Business
PETROLIFERA PETROLEUM INITIATES REVIEW OF STRATEGIC ALTERNATIVES AND PROVIDES OPERATIONAL UPDATE
PETROLIFERA PETROLEUM INITIATES REVIEW OF STRATEGIC ALTERNATIVES AND PROVIDES OPERATIONAL UPDATE
About this update from Medexus Pharmaceuticals Inc.
[{"type":"text","content":"\n\n\n\n Sep. 7, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nCALGARY, Sept. 7 /CNW/ - Petrolifera Petroleum Limited ("Petrolifera" or the "company") (PDP - TSX) announced today that its Board of Directors has initiated a process to review Petrolifera's business plan and to identify, examine and consider a range of strategic alternatives available to the company for enhancing shareholder value. Among other things, this may include exploring potential asset divestments and joint ventures, a corporate sale or business combination, evaluation of financing and recapitalization opportunities or other alternatives to increase shareholder value. The Board of Directors determined that it was an appropriate time to assess strategic options following a thorough review of current operations, the exploration opportunities, contractual obligations and capital requirements to exploit the Company's lands in Argentina, Colombia and Peru and an evaluation of the Company's current financial position.\nThe process of reviewing strategic alternatives will be overseen by a Special Committee of three independent directors: K. Andrew Gustajtis, Gordon H. Johnston and Christopher J. Smith. Mr. Smith, who is also Chairman of the Audit Committee of the Petrolifera Board, will serve as Chair of the Special Committee. The Special Committee has a mandate to solicit, review and consider strategic alternatives and to consider and recommend to the Board of Directors whether any proposed transaction is in the best interests of the Company and its security holders. In connection with its mandate, the Special Committee is in the process of retaining RBC Capital Markets for the purpose of assisting the Special Committee in the performance of its mandate.\nNo decision on any particular alternative has been reached at this time and there can be no assurance that the process will result in a transaction or, if a transaction is entered into, as to its...