TORONTO, Jan. 12 /CNW/ - ADIRA ENERGY LTD. (TSXV: ADL; OTCBB: ADENF; FRANKFURT: AORLB8) Adira Energy Ltd. ("Adira" or the "Company") is pleased to announce the appointment of Eli Barkat and Yael Reznik
Cramer of the BRM Group Ltd. ("BRM") to the board of directors of the
Company (the "Board") by its existing directors, effective January 11,
2011, to hold office until the next annual meeting of the
shareholders. In accordance with these appointments the Board has been
increased from six members to eight.
The appointment takes place in accordance with the Company's existing
agreement with BRM described in the Company's press release dated
October 29, 2010.
The Company also announces that effective January 11, 2011 Mr. Gadi
Levin, the CFO of the Company's four Israeli operating subsidiaries,
has been appointed Chief Financial Officer of the Company. The
Company's current CFO, Mr. Alan Rootenberg, will continue to assist the
Company on a consulting basis.
Mr. Levin is a chartered accountant with many years of experience in the
public and private equity markets. His experience spans multiple
jurisdictions including South Africa, England and Israel. He has a
Bachelor of Commerce degree in Accounting and Information Systems, has
received his Chartered Accountant designation in South Africa and has
an MBA from Bar Ilan University in Israel. The Company believes this
change will help to streamline its multi-jurisdictional operations.
The Company also announces the granting of incentive stock options to
purchase an aggregate of 1,650,000 common shares of Adira to a number
of director and officer recipients. The stock option grants are all
subject to regulatory approval.
Terms of the options include an exercise price of $0.80 per common
share, a vesting schedule allowing for the vesting of 12.5% of the
options granted every six months with the initial amount vesting on the
date that is six months from the date hereof, resulting in the options
being fully vested on July 11, 2015. The options expire on January 11,
BRM Group is a privately-held holding company and invests in the hi-tech
industry and in the financial services focusing on Israel-related
companies. BRM seek out and invest in companies with truly
revolutionary potential that can become significant market players,
creating long term value and offer entrepreneurs knowledge, networking
and capital and a long term company-building focus. The chairman of
the group is Mr. Eli Barkat, Chairman and Co-founder of BRM, is a
recognized figure in the Israeli business community, with more than 20
years of entrepreneurial, investment and business management
BRM Group has a history of building success stories and has been
involved, either directly or via venture capital funds under its
control, in some noteworthy exits. These include Checkpoint (NASDAQ:
CHKP); Backweb (NASDAQ: BWEB); Passave (sold to PMC-Sierra); Oplus
Technologies (sold to Intel); Whale Communications (sold to Microsoft);
and Fraud Sciences (sold to eBay).
For more information, visit www.brm.com.
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, collectively covering an aggregate total of
approximately 350,000 acres. These licenses are located respectively
on-shore in the Hula Valley of Northern Israel, 10 km offshore between
Netanya and Ashdod, 17 km offshore between Hadera and Netanya and
adjacent to the coast between Ashqelon and Bat-Yam. In addition the
company has an agreement to farm in to 70% of the Notera license
adjacent to the company's Eitan license.
The Company has filed an independent technical report related to the
Eitan license on www.sedar.com. The report, prepared by Petrotech
Engineering Ltd. is entitled "Evaluation of the Interest of Adira
Energy Corp. in License No.356 EITAN in the Hula Valley, Israel", dated
June 1, 2009 and is supplemented by a letter dated October 8, 2009.
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 TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Adira Energy Ltd.
For further information:
Adira Energy Ltd.
Or visit the Company's profile at www.SEDAR.com.