Message #20 From:
NewsBot Date: November 2, 2006 05:00:00 AM
EEGC News Announcement from Empire Energy Corporation International (''Empire'' or the ''Company'') and Its Subsidiaries, Associates and Investments (the ''Group'')
LENEXA, Kan.--(BUSINESS WIRE)--Empire Energy Corporation International (Empire) (OTCBB:EEGC)
announces that our Registration Statement Form SB-2, which was filed on
the 18th of September 2006, was declared
effective by the Securities and Exchange Commission on the 29th
of September 2006. The document, which took six months to prepare,
details the current position of the businesses and investments of
Empire. During the period while awaiting the approval, Empire has been
embargoed from making any announcements. Copies of the filings can be
found on Edgar or the Company’s website whose
address is given below.
The Group has now established a new base from which to move forward.
Initiatives are underway to provide additional working capital to the
Company whilst its subsidiaries secure the finance for their own capital
investment programmes.
Zeehan Zinc Ltd, in which the Company has an 11 per cent interest
currently, owns significant zinc and lead ore mining concessions in
Tasmania. Advised by Libertas Capital Corporate Finance Limited, good
progress is being made toward a listing on the AIM market in the UK
before the end of 2006. Pursuant to the listing, the company intends to
raise up to AUD$18 million to provide the investment and working capital
necessary to bring the mine into full scale commercial production by the
second half of 2007. World prices for these metals are at or close to
record highs and with a newly appointed professional management team in
place, Zeehan Zinc is well placed to make a successful debut on the AIM
market.
Separate financing for Empire’s wholly owned
subsidiary Great South Land Minerals, Ltd, which has a 15,000 sq km
exploration license for oil and gas in Tasmania, will be organised in
the next few months to fund the drilling of several exploration wells.
The company has recently shot 150 kilometres of new seismic and, after
processing, the results appear highly promising. As a result, RPS Energy
of Perth, Australia has been appointed to prepare a Competent Persons
report on the prospects of the acreage as a prelude to the
funding-raising activity.
Pacific Rim Foods, Ltd, a 48 percent associate of Empire, operates two
canning factories in China. The company’s
leased farms had a good harvest and it now has a positive cash flow. The
strategy is to acquire or lease further canning factories and farms
under a plan for sustained organic growth. A separate listing in 2007 on
an appropriate stock market is being actively considered.
Empire’s interest in its Nano Key Ball Mill
technology is planned to be developed through an association with a
major industrial group who will be invited to assist with the
development, manufacture and marketing of commercially viable products.
A further announcement on the progress of the continuing discussions
will be made in due course.
Empire is also addressing the resolution of a number of corporate
finance issues with the objective of strengthening the balance sheet and
eliminating as much as possible the current intra-group and connected
persons indebtedness. Discussions are underway with relevant parties to
agree terms for resolving these liabilities. When successfully
accomplished this will be an important step in rationalising Empire’s
financial position and preparing the way for a new round of working
capital funding.
For and on Behalf of the Board
Malcolm Bendall President
Empire is traded on the OTCBB market in the USA under the symbol EEGC.OB.
This press release contains forward-looking statements based on our
current expectations about our company and our industry. You can
identify these forward-looking statements when you see us using the
words such as "expect," "anticipate," "estimate," "believes," "plans"
and other similar expressions. These forward-looking statements involve
risks and uncertainties. Our actual results could differ materially from
those anticipated in these forward-looking statements as a result of our
ability to complete required financings and other preconditions to the
completion of the transactions described herein and Empire's ability to
successfully acquire reserves and produce its resources among other
issues. We undertake no obligation to publicly update any
forward-looking statements for any reason, even if new information
becomes available or other events occur in the future. We caution you
not to place undue reliance on those statements.