PROPERTY ACQUISITION / C.P.M. Technologies enters into Letter of Intent
CALGARY, April 27 /CNW/ - C.P.M. Technologies Inc. (''C.P.M.''), a junior
capital pool company, announces that it has entered into a Letter of Intent
executed April 24, 1998 to acquire certain producing oil and gas properties
from a private Alberta based oil and gas company in consideration for $650,000
payable as to $200,000 by the issuance of 1,000,000 shares in the capital
stock of C.P.M. and as to the balance by cash. The transaction is conditional
upon the approval of the majority of the minority shareholders of the
Corporation, the approval of the Alberta Stock Exchange and arranging
satisfactory financing by the Corporation.
C.P.M. also announces in connection with this transaction the
resignations of William R. McMahan, Preston Maddin and Bruce Kenway as
directors of the Corporation and the appointment of R.G. (Jerry) Ball of
Calgary, Alberta as the President and a Director of C.P.M. Mr. Ball is a
geologist with 22 years experience in the oil and gas business in Alberta. The
Board of Directors of C.P.M. will be comprised of Mr. Ball, Larry Parks and
David Calnan.
The Corporation is a junior capital pool company and the acquisition of
the properties by the Corporation is intended to constitute the Corporation's
major transaction pursuant to Policy 4.11 of the Alberta Securities Commission
and Circular No. 7 of the Alberta Stock Exchange. As such the transaction is
subject to approval of the Alberta Stock Exchange and the Corporation's
minority shareholders.
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