EDMONTON, Oct. 28 /CNW/ - Sparta Capital Ltd. ("Sparta") (TSX-V: SAY), a
Master Sales Agent - Asia Pacific region, for the patented Hy-Drive Hydrogen
Generating System, announced today that it has successfully completed the sale
of its non-core investment in Drumlin Energy Corp., a privately held and
independently operated oil and gas production company, with headquarters in
Calgary, Alberta. Sparta received sales proceeds of approximately $440,000
generating a gain on sale of approximately $25,000. Sparta has no long-term
debt. The funds will be added to general working capital.
Sparta is a Master Sales Agent for the Hy-Drive System in the
Asia-Pacific region, a region with a population of more than ten times that of
North America. Sparta's master license applies to the many millions of diesel
engines employed on trucks, buses, industrial equipment and stand alone
This press release contains forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
When used herein, words such as "intend" and similar expressions are intended
to identify forward-looking statements. Forward-looking statements are based
on assumptions by and information available to Sparta and Hy-Drive ("the
companies"). Investors are cautioned that such forward-looking statements
involve risks and uncertainties. Important factors that could cause actual
results to differ materially from those expressed or implied by such
forward-looking statements include such risks and factors as are detailed from
time to time in the periodic reports filed by the companies with regulatory
authorities. Actual results may differ materially from those currently
anticipated. The companies have no intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
THE TSX VENTURE EXCHANGE INC. HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: related to Sparta, please contact: Ted
Rousseau, President, Sparta Capital Ltd., Telephone: (780) 489-8334, Fax:
(780) 487-4470, firstname.lastname@example.org; OR Ray Ludwig, Vice-President
Operations, Sparta Capital Ltd., Telephone: (403) 539-9146, Fax: (403)