CALGARY, July 18 /CNW/ - Avery Resources Inc. (TSX: ARY) ("Avery" or "the Company") announces that at an Annual and Special Meeting (the "Meeting") of shareholders held on July 17, 2008, the Company received requisite approval for the name change of the Company to Bengal Energy Ltd. ("Bengal") and to consolidate its shares on a 5:1 basis. The name change better reflects the Company's broadened international oil and gas focus. This follows the Company's appointment of a new management team and purchase of Bengal Energy Inc. in February 2008. In addition the following directors were elected at the Meeting and will continue as directors of Bengal: Bradley G. Johnson, Chayan Chakrabarty, Richard Edgar, Judith Stripling, Ian J. Towers, James B. Howe and Ted Hanbury. Bengal wishes to thank R. Stephen Peacock for his contributions as a director of Avery. Avery is pleased to announce the addition of Ted Hanbury as a director of the Company. Mr. Hanbury is the Executive Vice President of Daylight Resources Trust, and is a professional engineer. He has extensive international experience, much of which occurred together with the current management team of Bengal. It is anticipated that the Company will trade on the TSX under Bengal Energy Ltd. and on a consolidated basis on or about Tuesday July 22, 2008 at which point the trading symbol will change from "ARY" to "BNG". The Company's website address will change from www.averyresources.com to www.bengalenergy.ca. Subsequently, the Company effected the name change and consolidation by filing the required documents with corporate registry.
Registered shareholders of the Company are required to deliver their existing common share certificates (the "Old Common Shares") to the Company's registrar and transfer agent, Valiant Trust Company ("Valiant"), who will exchange the Old Common Shares for new common share certificates of Bengal (the "New Common Shares") on the basis of five Old Common Shares for every one New Common Share. A Letter of Transmittal for the exchange of the shares will be sent to all registered shareholders of record. To receive New Common Shares, registered shareholders should follow the instructions set out in the Letter of Transmittal and send their Old Common Shares, together with the Letter of Transmittal, to Valiant. Valiant will then deliver, or hold for pick up, the New Common Shares to which each registered shareholder is entitled, in accordance with the instructions given in the Letter of Transmittal.
Beneficial shareholders (i.e. shareholders whose shares are held through a brokerage account) are requested to contact their brokers for necessary coordination of the distribution of the New Common Shares to which they are entitled.
About Bengal
Bengal is an international junior oil and gas exploration and production company based in Calgary, Alberta. The Company is committed to growing shareholder value through international exploration, production and acquisitions. Avery currently trades on the TSX under the symbol ARY. As noted above, it is anticipated that Avery will trade on the TSX under the symbol BNG, on or about Tuesday, July 22, 2008.
Disclaimers
Except for statements of historical fact, all statements in this press release, without limitation, regarding new projects, acquisitions, and future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
%SEDAR: 00003559E