Panta Holdings B.V. - News Release

VANCOUVER, Oct. 14 /CNW/ - Panta Holdings B.V. ("Panta") announced today that it has acquired 56,180,821 additional common shares ("Common Shares") of Avcorp Industries Inc. (the "Company") in connection with the completion of the Company's previously announced rights offering made pursuant to a final short form prospectus filed with Canadian securities regulatory authorities on August 31, 2009 (the "Rights Offering").

Under the terms of the Rights Offering, holders of Common Shares at the close of business on September 10, 2009 (including Panta) were granted one right (a "Right") for each Common Share held, entitling holders thereof to subscribe for an aggregate of approximately 121,180,985 Common Shares at a subscription price of Cdn$0.06 per share. In connection with the Rights Offering, Panta agreed to purchase any Common Shares not otherwise subscribed for under the Rights Offering (the "Standby Commitment"). In consideration for the Standby Commitment, Panta received the right to purchase, at a price of Cdn$0.06 per share, additional Common Shares equal to 10% of the total number of Common Shares issuable under the Rights Offering to shareholders other than Panta (the "Standby Fee").

On October 8, 2009, upon the completion of the Rights Offering, Panta subscribed for 48,082,088 Common Shares pursuant to the exercise of its Rights. In addition, Panta purchased an additional 8,078,733 Common Shares pursuant to the Standby Fee, bringing the total number of additional Common Shares acquired by Panta in connection with the Rights Offering to 56,160,821. Because the Rights Offering was fully subscribed, no additional Common Shares were purchased by Panta pursuant to the Standby Commitment.

The Common Shares acquired by Panta in connection with the Rights Offering are in addition to the 16,157,465 Common Shares acquired by Panta in a private placement completed on July 21, 2009 at a purchase price of Cdn$0.15 per share. Following the completion of the Rights Offering, and after giving effect to the purchase by Panta of Common Shares pursuant to the Standby Fee, Panta owns 72,318,286 Common Shares, representing approximately 40.7% of the issued and outstanding Common Shares

Panta has acquired the Common Shares for investment purposes and may acquire additional securities of the Company in the future.

This news release is being issued pursuant to the requirements of Part 3 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the report to be filed by Panta in connection with the transactions described herein will be available on the Company's SEDAR profile at www.sedar.com, and can also be obtained by contacting Bilkis Sachedina-Jutha of McCarthy Tétrault LLP at (604) 643-5902.

SOURCE Panta Holdings B.V.

For further information: For further information: Panta Holdings B.V., Rendementsweg 2, 3641 SK Mijdrecht, P.O. Box 87, 3640, AB, Mijdrecht, The Netherlands, Tel. +31 297 256283

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Panta Holdings B.V.

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