/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
CALGARY, April 23 /CNW/ - Poplar Point Energy Inc. (the "Corporation") is
pleased to announce that, as a result of its strategic process and as
recommended by the Independent Committee of the Board, it has agreed to sell
its non-producing, non-core property located in the Willesden Green North area
of Alberta (the "Non-Core Property") to Guildhall Minerals Inc. ("Guildhall",
NEX:GDM.H) of Vancouver, British Columbia for a purchase price of $1,500,000
and the assumption by Guildhall of certain general and administrative expenses
of the Corporation. The Non-Core Property has only "Probable Additional" and
no "Proven" reserves assigned to it according to NI 51-101 reporting
standards. Closing is conditional upon Guildhall receiving transactional
approval from the TSX Venture Exchange. The agreement was entered into
following extensive marketing efforts undertaken by the Independent Committee
of the Board with respect to the Non-Core Assets.
In addition to sale of Non-Core Assets, the independent committee has,
through negotiations with executive management and streamlining of contract
staff, reduced the Corporation's yearly staff contract and employment
obligations by over 60%, without incurring severance obligations.
Mr. Ian Hogg, Chairman of the Board and the Independent Committee, said,
"We are very pleased in these difficult economic times with the results of the
efforts of the board of directors and management of Poplar Point on behalf of
the shareholders in placing the Corporation back on sound financial footing.
We believe, due to these necessary measures, that Poplar Point is now on a
healthy platform for the future."
This release includes forward looking statements, which are based on
certain assumptions and reflects management's current expectations. These
forward looking statements are subject to a number of risks and uncertainties
that could cause actual results or events to differ materially from current
expectations. Some of these factors include: general global economic
conditions; general industry and market conditions and growth rates;
uncertainty as to whether our strategies and business plans will yield the
expected benefits; increasing competition; availability and cost of capital;
the ability to identify and develop and achieve commercial success for new
products and technologies; the level of expenditures necessary to maintain and
improve the quality of products and services; changes in technology; changes
in laws and regulations, includes codes and standards, intellectual property
rights, and tax matters; the uncertainty of the emerging hydrogen economy;
including the hydrogen economy moving at a pace not anticipated; our ability
to secure and maintain strategic relationships and distribution agreements.
The Company disclaims any intention or obligation to update or revise any
forward looking statements, whether as a result of new information, future
events or otherwise.
For further information:
For further information: Brad Nichol, President & Chief Executive
Officer of the Corporation, at (403) 532-2411