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CALGARY, Alberta--(BUSINESS WIRE)--Feb. 24, 2005-- Blair Coady, Chairman and Chief Executive Officer of Shannon International Resources, Inc. (OTCBB:SHIR) ("Shannon" or "the Company") is pleased to announce that Shannon has completed the Purchase of Prince Edward Island assets from Rally Energy Corp. ("Rally").
Under the terms of the Purchase and Sale Agreement, Shannon now owns all of Rally's working interests in approximately 376,000 gross acres of Petroleum and Natural Gas Permits, including a 92% working interest in a 65,000 acre Permit in which Shannon had not previously held a working interest. In addition to the Permits, Shannon has acquired Rally's interests in all its PEI seismic, geomagnetic surveys and well bore information, including a 92% working interest in a suspended gas well which showed considerable potential on logs.
With the consolidation of these PNG Permits, Shannon intends to pursue a strategy to maximize the potential of these assets. With the increased industry interest that has recently developed in the project area, it is expected that Shannon will be in a position to announce further developments in the near future, including details of a dividend to Shannon shareholders.
About Shannon
Shannon strategically grows its business by finding, evaluating, and creating value within the technology sector. The company trades on the NASD OTC Bulletin Board under the Stock Symbol "SHIR". Upon the disposition of its various resource assets, Shannon will concentrate all efforts on finding and adding value within the technology sector.
Shannon currently owns a 15% interest in a seismic database compression software platform developed by Helical Systems Inc., and a 51% interest of Logical Sequence Incorporated (LSI), a Canadian developer of web-based dealership management software (LynXphere) for automotive retail dealerships.
FORWARD LOOKING STATEMENTS
Except for the Historical Information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risk and uncertainties that may cause actual results to differ materially. These forward- looking statements speak only as of the date hereof and the Company disclaims any intent or obligation to update the forward-looking statements.
Shannon International Resources Inc. (OTC Bulletin Board:SHIR)
KEYWORD: NORTH AMERICA NEW YORK UNITED STATES CANADA INDUSTRY KEYWORD: ENERGY OIL/GAS SOURCE: Shannon International Resources Inc.
CONTACT INFORMATION: Shannon International Resources, Inc. Blair Coady (403) 538-3706 (403) 538-0003 Email: bcoady@shannon-intl.com OR Shannon International Resources, Inc. Bill Clements (902) 444-4700 (902) 468-3704 Email: bclements@logicalsequence.com
-------------------- "IT'S NOT LUCK IT'S DAYTRADIN'"
"HERE'S MY 2 CENT'S, SEE IF YA CAN TURN IT INTO A BUCK" Posts: 5641 | From: Florida | Registered: Sep 2004
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This is one to watch in early am. Maybe a nice train ride up the hill to the pot of gold. LOL LOL
-------------------- We all live in a yellow submarine, a yellow submarine, a yellow submarine. We all live to make some money from stocks, make some money, make some money. LOL LOL LOL Posts: 370 | From: carson, ca. U.S.A. | Registered: May 2004
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