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ParaFin Corporation Signs Agreement to Buy 12.2 Million Metric Tons (90 Million Barrels) of Russian Export Blend Crude Oil ("REBCO")
PALM SPRINGS, CA, May 11, 2006 (MARKET WIRE via COMTEX) -- (OTC BB: PFNC): On May 8, 2006, ParaFin Corporation (the Company) and International Project Finance and Investment Corp. ("IPF"), f/b/o OY Coral Marine Management, Ltd., a company organized under the laws of Russian Federation ("OY Coral or "thePurchaser"), executed an "Oil and Share Purchase Agreement" whereby ParaFin agreed to buy 12.2 million metric tons (89,426,000 Bbls.) of Russian Export Blend Crude Oil ("REBCO") and the Purchaser agreed to buy 635,000 Series "A" Preferred shares of the Company * US$10,000 per share, US$6,350,000,000. Mr. A. F. Saez, Asset and Portfolio Manager, and a Consultant to ParaFin, negotiated the terms of the Agreement between ParaFin and the Purchaser that allows ParaFin to retain $5 per barrel, less selling costs, when the Oil is sold.
ParaFin will purchase 12.2 million metric tons (90 million Bbls.) of REBCO Crude Oil. ParaFin will immediately issue 536,000 Preferred shares identified by CUSIP # 69912M301 and ISIN # US69912M3016 consisting of a Series "A" 8% Convertible Redeemable Retractible Preferred Shares at $10,000 per share Par Value. Additional shares will be issued as additional Oil Contracts are received.
The Agreement allows the holder of the Preferred shares to convert up to US$1.5 billion par value of the Series "A" Preferred into 500,000,000 common shares of ParaFin. When issued, the 500,000,000 shares will have a share purchase warrant allowing the holder to purchase one additional share for each warrant held at US$5 per share.
In May 2006, Asset Manager Mr. Saez, Mr. Sidney Fowlds, CEO of ParaFin and Mr. Sukhanov, CEO of OY Coral plan to tour several production sites and meet several of the Joint-Venture Partners throughout the Russian Federation as a part of a business development and deployment strategy.
Various offers to purchase the REBCO Crude Oil have already been received by Mr. Saez, the Asset Manager, and are currently being assessed by him. The sale of the product is also expected to finalize upon confirmation of the delivery schedule.
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the company's Form 10-KSB filing and other filings with the United States Securities and Exchange Commission (available at www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
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