NASSAU, BAHAMAS, May 6 /CNW/ - Renova Industries Ltd. ("Renova")
announced today that certain of its subsidiaries have entered into agreements
in respect of a reorganization involving the 91,072,277 common shares
("Shares") of Falcon Oil & Gas Ltd. ("Falcon") owned by Renova's subsidiary
Avelar Energy Ltd. ("Avelar"). These Shares represent 15.3% of the outstanding
Under the agreements, Avelar has contributed the Shares to Avelar's
subsidiary Avelar Exploration Egypt Ltd. ("Avelar Egypt"), which has agreed to
sell these Shares to Renova's subsidiary Soliter Holdings Corp ("Soliter").
The sale is expected to be completed by May 31, 2009.
After giving effect to the contribution noted above, Avelar Egypt owns
91,072,277 Shares, representing 15.3% of the outstanding Shares. After the
completion of the sale noted above, Soliter will own these Shares. None of
Renova, Avelar Egypt or Soliter currently owns any other securities of Falcon.
Renova's subsidiaries acquired the Shares for investment purposes. Renova
and its subsidiaries may acquire additional Shares or dispose of some or all
of the Shares currently held.
For further information:
For further information: Andrey Alekseevich Shtorkh, Renova Industries
Ltd., 2nd Terrace West, Centreville, P.O. Box N-7755, Nassau, Bahamas, +7