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CALGARY, April 9 /CNW/ - Unitech Energy Resources Inc. ("Unitech") (TSXV: URX) today announced that it has retained CHF Investor Relations (Cavalcanti Hume Funfer Inc.) of Toronto and Calgary, one of Canada's prominent IR firms to the resource sector, as Unitech's investor relations counsel.
CHF will provide investor relations and market-making activities for an initial period of twelve months ending March 31, 2008. Thereafter, cancellation by either party requires three months' written notice. CHF will be paid a monthly fee of $7,500 plus allowable disbursements. Additionally, subject to Board and regulatory approvals, CHF will be granted incentive stock options to acquire 300,000 common shares of Unitech at a price of $0.40 per share, all in accordance with the policies of the TSX Venture Exchange. A non-insider shareholder has provided 200,000 Unitech common shares to CHF in order to assist in market-making activities.
Mr. Steve Price, President, commented, "We have teamed up with CHF Investor Relations to support Unitech Energy's ambitious plans for this year to build shareholder awareness of our unique competitive advantage in oil and gas exploration. Unitech owns a proprietary digital well log database and analysis system that contains more than 360,000 wells within the Western Canadian Sedimentary Basin. This unique pattern recognition system is capable of performing regional scans (thousands of square miles, and 10's of thousand's of wells, per search) in a fraction of the time it would take to do manually. Using Leadscan, we are able to quickly locate leads to potential hydrocarbon prospects without the time and monetary costs normally associated with such large scale ability. Using this information, Unitech plans to pursue opportunities to grow its assets and revenues."
About CHF Investor Relations
CHF Investor Relations is a proactive, results-driven firm that offers premium IR service to an international portfolio of client companies operating in a broad range of industries including mining exploration and development, mineral producers, internet commerce and technology, high-tech, biotechnology, oil and gas and special situations. CHF provides comprehensive IR representation to the Canadian audience through their offices in Toronto and Calgary. For more information, please visit their website at www.chfir.com.
About Unitech Energy Resources Inc.
Unitech uses its proprietary image analysis and pattern recognition system, called Leadscan, for a 'first look advantage' that drives Unitech's exploration strategy. Please visit Unitech's website at www.leadscan.ca. Shares of Unitech are listed for trading on the TSX Venture Exchange under the symbol URX.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include but are not limited to risks inherent in the oil and gas industry, regulatory and economic risks, and risks associated with Unitech's ability to implement its business plan. Unitech undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed, and does not accept
responsibility for, the adequacy or accuracy of this release.