TORONTO, June 2, 2011 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL) (OTCBB: ADENF) (FRANKFURT: AORLB8). The Board of Adira Energy Ltd. ("Adira" or the "Company") is pleased to announce the appointment of Mr. Hezi Kugler as
permanent Chief Executive Officer, effective June 1, 2011.
Mr. Kugler's experience includes managing private business in the energy
space, practicing law as a senior partner; and Director General of
Israel's Ministry of National Infrastructures responsible for petroleum
exploration, and Israel energy policy among others.
"We are delighted to welcome Mr. Kugler as Chief Executive Officer of
Adira Energy," stated Dennis Bennie, Adira's Chairman. "He brings excellent synergistic capabilities and experience as the
leader of a strong management team. I am confident he will meet the
expectations of all our partners and stakeholders."
As incoming CEO of Adira Energy, Mr. Kugler commented: "I am confident of Adira Energy's positioning in the Israeli energy
sector. The Company is in the right place at the right time. It holds licenses for
exploration in promising oil and gas prospects with the potential for
expedited supply to Israel's burgeoning economy. The strong investor
profile and first-class professional team in Adira Energy makes it an exciting opportunity in the rapidly growing Israeli energy
About Mr. Hezi Kugler
Mr. Kugler served as Director General of Israel's Ministry of National
Infrastructures from 2006 to 2009 and since then has headed his own
company in various initiatives in Israel's energy sector, particularly
solar energy, and as a lecturer in the University Of Haifa School Of
Natural Resources and the Environment, on "Israeli Energy Policy".
The Ministry of National Infrastructures is responsible for planning and
developing national infrastructures in Israel's energy and water
sectors, with the goal of preparing them for the needs facing the
country in the coming years. The Ministry oversees the following
agencies, among others, The Fuel Authority; Natural Gas Authority; The
Israel Electric Corporation; and the Petroleum and Energy
Mr. Kugler was previously a senior partner in the Herzliya, Israel law
firm "Eitan Mehulal Pappo Kugler", a lecturer in the Tel-Aviv College
of Management, Economics Department on Securities Law, and has served
as a member of boards of directors for Israel-based subsidiaries of
major international and local Israeli companies. He holds a BA in
Political Science from Bar-Ilan University and an LLB from Tel-Aviv
As Director General of Israel's Ministry of National Infrastructures,
Mr. Kugler played a central role in devising Israeli policy on a
balanced "fuel basket" with a much higher emphasis on natural gas,
renewable energy, energy efficiency, and cleaner sources of
generation. He oversaw development of the natural gas system in
Israel, upgrading of Israel's electricity system, led initiatives on
the first major projects for solar energy plants in Israel,
streamlining of government procedures for land-allocation and related
statutory processes, revision of regulations so as to grant incentives
to investors, and close interaction with the financial sector for
funding of ventures. Mr. Kugler spearheaded funding initiatives in the
clean-tech industry for start-ups, fostered close cooperation between
the Israeli government and the US Department of Energy, and established
public-private partnerships in support of joint programs.
Mr Kugler was born in New York City, USA, and was raised and educated in
New York and Israel. He will continue to be based in Israel at the
Company's Tel Aviv office.
CEO Option Grants
As part of his compensation agreement Mr. Kugler will receive 2,276,218
incentive options under the stock option plan of the Company. Terms of
the options include an exercise price of $0.50 per common share, a
vesting schedule allowing for 12.5% of the options to vest within 6
months of the date hereof with an additional 12.5 vesting each
subsequent 6 month period until the options are fully vested on
December 1, 2015. The options expire on June 1, 2016.
The agreement with Mr. Kugler also provides for an acceleration of
vesting if the event of a change of control occurring in the Company.
About Adira Energy Ltd.
Adira Energy Ltd. explores for oil and gas in and offshore Israel. It
has four petroleum exploration licenses; the Eitan, Gabriella, Yitzhak
and Samuel Licenses. These licenses are located respectively on-shore
in the Hula Valley of Northern Israel and, 10 km offshore between
Netanya and Ashdod, 17 km offshore between Hadera and Netanya and
adjacent to the coast between Ashkelon and Bat-Yam.
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this press release,
other than statements of historical facts, including those that
announce proposed financings that the Company expects to complete, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially
from those in the forward-looking statements. Factors that could cause
actual results to differ materially from those in forward-looking
statements include the failure of investors who are believed to have
committed to the financings to complete them as a result of general
market conditions, adverse developments unique to such investors, or
otherwise. Accordingly, the actual amounts raised may differ materially
from those projected in the forward-looking statements. For more
information on the Company, investors should review the Company's
filings, available at www.sedar.com and www.sec.gov. This announcement does not constitute an offering of securities nor a
solicitation to purchase securities. An offer of securities will only
be made by subscription agreement and subject to applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Adira Energy Ltd.
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