Primeline Appoint CHF Investor Relations
Primeline Energy Holdings Inc. (“Primeline” or the “Company”), listed on the TSX Venture Exchange Inc. under the trading symbol “PEH”, announced today that the Company has appointed CHF Investor Relations (Cavalcanti Hume Funfer Inc., “CHF”) as its new investment relations counsel to provide corporate communications services to the Company.
Under the terms of the agreement between CHF and the Company, CHF will provide investor relations services for an initial period of twelve months ending October 31, 2008. Thereafter, cancellation by either party requires three months notice. CHF will be paid $6,000 per month in fees plus allowable disbursements. In addition, CHF will receive, subject to regulatory approval, an option to purchase 250,000 shares in the capital stock of the Company at an exercise price of $2.00 per share. These options, which comply with the requirements of TSX Venture Exchange Policy 3.4, will be subject to a quarterly vesting schedule over an eighteen-month period and will otherwise be in accordance with the Company’s Stock Option Plan.
In addition, it is intended that CHF and a substantial shareholder of the Company named Primeline International Holdings Inc. will shortly enter into an agreement whereby market-making services will commence on behalf of the Company for a monthly fee of $1,500. The market-making activity will be undertaken by CHF through a registered broker in compliance with the guidelines established by the TSX Venture Exchange Policy 3.4.
Prior to the grant of options described above, CHF had no interest, directly or indirectly, in Primeline or its securities.
CHF Investor Relations, through their offices in Toronto, Calgary, and São Paulo, is a proactive, results-driven firm that offers premium IR service to an international portfolio of client companies. Positioned as Canada’s leading IR firm for the resource sector, CHF Investor Relations operates in a broad range of industries including oil and gas, mining exploration and development, mineral producers, high-tech, communications, and special situations. www.chfir.com
In addition to the options awarded to CHF, the Company has also awarded options to some of its executive directors, management and consultants to purchase up to 625,000 shares in capital stock of the Company at an exercise price of $2.00 per share. These options were awarded following the annual review of options, the last review having been in November 2006, and will vest and will otherwise be in accordance with the Company’s Stock Option Plan.
About Primeline Energy Holdings Inc.
Primeline Energy Holdings is an exploration company focusing exclusively on China resources to become a major supplier of gas and oil to the East China market. Primeline has a 75%-interest in an offshore exploration area of 7,006 km2 in the East China Sea (Block 25/34). The Company has made a gas discovery within Block 25/34 and is currently evaluating the possible development of that discovery to supply natural gas to the rapidly expanding city of Wenzhou. It is also planning to drill further prospects identified by a recently completed 3D survey. Previously drilled wells in and around Block 25/34 encountered oil and gas shows and flows indicating that there may be significant hydrocarbon potential in the Block. Shares of the Company are listed for trading on the TSX Venture Exchange under the symbol PEH.
ON BEHALF OF PRIMELINE ENERGY HOLDINGS INC.
Signed “Ming Wang”
Chief Executive Officer
Contact:
PRIMELINE ENERGY HOLDINGS INC.
Dr. Ming Wang, CEO
Phone: +44 207.499.8888
Fax: +44 207.499.2288
Toll Free: 1.877.818.0688
Email: IR@pehi.com
CHF INVESTOR RELATIONS
Michael Borovec
Associate Account Manager
Phone: +1 416.868.1079 ext. 229
Fax: +1 416.868.6198
Email: michael@chfir.com
Cathy Hume
CEO
Phone: +1 416.868.1079 ext. 231
Fax: +1 416.868.6198
Email: cathy@chfir.com
Please visit the Company’s website at www.pehi.com. Should you wish to receive Company news via email, please email michael@chfir.com and specify “Primeline Energy” in the subject line.
Forward-Looking Statements
Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Primeline Energy Holdings Inc. It is uncertain if further exploration will result in discovery of economic resources on any of the properties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has neither reviewed nor approved and takes no responsibility for the contents of this release.