TSX Symbol "IXL"
CALGARY, June 22 /CNW/ - In accordance with the review of director
candidates described in the management information circular (the "Circular")
of Innova Exploration Ltd. ("Innova") dated June 1, 2007, Innova is pleased to
announce that its board of directors has approved the nomination of Mr. Boris
Jordan and Mr. Oliver R. Grace Jr. to be put forward for election as directors
of Innova at the Annual General and Special Meeting of the shareholders to be
held at the Calgary Petroleum Club (McMurray Room) at 3:00 pm on June 28,
2007. It is expected that Messers Jordan and Grace will be nominated from the
floor on the date of such meeting. The board of directors has also approved
the amendment of resolution number 4 of the Circular to read: "4. To fix the
number of directors to be elected at the Meeting at six (6)." Shareholders
should note that all proxies received that are voted in approval of the
directors specified in the Circular will be voted in approval of the
appointment of Boris Jordan and Oliver Grace. Additional information with
respect to Messers Jordan and Grace and their current shareholdings is set out
Boris A. Jordan Shareholdings 4,281,725 common
of Innova shares(1)(3)(5)
Mr. Jordan, 41, a U.S. citizen, is President and Chief Executive Officer
of the Sputnik Group Ltd. since October 1998 and President of Renaissance
Insurance Group since January 2007. From April 2001 until January 2003 he was
Chief Executive Officer of NTV (a Russian national television company).
The Sputnik Group is one of the leading private equity companies based in
Russia focusing on high growth and turn-around opportunities worldwide. It was
initially formed in 1998 by Boris Jordan, who previously had co-founded
Renaissance Capital, together with a core team of experienced professionals.
The Sputnik Group today comprises a Private Equity division focusing on
high growth and turn-around opportunities in Russia/CIS and worldwide and an
Advisory division providing discrete strategic advice to Russian clients and
international investors. The Sputnik Funds (under the Sputnik Group management
in 1998-2007) have been one of the largest pools of private equity funds ever
raised in Russia, with over US$1 billion of committed capital. With broad
experience in the financial services, media and natural resources, the Sputnik
Group seeks opportunities to add value as a shareholder. It typically seeks
control or joint control of companies so that it can provide guidance to the
overall strategic development of the business with their investments ranging
from US$20 million to several hundred million dollars. The Sputnik Group's
Advisory Division provides confidential advice on mergers and acquisitions,
special situations and other strategic transactions to Russia's largest
financial and industrial and medium size companies. In the last three years,
the advisory department successfully closed numerous transactions having a
total value of approximately US$2 billion.
He is a member of the Council on Foreign Relations, a U.S. based
organization that promotes an understanding of worldwide foreign policy
Oliver R. Grace, Jr Shareholdings 3,222,271 common
of Innova shares(2)(3)(4)
Mr. Grace, 53, a U.S. citizen, is a private investor and currently
Co-Chairman of Associated Asset Management Inc. He is a founder of Drake
Associates, L.P., a New York based hedge fund which has focused on banking,
energy, and telecommunications. Mr. Grace is currently a director of Moscow
CableCom, Inc., a NASDAQ listed Company. In the past he served as both
President and Chairman of Moscow CableCom, Inc.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
(1) Includes Common Shares owned directly and indirectly by Mr. Jordan,
as well as Common Shares over which control or direction is exercised
by him or by entities with which Mr. Jordan is affiliated.
(2) Includes Common Shares owned or controlled by Mr. Grace, as well as
Common Shares held by trusts for the benefit of Mr. Grace and members
of his family.
(3) The entities through which Messrs. Grace and Jordan own or exercise
control or direction over Common Shares and the entities which hold
Common Shares on their behalf or on behalf of their associates,
affiliates and certain members of their respective families may be
considered to act jointly or in concert with each other for purposes
of applicable securities legislation. None of the entities affiliated
with Oliver Grace or affiliated with Boris Jordan when considered
individually, directly owns in excess of 10% of the Common Shares.
(4) Until his term as a director ended on March 29, 2007, Mr. Grace was a
director of Take-Two Interactive Software, Inc. ("Take-Two"), a
corporation involved in the development and distribution of video and
computer games. Take-Two is listed on the NASDAQ stock exchange.
Trading in the shares of Take-Two was suspended from January 23, 2002
to February 14, 2002 following an investigation by the United States
Securities and Exchange Commission into Take-Two's accounting
practices. Trading in Take-Two's shares resumed on February 15, 2002.
(5) Mr. Jordan was previously on the board of directors of OJSC Sidanco
("Sidanco"), an unlisted Russian open joint stock corporation
involved in the oil and gas industry in 1997 - beginning 1999. In
January of 1999 the Arbitration Court of Moscow region initiated
bankruptcy proceedings against the corporation which were terminated
in January 2000 by the Court approving a settlement agreement among
the creditors of Sidanco.
For further information:
For further information: Kelly D. Kerr, Vice-President, Finance & CFO,
Innova Exploration Ltd., Telephone: (403) 699-8484