/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Dec. 13 /CNW/ - NATION WIDE RE
SOURCES INC. (TSXV:NWR) (the
"Corporation"). The board of directors has determined that in light of
significant operating cost increases for oil based asphalt products and a
competitive labour market, the Corporation should immediately cease all
business operations and terminate all employees. The Corporation has attempted
to sell its refinery plants in Moose Jaw, Saskatchewan and in Edmonton,
Alberta. However, the Corporation has not received any offers for the sale of
its refinery plants.
Based on the significant changes in the market place and the related
operational challenges facing the Corporation, the limited liquidity for the
common shares of the Corporation and the fact that the Corporation's business
operations are significantly dependent on Marton F. Murphy, President and a
director who is 72 years old, the board of directors has decided to explore
all options with a view to enhancing shareholder value, including selling all
of the assets of the Corporation, distributing the net cash assets to
shareholders and completing a wind-up.
Any transaction determined by the board of directors to be in the best
interests of the shareholders will be completed in accordance with all
applicable corporate and securities law requirements and the policies of the
TSX Venture Exchange Inc. ("TSXV").
The current board of directors, Marton F. Murphy, Donald Getty and
M.D. Walker will continue to serve the Corporation until such time as a
proposed transaction has been completed. Once the board of directors has
completed a review of the various options available to the Corporation, a
further press release will be issued to update shareholders.
As the Corporation has ceased to carry on active business operations, the
Corporation has been advised by the TSXV that the common shares are scheduled
to be transferred to the NEX board on Monday, December 17, 2007 and will trade
under the symbol NWR.H
The TSX Venture Exchange Inc. does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Marton F. Murphy, President, Telephone: (403)