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PR FOR AFTER HOURS/THURSDAY 7/13
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[QUOTE]Originally posted by J_U_ICE: [QB] PFNC--.13--ParaFin Corporation Renegotiates Agreement to Buy 12.2 Million Metric Ton Allotment (90 Million Barrels) of Russian Export Blend Crude Oil ("REBCO") 7/13/2006 PALM SPRINGS, CA, Jul 13, 2006 (MARKET WIRE via COMTEX News Network) -- ParaFin Corporation (OTCBB: PFNC): On June 19th, 2006, and approved by the Board of Directors on July 12th, 2006, the Company and International Project Finance and Investment Corporation (Bahamas) on behalf of Oy Coral Marine Management LTD, the Purchaser, jointly agreed to terminate the Oil and Share Purchase Agreement executed on May 8th 2006. On June 20th, 2006, and approved by the Board of Directors on July 12th, 2006, ParaFin Corporation (the Company) signed an Agreement directly with OY Coral Marine Management, Ltd. a company organized under the laws of Finland ("OY Coral" (the Purchaser)). The Company executed an "Oil and Share Purchase Agreement" whereby ParaFin agreed to buy a 12.2 million metric ton (88,864,800 Bbls.) allotment of Russian Export Blend Crude Oil ("REBCO"). The Company will issue to the Purchaser 88,865 SERIES "A" REDEEMABLE, RETRACTABLE ON DEMAND,NON-VOTING, PREFERRED SHARES priced at US$70,000 per share (US$6.22 Billion). The Preferred Shares issued under the June 20th, 2006 Agreement pay no interest and do not have conversion features into common shares as were in the May 8th, 2006 Agreement. In consideration for dropping the 8% interest and the right to convert a portion of the Preferred into common stock, the Company will issue the Purchaser 500,000,000 bearer share purchase warrants. Each Warrant gives the holder the right to purchase one common share of the Company at $0.25 per share for a period of five years. The June 20th, 2006 Agreement calls for the Company to immediately issue 88,865 Series "A" Redeemable, Retractible, Non-Voting Preferred shares at US$70,000 per share, the issue price (US$6.22 Billion), identified by CUSIP # 69912M301 and ISIN # US69912M3016. Mr. A. F. Saez, Asset and Portfolio Manager, and a Consultant to ParaFin, negotiated the terms of the new Agreement between ParaFin and the Purchaser. The terms of the Agreement will allow Parafin to retract and/or redeem the Preferred shares at the price the REBCO was sold less $5 per barrel retained by the Company. The Company will pay some selling costs when the Oil is sold. Various offers to purchase the REBCO Crude Oil have already been received by Mr. Saez, the Asset and Portfolio Manager, and are currently being assessed. 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 [URL=http://www.sec.gov).]www.sec.gov).[/URL] 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. ParaFin Corporation Telephone: (877) 613-3131 Facsimile: (866) 613-3131 Internet Web Site: [URL=http://www.parafincorp.com]www.parafincorp.com[/URL] E-Mail: ceo*parafincorp.com SOURCE: ParaFin Corporation http://www.parafincorp.com mailto:ceo*parafincorp.com Copyright 2006 Market Wire, All rights reserved. [/QB][/QUOTE]
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