June 26, 2006 (PPI) TSX
CALGARY, June 26 /CNW/ - Proprietary Industries Inc. ("PPI") is pleased
to announce that it has changed its name to Jura Energy Corporation ("Jura").
Trading will commence under a new symbol, "JEC", on the Toronto Stock Exchange
effective as of the market opening on Wednesday, June 28, 2006. The name
change reflects the Company's new focus in the oil and gas sector. As
announced on April 18, and June 2, 2006 the company was successful in
acquiring seven assignments of working interests in six Exploration Licenses
and one Development and Production Lease in Pakistan.
Concurrent with name change, the Company is pleased to announce that
Nigel R. McCue has been appointed President and Chief Executive Officer.
Mr. McCue has thirty years experience in the upstream sector of the petroleum
industry. He is a director and Chief Executive Officer of Nemmoco Petroleum
Limited, a private exploration and production company with interests located
principally in Central and Eastern Europe. Prior to this he was a Director and
Chief Financial Officer of Lundin Oil Plc., a public company with interests in
over twenty countries. He has specific experience in mergers & acquisitions,
equity, corporate and project debt finance, and stock exchange listings
including AIM. He has also held various positions with Chevron Overseas
Petroleum Inc. and Gulf Oil Corporation. Mr. McCue is a non-executive director
of Dragon Oil Plc. and is Chairman of its audit committee and a member of the
remuneration and nomination committees. He also sits on the board of Sky
Petroleum, Inc., an oil and gas company with a development project in the
United Arab Emirates.
Graham S. Garner will stay on with the Company as Executive Vice
President and will continue as a Director. Steve Akerfeldt, Chairman of the
Board of Directors said, "Graham's dedication in leading the company and
implementing changes has resulted in a new strategic direction for the
company. We expect he will play a key role in the company's future."
"With the combined experience and skill sets that Nigel, Graham and the
rest of management bring to the Company, the Board of Directors believes it
has a great team in place to build Jura into a significant player in the
international oil and gas market." Akerfeldt continued, "Nigel brings a wealth
of international industry experience to Jura; we are confident in his ability
to develop and exploit our new investment in Pakistan."
About Proprietary:
Proprietary is a principal merchant bank based in Calgary, Alberta, and
listed on the Toronto Stock Exchange trading under the symbol PPI.
Forward-looking statements: This document contains statements about
expected or anticipated future events and financial results that are
forward-looking in nature and, as a result, are subject to certain risks and
uncertainties, such as general economic, market and business conditions, the
regulatory process and actions, technical issues, new legislation, competitive
and general economic factors and conditions, the uncertainties resulting from
potential delays or changes in plans, the occurrence of unexpected events, and
the Corporation's capability to execute and implement its future plans. Actual
results may differ materially from those projected by management. For such
statements, we claim the safe harbour for forward-looking statements within
the meaning of the Private Securities Legislation Reform Act of 1995.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
