| Trading Symbol: DVX (CDNX) | April 30, 2002 |
Releases this year: November 05, 2002 November 01, 2002 August 29, 2002 July 18, 2002 June 18, 2002 June 17, 2002 May 30, 2002 May 27, 2002 May 27, 2002 May 06, 2002 April 30, 2002 April 15, 2002 April 12, 2002 April 11, 2002 April 08, 2002 February 08, 2002 February 04, 2002 February 01, 2002 January 04, 2002 |
| FOR IMMEDIATE RELEASE | ||
| Devon to acquire control of Duran Ventures | ||
| Devon Ventures Corporation announces that it has entered into an Agreement with Duran Ventures Corporation (TSX VE:DRV) and three of its principals to acquire control of Duran, a shell corporation listed on the TSX Venture Exchange (the "Exchange"). Devon will purchase approximately 40% of the issued shares of Duran and certain of its debt, which Devon will settle for shares of Duran. Devon's cost for these securities is approximately $160,000. Devon will also invest $140,000 into Duran by way of private placement. The transaction will involve a reorganization of Duran including a consolidation of its shares on a 2.5:1 basis. Upon completion of the transaction: Devon carries out a continuous process of reviewing business plans and investment opportunities and believes that it will be able to identify an attractive investment opportunity for Duran. Devon's strategy for Duran is to identify a target technology or technology company, most likely located in British Columbia, which is looking to access capital markets. Devon will arrange for Duran to acquire the target with cash or shares of Duran. The transaction may or may not constitute a reverse take over. At the time of the acquisition, Devon will use its resources to arrange for a financing of Duran. The target will most likely be focused on application software, telecommunications and networking, the Internet, advanced manufacturing or a related sector. It is anticipated that the target will not be in the biotech or alternate energy sectors or any other non-technology sector. The transaction is subject to the approval of the Exchange and the shareholders of Duran. It is anticipated that the transaction will close in June. On behalf of the Board of Directors of DEVON VENTURES CORPORATION"J. Kelly Edmison" J. Kelly Edmison, President & CEODevon Ventures Corporation is a merchant bank focused exclusively on early stage high technology companies located in British Columbia and Alberta. |
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| The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this release. | ||
