shares, 19 million common share purchase warrants and 0.8 million employee stock options outstanding. Pursuant to the policies of the TSX Venture Exchange, an aggregate of 20 million common shares of the company held by the former shareholders of Lerida Bay are subject to a TSX Venture Exchange Tier 2 value escrow agreement and will be released over a 36 month period. Following the completion of the Lerida Bay acquisition, Michael Beckett (Chairman), Jaime Perez, Jose Francisco Arata, Juan Manuel Pelaez, Augusto Lopez and Augusto Garcia became directors of the company. Juan Manuel Pelaez (President), Nelson Lee (Chief Financial Officer) and Peter Volk (General Counsel and Secretary) will be appointed as officers. Additional details regarding the Lerida Bay acquisition are available in the management information circular of KPS Ventures dated January 26, 2007 which was filed with the TSX Venture Exchange and is available on SEDAR at www.sedar.com. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements regarding the proposed use of proceeds from the offering. Actual developments may differ materially from those contemplated by these statements depending upon, among other things, the ability of the agent to raise the funds and decisions made by regulators. The forward looking statements contained in this press release represent the company's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date. Trading in the securities of the company should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

For further information:

For further information: Peter Volk, Secretary, at (416) 603-4653

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KPS VENTURES LTD.

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